Railway Infrastructure Investments Offer Fertile Ground for Top Rolling Stock Companies

A renowned term in the railway transportation industry, rolling stock signifies all vehicles that move on rail wheels, comprising unpowered and powered vehicles. It is considered to be one of the most affordable modes of conveyance for commuters and for shipping heavy or bulky goods over long distances. Rolling stock can also be easily tailored as per the particular requests of the end user and offers a larger carrying capacity than other forms of transportation. It is widely adopted in automotive, oil & gas, and mining industries where tank wagons are deployed to transport numerous deliverables, petrol, industrial chemicals, and diesel.

Rapid transition toward electrification, digitization, and automation of rail systems is fueling the rolling stock demand, supported by the incorporation of smart sensors, real-time monitoring, and predictive maintenance technologies. Surging need for transportation, rapid growth of railway networks in emerging economies, growing emphasis on sustainable mobility, and increasing investments in railway infrastructure are creating growth opportunities for rolling stock companies. Moreover, as a futuristic innovation, there is an increased preference for automated and driverless trains to streamline urban mobility. A rise in the adoption of smart railways and green transportation is set to redefine the rolling stock landscape, assisting long-term growth through digital and environmental revolution.

According to a report by Fortune Business Insights™, the market size for rolling stock stood at USD 52.11 billion in 2024 and is predicted to reach 70.87 billion by 2032 with a CAGR of 4.10% from 2025 to 2032. The market is set to reach a valuation of USD 53.57 billion in 2025.

Fortune Business Insights™ Profiles Top 5 Key Players in the Rolling Stock Industry

1. Hitachi Rail

Hitachi Rail is a U.K.-based major partner for topmost transportation companies across the globe. It offers a wide range of rail solutions and services across mainline, urban, and freight railway markets. Its product range covers rolling stock, signaling, supervision, telecommunications, and ticketing and payment solutions for multi-modal mobility.

• In July 2024, Hitachi Rail declared a new metro train plan created to function on Rome's Lines A, B, and B1, with service anticipated to begin in 2025. The trains will be produced at Hitachi's plant in Reggio di Calabria, Italy.

2. Alstom

Founded in 1928, Alstom is one of the top rolling stock companies in the European rail industry. It focuses on the design, production, and upkeep of rolling stock and related systems. Alstom serves its various clientele with the industry's widespread collection, comprising metros, infrastructure, monorails, trams, high-speed trains, and turnkey systems, services, signaling, and digital mobility solutions.

• In July 2024, a global frontrunner in smart and sustainable mobility, Alstom, made a framework deal with Hamburger Hochbahn AG worth USD 3.03 billion. This bond involves the distribution of as many as 374 metro trains for fully and semi-automated operations.

3. Hyundai Rotem

Established in South Korea, Hyundai Rotem Company is a equipment production company that emphasizes the development and creation of rolling stocks, eco plant and defense solutions.

• In August 2023, Hyundai Rotem displayed its hydrogen fuel cell tram in South Korea at the Railog Korea 2023 exhibition. The hydrogen fuel cells are widely adopted to produce electricity on board the tram itself and are stored in the battery.
• In August 2023, Hyundai Rotem accomplished a contract to deliver 17 electric locomotives and 10 electric multiple units to Tanzania Railway Corporation, boosting the country’s rail modernization and sustainability drive.

4. Stadler Rail

Stadler AG is a well-known Swiss producer of railway vehicles, specializing in designing customized trains for the European railway passenger coaches market. Whether it’s electric multiple units (EMUs), diesel multiple units (DMUs), hybrid multiple units (HMUs), or passenger coaches, Stadler’s offerings span the spectrum of modern rail mobility.

• In October 2024, Stadler’s commitment to sustainable mobility took center stage when it was awarded a contract to deliver upto 24 battery-powered FLIRT trains to Lokaltog A/S, marking a pivotal step in Denmark’s goal to reduce rail emissions across the Zealand region.

5. Siemens AG

A global technology trailblazer, centered in Munich, Germany, Siemens AG is a key company in the European railway passenger coaches market through its Siemens Mobility division. With a robust emphasis on sustainable and digital solutions, Siemens AG is gaining traction in infrastructure, healthcare, and mobility sectors.

• In October 2024, Siemens Mobility introduced the Mireo Smart EMU to the public. This train accommodates 214 passenger seats and 21 bicycles, and can reach speeds of up to 160 km/h. It comes fully integrated with innovative passenger information and security monitoring systems, featuring display panels in entry zones. It supports three propulsion types: overhead catenary, a combination of catenary and batteries, and hydrogen fuel cells.
• In August 2023, a spearhead in continuous, sustainable, reliable, and safe transport solutions, Siemens Mobility received an order for 28 three-car electric Mireo regional trains for the “Digital Node Stuttgart” (DKS) pilot project under Germany’s “Digital Rail” initiative. These trains will feature advanced technologies, including full DSD package integration with the latest automatic European Train Control System (ETCS) and Level 2 (GoA 2) Automatic Train Operation (ATO), setting a new benchmark in smart regional transit.

Rising Emphasis on Environmental Sustainability Makes a Way for Eco-Friendly Rolling Stocks

Environmental concerns, mainly related to carbon emissions and air quality, are pushing transition toward cleaner and more sustainable transportation solutions. Consequently, the rolling stock industry is witnessing a move toward electric and hybrid locomotives, and energy-efficient passenger coaches. Electric trains are gaining popularity, owing to their several benefits. Electrification of railway lines and the usage of alternative fuels decrease the carbon footprint of rail transport, aligning with global initiatives to combat climate change. This green focus fascinates government funding and boosts private sector investment in eco-friendly rolling stock technologies.

Electric trains' great capacity and easy scheduling make them extremely apt for traffic congestion in urban and suburban regions. These trains are less complex, have better reliability, and are environment-friendly. Electric trains are not susceptible to sudden and temporary overloading, as they can draw extra energy from the supply network when required. Also, regenerative braking systems can be employed in electric trains to endorse energy savings. Additionally, strict emissions rules and sustainability targets in different regions are applying additional pressure on the industry to hasten the expansion and acceptance of eco-friendly rolling stock.