Rolling Stock Management Market worth $78.95 Billion by 2030 – Exclusive Report by The Insight Partners
Rolling Stock Management Market is growing at a CAGR of 6.3% from 2022 to 2030.
Pune, India, Sept. 28, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, “Rolling Stock Management Market Forecast and Global Analysis to 2030 –– by Management Type (Rail Management and Infrastructure Management), Maintenance Service (Corrective Maintenance, Preventive Maintenance, and Predictive Maintenance), and Geography,” the market was valued at USD 48.57 Billion in 2022 and is expected to reach USD 78.95 Billion by 2030; it is estimated to record a CAGR of 6.3% from 2022 to 2030.
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As per the International Energy Agency (IEA), passenger rail activity is expected to reach 15 trillion passenger-km by 2050 due to the rising development of transport systems and rail networks for the better convenience of passengers. Thus, there is a rise in the need for efficient and reliable maintenance and management of the rolling stock to maintain the safety and security of passengers. The management of rail assets and traffic control plays an important role in the rail industry in boosting the security of passengers by avoiding any accidents and derailment situations. Derailment is one of the most common issues in the rail industry. It is an operational error that causes the train to come off the railway track due to the mechanical failure of the tracks or train. Therefore, the rolling stock management system engages in the maintenance of these tracks to avoid such accidents. Preventive and predictive maintenance of rail infrastructure allows the workers to monitor and check the condition of the railway tracks to detect any mechanical error. Predictive maintenance allows the rail industry to be prepared for emergency situations that are caused by the failure of the critical component of the rolling stock. Thus, the benefits of the rolling stock management help to maintain security and safety in the rail industry, which drives the demand for the rolling stock management system and fuels its market growth.
Global Rolling Stock Management Market Scope:
|Market Size Value in||USD 48.57 Billion in 2022|
|Market Size Value by||USD 78.95 Billion by 2030|
|Growth rate||CAGR of 6.3% from 2022 to 2030|
|Segments covered||Offering, Type, End-User|
|Regional scope||North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America.|
|Country scope||Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Rolling Stock Management Market Growth: Competitive Landscape and Key Developments
A few of the major players operating in the rolling stock management market size are Alstom SA, Hitachi Rail Ltd, ABB Ltd, Mitsubishi Electric Corp, Siemens Mobility GmbH, Talgo SA, Thales SA, Toshiba Infrastructure Systems and Solutions Corp, Trimble Inc, and LocoTech LLC. Many companies are investing in rolling stock management owing to the potential improvements related to accuracy, operational efficiency, and timely order fulfillment of the rolling stocks.
In 2023, ABB received US$ 170 million in orders from Stadler, a Swiss-Swedish multinational company, to power over 300 new trains and locomotives. The trains were used for European railway networks to modernize and reinforce train transportation in several countries such as the UK, Spain, Germany, Portugal, and Austria, as well as in a few European railway corridors.
In 2023, Siemens Mobility delivered 1,200 electric locomotives and promised 35 years of full-service maintenance. This is considered the single largest locomotive order in the history of Siemens Mobility as well as Siemens India. With this, Siemens Mobility has strengthened its position in the market.
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The rolling stock management market is categorized into five major regions—North America, Europe, Asia Pacific, the Middle East & Africa (MEA), and South America (SAM). In 2022, Asia Pacific led the rolling stock management market with a substantial revenue share in the rolling stock management market, followed by North America and Europe. Based on country, the Asia Pacific rolling stock management market is categorized into South Korea, Australia, China, India, Japan, and the Rest of Asia Pacific. The automotive industry across Asia Pacific has been experiencing significant growth over the years. Governments of countries in Asia Pacific are investing heavily in rail infrastructure to address issues with increased passenger traffic in the region. Southeast Asian countries are refocusing on rail development to boost growth, enhance regional integration, and keep up with rapid urbanization. The Indian railway system is interpreted as the foundation of the economy. The railway network of India is acknowledged as one of the largest railway systems in the world. Many companies are taking initiatives to modernize Indian railways. For instance, in March 2022, Wabtec Corporation signed a contract with the Central Organization to modernize workshops on Indian railways for its online monitoring of the rolling stock management project.
Rolling Stock Management Market Analysis: Management Type
Based on management type, the rolling stock management market is bifurcated into rail management and infrastructure. The rising demand for rail management for enhanced maintenance services is helping the segment to grow at a significant rate.
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