Global Rolling Stock Market: Size & Forecast with Impact Analysis of COVID-19 (2020-2024)
Some of the major players operating in the global rolling stock market are Siemens AG, Hitachi Ltd., CRRC Corporation Limited and Alstom SA, whose company profiling has been done in the report.
By: Daedal Research
Moreover, the report also assesses the key opportunities in the market and outlines the factors that are and would be driving the growth of the industry. Growth of the overall global rolling stock market has also been forecasted for the years 2020-2024, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.
CRRC Corporation Limited
Rolling stock consists of two types of vehicles powered and non-powered vehicles. Powered vehicles include electric locomotives that run on electric power from a fuel cell or battery or overhead lines and diesel locomotives that are run by diesel engine. Whereas, non-powered vehicles include freight wagons, passenger coaches and many more. The services provided with the help of rolling stock is further classified into two categories: passenger service and freight service. These categories are further divided on the basis of the operational characteristics.
The global rolling stock market has augmented at a steady pace over the years and the market is further expected to increase progressively during the forecasted years 2020 to 2024. The market would propel with support of different growth drivers such as, escalating rail infrastructure, rapid industrialization, augmenting urban population, flourishing travel and tourist industry and surging government initiative.
Moreover, the market faces some challenges which are hindering the growth of the market. Some of the major challenges faced by the industry are high maintenance cost and cyber threats. Whereas, the market growth would be further supported by various market trends like adoption of artificial intelligence, hydrogen powered trains, digitalization, etc.
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