鉄道車両市場 – 2030年までの世界予測

Rolling Stock Market - Global Forecast To 2030

鉄道車両市場 - コンポーネント、製品タイプ (機関車、高速輸送機関、客車、貨車)、機関車技術 (従来型およびターボチャージャー付き)、用途 (旅客輸送および貨物輸送)、および地域別 - 2030年までの世界予測
Rolling Stock Market by Component, Product Type (Locomotives, Rapid Transits, Coaches, & Wagons), Locomotive Technology (Conventional & Turbocharged), Application (Passenger Transportation & Freight transportation) & Region - Global Forecast to 2030
出版社MarketsandMarkets
出版年月2024年8月
ページ数364
図表数395
価格タイプシングルユーザライセンス
価格USD 4,950
種別英文調査報告書

Report Overview

The global rolling stock market, by value, is estimated to be USD 28.6 Billion in 2024 and is projected to reach USD 40.1 Billion by 2030, at a CAGR of 5.8% from 2024 to 2030.

世界の鉄道車両市場は、金額ベースで2024年に286億米ドルと推定され、2024年から2030年までCAGR 5.8%で、2030年までに401億米ドルに達すると予測されています。

Technological trends such as the integration of advanced digital technologies including the Internet of Things, AI (artificial intelligence) and big data analytics for predictive maintenance and operational efficiency are influencing market growth. The development of energy-efficient and environmentally friendly propulsion systems, such as hybrid and battery electric trains, is gaining momentum to meet sustainability goals. Other important factors are improved safety through automated train control and signaling systems supported by real-time monitoring and diagnostic facilities. Further, passenger comfort and convenience are enhanced by developing smart entertainment systems, enhanced interior design, and seamless connectivity. All these innovations have the combined effect of increasing performance and reducing operating costs but also offer a better passenger experience, which will positively impact market growth.

鉄道車両市場 - 2030年までの世界予測
Rolling Stock Market

“Wagons segments hold the prominent market share in the forecast period.”

Freight wagons are in large demand in countries such as the US, China, and Russia, because of the demand for replacements and strong growth of the logistics sector. The market for freight wagons is hiked by the availability of technologically advanced, custom-made wagons such as chemical and pressure tank wagons and car-carrier and low-loader container-carrying wagons.  According to Indian Railways, the domestic carrier transported 139.16 million tonnes of cargo in May 2024. This is 3.6% more than the loading of 134.16 MT achieved in May 2023. Also, according to the Association of American Railroads, rail traffic, including containers and trailers, is increase by 5% in 2023 compared to 2022. Thus, demand for freight wagons will grow during the forecast period due to increasing trade activity.

鉄道車両市場 - 2030年までの世界予測 ecosystem
Rolling Stock Market – ecosystem

“By, Locomotive technology, Conventional locomotive hold the largest market share in rolling stock market.”

Globally, rail electrification trends are expected to increase the demand for electric and electro-diesel locomotives. Countries like China, India, Japan, USA, Germany and other countries ban the production of diesel locomotives. For example, the California Air Resources Board (CARB) approved regulations in April banning the operation of diesel locomotives in California, and the rule went into effect on January 1, 2024. Such regulation will govern the conventional locomotive market. In addition, the continued progress and modernization of railway infrastructure in developing countries creates a need for robust and cost-effective solutions for locomotives. Also, advances in conventional locomotive technology such as improved fuel efficiency, lower emissions and increased power make them an attractive choice for railway operators.

“North America region holds the significant market share in the Wagons segment.”

The wagons segment in the North American rolling stock market is growing due to several key factors such as high demand for the movement of goods on this continent due to the dependence of industries like manufacturing, agriculture, and mining on railways for the bulk movement of goods; demand for wagons gets a boost from the e-commerce business and international trade due to the need to handle large volumes and different types of goods. Freight rail in US accounts for around 40% of long-distance ton-miles more than any other mode of transportation. Railway companies invest in infrastructure renovation. In turn, this increases rail network efficiency and boosts capacity. The Federal Highway Administration forecasts that total US freight movements will rise to 25.1 billion tons in 2040. As of April 2024, US Railway Freight Car exports reached USD 57.2 Mn and imports reached USD 33.3 Mn, maintaining the trade balance at USD 24 Mn. Further, There is again a drive toward greener technologies where new regulations encourage more energy-efficient and eco-friendly wagons.

Moreover, Rail telematics is significantly impacting the railcar market in North America by increasing operational efficiency, safety and asset management. Through GPS tracking, real-time data analysis and wireless communication, telematics systems provide accurate location tracking, condition monitoring and predictive vehicle maintenance. The integration of these advanced technologies into railcars is increasing their demand as rail operators seek to leverage these benefits for competitive advantage and operational excellence. All these factors combined drive innovation and growth in the wagons segment of the market.

In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.

  • By Company Type: OEMs – 40%, Tier I – 41%, Tier II – 19%,
  • By Designation: C Level Executives – 23%, Directors – 42%, and Others – 35%
  • By Region: North America-20%, Europe-24%, Asia Oceania-36%, MEA-15%, RoW-5%
鉄道車両市場 - 2030年までの世界予測 region
Rolling Stock Market – region

The rolling stock market comprises major companies such CRRC Corporation Limited (China), Siemens AG (Germany), Alstom SA (France),  Stadler Rail AG (Switzerland), and Wabtec Corporation (US).

Research Coverage:

The Market Study Covers the Rolling Stock Market By Product Type (locomotives, rapid transit, wagons, coaches, and others), By Locomotive Technology Type (conventional locomotives and turbocharged locomotives), By Application (passenger transportation and freight transportation), By Component (pantographs, axles, wheelsets, traction motors, passenger information systems, air conditioning systems, auxiliary power systems, train control systems, brakes, baffle gears, couplers, and gearboxes), and By Region (North America, Europe, Asia Oceania, Middle East & Africa and the Rest of the World). It also covers the competitive landscape and company profiles of the major rolling stock market ecosystem players.

Key Benefits of the Report

The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall rolling stock market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

  • Analysis of key drivers (Rising preference for railway-based public transport aims to alleviate traffic congestion, Rising demand for energy-efficient transport, Increasing demand for comfort and safety, Increasing electrification of railway networks, Rising demand for freight transport), restraints (Refurbishment of existing rolling stock, Capital-intensive rolling stock), opportunities (Big data applications in rail industry, Increase in industrial and mining activities, Development of hydrogen fuel cell locomotives, Development of battery-operated trains, Retrofitting of diesel-electric trains), and challenges (High overhaul and maintenance costs, Requirement of high R&D investments).
  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the rolling stock market.
  • Market Development: Comprehensive information about lucrative markets – the report analyses the rolling stock market across varied regions.
  • Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the rolling stock market.
  • Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like CRRC Corporation Limited (China), Siemens AG (Germany), Alstom SA (France), Stadler Rail AG (Switzerland), and Wabtec Corporation (US) among others in the rolling stock market Page 25 of 34 strategies. The report also helps stakeholders understand the pulse of the adjacent reports such Hybrid Train Market, Autonomous Train market and provides them with information on key market drivers, restraints, challenges, and opportunities.

Table of Contents

1            INTRODUCTION            28

1.1         STUDY OBJECTIVES      28

1.2         MARKET DEFINITION                 29

1.2.1      INCLUSIONS AND EXCLUSIONS 30

1.3         STUDY SCOPE  32

1.3.1      MARKETS COVERED     32

1.3.2      YEARS CONSIDERED     33

1.4         CURRENCY CONSIDERED          33

1.5         UNIT CONSIDERED       34

1.6         STAKEHOLDERS            34

1.7         SUMMARY OF CHANGES            34

2            RESEARCH METHODOLOGY     36

2.1         RESEARCH DATA           36

2.1.1      SECONDARY DATA       37

2.1.1.1   Secondary sources             38

2.1.1.2   Key data from secondary sources     39

2.1.2      PRIMARY DATA 39

2.1.2.1   Primary participants          40

2.1.2.2   Key data from primary sources         40

2.1.2.3   Breakdown of primary interviews     41

2.1.2.4   Major objectives of primary research              41

2.2         MARKET SIZE ESTIMATION       41

2.2.1      BOTTOM-UP APPROACH           43

2.2.2      TOP-DOWN APPROACH             43

2.3         DATA TRIANGULATION             45

2.4         FACTOR ANALYSIS        47

2.5         RESEARCH ASSUMPTIONS         47

2.6         RESEARCH LIMITATIONS           48

2.7         RISK ASSESSMENT         49

3            EXECUTIVE SUMMARY 50

4            PREMIUM INSIGHTS      53

4.1         ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN ROLLING STOCK MARKET            53

4.2         ROLLING STOCK MARKET, BY PRODUCT TYPE 54

4.3         ROLLING STOCK MARKET, BY APPLICATION    54

4.4         ROLLING STOCK MARKET, BY LOCOMOTIVE TECHNOLOGY    55

4.5         ROLLING STOCK MARKET, BY REGION 55

5            MARKET OVERVIEW     56

5.1         INTRODUCTION            56

5.2         MARKET DYNAMICS     57

5.2.1      DRIVERS            57

5.2.1.1   Focus on alleviating traffic congestion            57

5.2.1.2   Consumer preference for energy-efficient transportation           58

5.2.1.3   Development of advanced rolling stock technologies to enhance passenger comfort              59

5.2.1.4   Growing electrification of railway networks   59

5.2.1.5   Rising demand for freight transportation       60

5.2.2      RESTRAINTS     61

5.2.2.1   Refurbishment of existing rolling stock to prevent new procurement        61

5.2.2.2   Capital-intensive nature of rolling stock         62

5.2.3      OPPORTUNITIES           62

5.2.3.1   Extensive use of big data analytics in rail infrastructure              62

5.2.3.2   Surge in industrial and mining activities         62

5.2.3.3   Shift toward hydrogen fuel cell locomotives   63

5.2.3.4   Increasing demand for battery-operated trains             64

5.2.3.5   Retrofitting of diesel-electric trains  65

5.2.4      CHALLENGES   65

5.2.4.1   High overhaul and maintenance costs            65

5.2.4.2   Need for substantial R&D investments           65

5.3         TRENDS AND DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES              67

5.4         PRICING ANALYSIS        68

5.4.1      AVERAGE SELLING PRICE TREND OF KEY PLAYERS       68

5.4.2      AVERAGE SELLING PRICE TREND, BY PRODUCT TYPE  69

5.4.3      AVERAGE SELLING PRICE TREND, BY REGION  70

5.5         ECOSYSTEM ANALYSIS 71

5.6         SUPPLY CHAIN ANALYSIS          73

5.6.1      RAW MATERIAL PROVIDERS AND COMPONENT SUPPLIERS      74

5.6.2      ORIGINAL EQUIPMENT MANUFACTURERS        74

5.6.3      OPERATORS AND END USERS   74

5.7         USE CASE ANALYSIS      75

5.7.1      CRRC SETS BENCHMARK FOR EXCAVATION OF BIG ANALOG DATA VALUE 75

5.7.2      GOLINC-M MODULES ENABLE RETROFITTING OF REMOTE CONDITION MONITORING        75

5.7.3      MONORAIL SYSTEMS REDUCE TRAFFIC CONGESTION IN KOREAN METROPOLIS   76

5.7.4      HYDROGEN TRAIN PROJECT HELPS SCOTTISH GOVERNMENT ACHIEVE NET ZERO TARGETS  76

5.7.5      FREIGHTLINER SHIFTS TOWARD NET ZERO WITH LOW-CARBON FUEL              77

5.8         PATENT ANALYSIS        78

5.9         TECHNOLOGY ANALYSIS           82

5.9.1      KEY TECHNOLOGIES    82

5.9.1.1   Regenerative Braking         82

5.9.1.2   Autonomous Trains           83

5.9.1.3   Tri-mode Trains  84

5.9.1.4   Tilting Trains      85

5.9.2      COMPLEMENTARY TECHNOLOGIES     86

5.9.2.1   Train Control and Management Systems       86

5.9.2.2   Collision Avoidance Systems            87

5.9.3      ADJACENT TECHNOLOGIES      87

5.9.3.1   Digitalization       87

5.9.3.2   Big Data Analytics             88

5.9.3.3   Internet of Trains 89

5.10       INVESTMENT AND FUNDING SCENARIO            90

5.11       FUNDING, BY APPLICATION     92

5.12       IMPACT OF AI/GEN AI ON ROLLING STOCK MARKET    93

5.13       TRADE ANALYSIS          94

5.14       TARIFF AND REGULATORY LANDSCAPE            97

5.14.1    TARIFF ANALYSIS          97

5.14.2    REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS 101

5.15       KEY CONFERENCES AND EVENTS, 2024–2025     104

5.16       KEY STAKEHOLDERS AND BUYING CRITERIA    104

5.16.1    KEY STAKEHOLDERS IN BUYING PROCESS         105

5.16.2    BUYING CRITERIA         106

6            ROLLING STOCK MARKET, BY COMPONENT     107

6.1         INTRODUCTION            107

6.2         TRAIN CONTROL SYSTEMS       107

6.3         PANTOGRAPHS             108

6.4         AXLES  109

6.5         WHEELSETS      109

6.6         TRACTION MOTORS     109

6.7         PASSENGER INFORMATION SYSTEMS   110

6.8         BRAKES              110

6.9         AIR CONDITIONING SYSTEMS  110

6.10       AUXILIARY POWER SYSTEMS    110

6.11       GEARBOXES     111

6.12       BAFFLE GEARS 111

6.13       COUPLERS        111

7            ROLLING STOCK MARKET, BY LOCOMOTIVE TECHNOLOGY    112

7.1         INTRODUCTION            113

7.2         CONVENTIONAL LOCOMOTIVES           116

7.2.1      IMPROVED PERFORMANCE WITH TECHNOLOGICAL INNOVATIONS TO DRIVE MARKET       116

7.3         TURBOCHARGED LOCOMOTIVES         117

7.3.1      COMPLIANCE WITH EMISSION REGULATIONS TO DRIVE MARKET              117

7.4         MAGLEV            119

7.4.1      ELECTROMAGNETIC SUSPENSION        121

7.4.2      ELECTRODYNAMIC SUSPENSION           121

7.4.3      INDUCTRACK   121

7.5         KEY PRIMARY INSIGHTS             122

8            ROLLING STOCK MARKET, BY PRODUCT TYPE 123

8.1         INTRODUCTION            124

8.2         LOCOMOTIVES 126

8.2.1      DIESEL LOCOMOTIVES 128

8.2.1.1   Electrification of railway networks in Europe and Asia to impede market 128

8.2.2      ELECTRIC LOCOMOTIVES         130

8.2.2.1   Rising investments in electrification of railway networks to drive market  130

8.2.3      ELECTRO-DIESEL LOCOMOTIVES         131

8.2.3.1   Government and private sectors’ focus on sustainability to drive market  131

8.3         RAPID TRANSIT              133

8.3.1      DIESEL MULTIPLE UNITS           135

8.3.1.1   Non-feasibility of railway electrification in specific areas to drive market 135

8.3.2      ELECTRIC MULTIPLE UNITS     137

8.3.2.1   Significant advantages over diesel multiple units and locomotives to drive market              137

8.3.3      LIGHT RAILS/TRAMS    139

8.3.3.1   Push for alternatives to traditional buses and cars to drive market            139

8.3.4      SUBWAYS/METROS       141

8.3.4.1   Investments in urban transportation networks to drive market   141

8.3.5      MONORAILS     142

8.4         COACHES          143

8.4.1      GROWING PASSENGER DEMAND FOR COMFORTABLE RAIL TRANSPORTATION TO DRIVE MARKET 143

8.5         WAGONS           145

8.5.1      NEED FOR HIGH-CAPACITY FREIGHT TRANSPORTATION IN LOGISTICS AND MANUFACTURING INDUSTRIES TO DRIVE MARKET     145

8.6         OTHERS             147

8.7         KEY PRIMARY INSIGHTS             147

9            ROLLING STOCK MARKET, BY APPLICATION    148

9.1         INTRODUCTION            149

9.2         PASSENGER TRANSPORTATION             151

9.2.1      LOCOMOTIVES 153

9.2.1.1   Shift toward electrification to drive market    153

9.2.2      COACHES          154

9.2.2.1   Integration of advanced safety features to drive market 154

9.3         FREIGHT TRANSPORTATION    156

9.3.1      LOCOMOTIVES 158

9.3.1.1   Focus on reducing operational costs to drive market    158

9.3.2      WAGONS           160

9.3.2.1   Extensive use in trade and logistics industries to drive market    160

9.4         KEY PRIMARY INSIGHTS             162

10          ROLLING STOCK MARKET, BY REGION 163

10.1       INTRODUCTION            164

10.2       ASIA OCEANIA  167

10.2.1    MACROECONOMIC OUTLOOK 167

10.2.2    RAPID TRANSIT PROJECTS        169

10.2.3    LIGHT RAIL PROJECTS 170

10.2.4    HIGH-SPEED RAIL/BULLET TRAIN PROJECTS   170

10.2.5    CHINA  173

10.2.5.1 Construction of new high-speed rail lines to drive market          173

10.2.6    INDIA   176

10.2.6.1 Focus on expansion of electrified railway network to drive market            176

10.2.7    JAPAN  178

10.2.7.1 Significant presence of rail service providers to drive market      178

10.2.8    SOUTH KOREA 181

10.2.8.1 Government initiatives promoting public transportation to drive market  181

10.2.9    AUSTRALIA       183

10.2.10  MALAYSIA         183

10.3       EUROPE             184

10.3.1    MACROECONOMIC OUTLOOK 184

10.3.2    METRO/HIGH-SPEED RAILWAY PROJECTS         187

10.3.3    RAPID TRANSIT PROJECTS        188

10.3.4    GERMANY         191

10.3.4.1 Growing investments in railway infrastructure modernization to drive market              191

10.3.5    FRANCE             193

10.3.5.1 Government subsidies and incentives for sustainable transportation to drive market   193

10.3.6    UK         195

10.3.6.1 Ongoing upgrades of domestic rail networks to drive market      195

10.3.7    ITALY   198

10.3.7.1 Expanding railway networks to drive market  198

10.3.8    SPAIN   200

10.3.8.1 Increasing demand for mass rapid transit to drive market           200

10.3.9    SWITZERLAND 202

10.3.10  AUSTRIA            202

10.3.11  SWEDEN            202

10.4       NORTH AMERICA          203

10.4.1    MACROECONOMIC OUTLOOK 203

10.4.2    HIGH-SPEED RAIL/BULLET TRAIN PROJECTS   205

10.4.3    RAPID TRANSIT PROJECTS        205

10.4.4    US         207

10.4.4.1 Modernization of existing transportation modalities to drive market        207

10.4.5    MEXICO             210

10.4.5.1 Rising demand for railroad wagons to drive market      210

10.4.6    CANADA            212

10.4.6.1 Surging demand for passenger and freight transportation to drive market 212

10.5       MIDDLE EAST & AFRICA             214

10.5.1    MACROECONOMIC OUTLOOK 215

10.5.2    METRO/MONORAIL PROJECTS 216

10.5.3    RAPID TRANSIT PROJECTS        216

10.5.4    SOUTH AFRICA 219

10.5.4.1 Government investments in railway sector to drive market         219

10.5.5    UAE      221

10.5.5.1 Advances in rail infrastructure to drive market             221

10.5.6    EGYPT 223

10.5.6.1 Booming tourism industry to drive market     223

10.5.7    IRAN     225

10.6       REST OF THE WORLD   225

10.6.1    MACROECONOMIC OUTLOOK 225

10.6.2    METRO/MONORAIL PROJECTS 227

10.6.3    BRAZIL 228

10.6.3.1 Rising demand for electro-diesel locomotives to drive market     228

10.6.4    RUSSIA 231

10.6.4.1 Surge in domestic freight transportation to drive market            231

10.6.5    ARGENTINA      233

11          COMPETITIVE LANDSCAPE       234

11.1       INTRODUCTION            234

11.2       KEY PLAYER STRATEGIES/RIGHT TO WIN, 2021–2024     234

11.3       MARKET SHARE ANALYSIS, 2023             236

11.4       REVENUE ANALYSIS, 2019–2023 238

11.5       COMPANY VALUATION AND FINANCIAL METRICS        239

11.5.1    COMPANY VALUATION 239

11.5.2    FINANCIAL METRICS    239

11.6       BRAND/PRODUCT COMPARISON          240

11.7       COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024   241

11.7.1    STARS  241

11.7.2    PERVASIVE PLAYERS     241

11.7.3    EMERGING LEADERS    241

11.7.4    PARTICIPANTS 241

11.7.5    COMPANY FOOTPRINT 243

11.7.5.1 Company footprint            243

11.7.5.2 Application footprint         244

11.7.5.3 Region footprint  244

11.8       COMPANY EVALUATION MATRIX: START-UPS/SMES, 2024         245

11.8.1    PROGRESSIVE COMPANIES       245

11.8.2    RESPONSIVE COMPANIES          245

11.8.3    DYNAMIC COMPANIES 245

11.8.4    STARTING BLOCKS       246

11.8.5    COMPETITIVE BENCHMARKING            247

11.8.5.1 List of start-ups/SMEs      247

11.8.5.2 Competitive benchmarking of start-ups/SMEs            248

11.9       COMPETITIVE SCENARIO          249

11.9.1    PRODUCT LAUNCHES  249

11.9.2    DEALS  250

11.9.3    EXPANSIONS    252

11.9.4    OTHERS             254

12          COMPANY PROFILES    256

12.1       KEY PLAYERS   256

12.1.1    CRRC CORPORATION LIMITED 256

12.1.1.1 Business overview 256

12.1.1.2 Products offered  257

12.1.1.3 Recent developments         259

12.1.1.3.1            Product launches/developments      259

12.1.1.3.2            Deals     262

12.1.1.3.3            Others   263

12.1.1.4 MnM view           265

12.1.1.4.1            Key strengths       265

12.1.1.4.2            Strategic choices  265

12.1.1.4.3            Weaknesses and competitive threats 265

12.1.2    SIEMENS AG      266

12.1.2.1 Business overview 266

12.1.2.2 Products offered  267

12.1.2.3 Recent developments         270

12.1.2.3.1            Product launches/developments      270

12.1.2.3.2            Deals     271

12.1.2.3.3            Expansions          273

12.1.2.3.4            Others   274

12.1.2.4 MnM view           279

12.1.2.4.1            Key strengths       279

12.1.2.4.2            Strategic choices  279

12.1.2.4.3            Weaknesses and competitive threats 279

12.1.3    ALSTOM SA       280

12.1.3.1 Business overview 280

12.1.3.2 Products offered  282

12.1.3.3 Recent developments         283

12.1.3.3.1            Product launches/developments      283

12.1.3.3.2            Deals     284

12.1.3.3.3            Expansions          287

12.1.3.3.4            Others   288

12.1.3.4 MnM view           292

12.1.3.4.1            Key strengths       292

12.1.3.4.2            Strategic choices  293

12.1.3.4.3            Weaknesses and competitive threats 293

12.1.4    STADLER RAIL AG         294

12.1.4.1 Business overview 294

12.1.4.2 Products offered  296

12.1.4.3 Recent developments         298

12.1.4.3.1            Product launches/developments      298

12.1.4.3.2            Deals     299

12.1.4.3.3            Expansions          299

12.1.4.3.4            Others   300

12.1.4.4 MnM view           303

12.1.4.4.1            Key strengths       303

12.1.4.4.2            Strategic choices  303

12.1.4.4.3            Weaknesses and competitive threats 303

12.1.5    WABTEC CORPORATION           304

12.1.5.1 Business overview 304

12.1.5.2 Products offered  306

12.1.5.3 Recent developments         308

12.1.5.3.1            Product launches/developments      308

12.1.5.3.2            Deals     309

12.1.5.3.3            Expansions          311

12.1.5.3.4            Others   311

12.1.5.4 MnM view           313

12.1.5.4.1            Key strengths       313

12.1.5.4.2            Strategic choices  313

12.1.5.4.3            Weaknesses and competitive threats 313

12.1.6    KAWASAKI HEAVY INDUSTRIES, LTD.   314

12.1.6.1 Business overview 314

12.1.6.2 Products offered  315

12.1.6.3 Recent developments         316

12.1.6.3.1            Product launches/developments      316

12.1.6.3.2            Others   317

12.1.7    CAF GROUP      318

12.1.7.1 Business overview 318

12.1.7.2 Products offered  319

12.1.7.3 Recent developments         320

12.1.7.3.1            Deals     320

12.1.7.3.2            Expansions          320

12.1.7.3.3            Others   321

12.1.8    HYUNDAI ROTEM COMPANY    324

12.1.8.1 Business overview 324

12.1.8.2 Products offered  325

12.1.8.3 Recent developments         326

12.1.8.3.1            Product launches/developments      326

12.1.8.3.2            Deals     326

12.1.8.3.3            Others   326

12.1.9    MITSUBISHI HEAVY INDUSTRIES, LTD. 328

12.1.9.1 Business overview 328

12.1.9.2 Products offered  329

12.1.9.3 Recent developments         330

12.1.9.3.1            Deals     330

12.1.9.3.2            Expansion            330

12.1.9.3.3            Others   331

12.1.10  TALGO 332

12.1.10.1             Business overview 332

12.1.10.2             Products offered  333

12.1.10.3             Recent developments         334

12.1.10.3.1          Deals     334

12.1.10.3.2          Others   334

12.1.11  TRANSMASHHOLDING 335

12.1.11.1             Business overview 335

12.1.11.2             Products offered  335

12.1.11.3             Recent developments         337

12.1.11.3.1          Product launches/developments      337

12.1.11.3.2          Deals     337

12.1.11.3.3          Expansions          337

12.1.11.3.4          Others   338

12.1.12  TITAGARH RAIL SYSTEMS LIMITED       339

12.1.12.1             Business overview 339

12.1.12.2             Products offered  340

12.1.12.3             Recent developments         341

12.1.12.3.1          Product launches/developments      341

12.1.12.3.2          Deals     341

12.1.12.3.3          Others   342

12.2       OTHER PLAYERS           343

12.2.1    TOSHIBA CORPORATION           343

12.2.2    HITACHI RAIL LIMITED 344

12.2.3    CHITTARANJAN LOCOMOTIVE WORKS 344

12.2.4    WJIS      345

12.2.5    STRUKTON       345

12.2.6    THALES             346

12.2.7    DEUTSCHE BAHN AG    347

12.2.8    RHOMBERG SERSA RAIL HOLDING GMBH         347

12.2.9    SINARA TRANSPORT MACHINES            348

12.2.10  TRINITY INDUSTRIES, INC.        349

12.2.11  THE GREENBRIER COMPANIES 350

12.2.12  BEML LIMITED 350

12.2.13  BRAITHWAITE & CO. (INDIA) LTD.         351

12.2.14  DAWONSYS CO., LTD.   352

12.2.15  RAIL VIKAS NIGAM LIMITED     352

13          RECOMMENDATIONS BY MARKETSANDMARKETS         353

13.1       ASIA OCEANIA TO BE DOMINANT IN GLOBAL ROLLING STOCK MARKET            353

13.2       NEED FOR FREIGHT TRANSPORTATION TO DRIVE DEMAND FOR WAGONS           353

13.3       DEMAND FOR FAST AND EFFICIENT URBAN TRANSPORTATION TO BOOST MARKET

FOR SUBWAYS/METROS             354

13.4       CONCLUSION   354

14          APPENDIX         355

14.1       INSIGHTS FROM INDUSTRY EXPERTS   355

14.2       DISCUSSION GUIDE      355

14.3       KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL             359

14.4       CUSTOMIZATIONS OPTIONS    361

14.4.1    ADDITIONAL COMPANY PROFILES (UP TO FIVE)           361

14.4.2    ROLLING STOCK MARKET, BY TECHNOLOGY, AT COUNTRY LEVEL

(FOR COUNTRIES COVERED IN REPORT)           361

14.4.3    ROLLING STOCK MARKET, BY PRODUCT TYPE, AT COUNTRY LEVEL

(FOR COUNTRIES COVERED IN REPORT)           361

14.5       RELATED REPORTS       361

14.6       AUTHOR DETAILS         363

LIST OF TABLES

TABLE 1             MARKET DEFINITION, BY PRODUCT TYPE         29

TABLE 2             MARKET DEFINITION, BY LOCOMOTIVE TECHNOLOGY              30

TABLE 3             MARKET DEFINITION, BY APPLICATION            30

TABLE 4             INCLUSIONS AND EXCLUSIONS 30

TABLE 5             CURRENCY EXCHANGE RATES 33

TABLE 6             TIME SPENT IN TRAFFIC CONGESTION, BY COUNTRY, 2023              58

TABLE 7             ROLLING STOCK MODERNIZATION INTERVALS, BY COMPONENT   61

TABLE 8             IMPACT OF MARKET DYNAMICS            66

TABLE 9             AVERAGE SELLING PRICE OF ROLLING STOCK OFFERED BY KEY PLAYERS,

2023 (USD)        68

TABLE 10           AVERAGE SELLING PRICE OF ROLLING STOCK, BY PRODUCT TYPE,

2021–2023 (USD)             69

TABLE 11           AVERAGE SELLING PRICE OF ROLLING STOCK, BY REGION, 2021–2023 (USD)             70

TABLE 12           ROLE OF COMPANIES IN ECOSYSTEM   72

TABLE 13           PATENT ANALYSIS        79

TABLE 14           AUTONOMOUS TRAIN TECHNOLOGIES AND ASSOCIATED BENEFITS          83

TABLE 15           LEVEL OF AUTONOMY FOR ROLLING STOCK   84

TABLE 16           LIST OF FUNDINGS, 2023–2024  91

TABLE 17           FUNDING, BY APPLICATION, 2023–2024 92

TABLE 18           RAIL TRACTION ENGINE (STAGE III A) STANDARDS      99

TABLE 19           RAIL TRACTION ENGINE (STAGE III B) STANDARDS      99

TABLE 20           STANDARDS FOR DESIGN OF EQUIPMENT, SYSTEMS, AND SUBSYSTEMS    100

TABLE 21           NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS 101

TABLE 22           EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS 102

TABLE 23           ASIA OCEANIA: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS 103

TABLE 24           REST OF THE WORLD: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS 103

TABLE 25           KEY CONFERENCES AND EVENTS, 2024–2025     104

TABLE 26           INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR

TOP THREE PRODUCT TYPES (%)          105

TABLE 27           KEY BUYING CRITERIA FOR TOP THREE PRODUCT TYPES              106

TABLE 28           LIST OF HIGH-SPEED ELECTRIC LOCOMOTIVES            113

TABLE 29           ROLLING STOCK MARKET, BY LOCOMOTIVE TECHNOLOGY, 2019–2023 (UNITS)         114

TABLE 30           ROLLING STOCK MARKET, BY LOCOMOTIVE TECHNOLOGY, 2024–2030 (UNITS)         115

TABLE 31           ROLLING STOCK MARKET, BY LOCOMOTIVE TECHNOLOGY,

2019–2023 (USD MILLION)          115

TABLE 32           ROLLING STOCK MARKET, BY LOCOMOTIVE TECHNOLOGY,

2024–2030 (USD MILLION)          115

TABLE 33           CONVENTIONAL LOCOMOTIVES: ROLLING STOCK MARKET,

BY REGION, 2019–2023 (UNITS) 116

TABLE 34           CONVENTIONAL LOCOMOTIVES: ROLLING STOCK MARKET,

BY REGION, 2024–2030 (UNITS) 116

TABLE 35           CONVENTIONAL LOCOMOTIVES: ROLLING STOCK MARKET,

BY REGION, 2019–2023 (USD MILLION)  117

TABLE 36           CONVENTIONAL LOCOMOTIVES: ROLLING STOCK MARKET,

BY REGION, 2024–2030 (USD MILLION)  117

TABLE 37           TURBOCHARGED LOCOMOTIVES: ROLLING STOCK MARKET,

BY REGION, 2019–2023 (UNITS) 118

TABLE 38           TURBOCHARGED LOCOMOTIVES: ROLLING STOCK MARKET,

BY REGION, 2024–2030 (UNITS) 118

TABLE 39           TURBOCHARGED LOCOMOTIVES: ROLLING STOCK MARKET,

BY REGION, 2019–2023 (USD MILLION)  119

TABLE 40           TURBOCHARGED LOCOMOTIVES: ROLLING STOCK MARKET,

BY REGION, 2024–2030 (USD MILLION)  119

TABLE 41           COMPARISON BETWEEN CONVENTIONAL HIGH-SPEED RAIL,

MAGLEV, AND HYPERLOOP      120

TABLE 42           ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (UNITS)             124

TABLE 43           ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (UNITS)             125

TABLE 44           ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (USD MILLION)          125

TABLE 45           ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (USD MILLION)          125

TABLE 46           ROLLING STOCK MODELS, BY COMPANY          126

TABLE 47           LOCOMOTIVES: ROLLING STOCK MARKET, BY TYPE, 2019–2023 (UNITS)             127

TABLE 48           LOCOMOTIVES: ROLLING STOCK MARKET, BY TYPE, 2024–2030 (UNITS)             127

TABLE 49           LOCOMOTIVES: ROLLING STOCK MARKET, BY TYPE, 2019–2023 (USD MILLION) 127

TABLE 50           LOCOMOTIVES: ROLLING STOCK MARKET, BY TYPE, 2024–2030 (USD MILLION) 128

TABLE 51           DIESEL LOCOMOTIVES: ROLLING STOCK MARKET,

BY REGION, 2019–2023 (UNITS) 128

TABLE 52           DIESEL LOCOMOTIVES: ROLLING STOCK MARKET,

BY REGION, 2024–2030 (UNITS) 129

TABLE 53           DIESEL LOCOMOTIVES: ROLLING STOCK MARKET,

BY REGION, 2019–2023 (USD MILLION)  129

TABLE 54           DIESEL LOCOMOTIVES: ROLLING STOCK MARKET,

BY REGION, 2024–2030 (USD MILLION)  129

TABLE 55           ELECTRIC LOCOMOTIVES: ROLLING STOCK MARKET,

BY REGION, 2019–2023 (UNITS) 130

TABLE 56           ELECTRIC LOCOMOTIVES: ROLLING STOCK MARKET,

BY REGION, 2024–2030 (UNITS) 130

TABLE 57           ELECTRIC LOCOMOTIVES: ROLLING STOCK MARKET,

BY REGION, 2019–2023 (USD MILLION)  131

TABLE 58           ELECTRIC LOCOMOTIVES: ROLLING STOCK MARKET,

BY REGION, 2024–2030 (USD MILLION)  131

TABLE 59           ELECTRO-DIESEL LOCOMOTIVES: ROLLING STOCK MARKET,

BY REGION, 2019–2023 (UNITS) 132

TABLE 60           ELECTRO-DIESEL LOCOMOTIVES: ROLLING STOCK MARKET,

BY REGION, 2024–2030 (UNITS) 132

TABLE 61           ELECTRO-DIESEL LOCOMOTIVES: ROLLING STOCK MARKET,

BY REGION, 2019–2023 (USD MILLION)  133

TABLE 62           ELECTRO-DIESEL LOCOMOTIVES: ROLLING STOCK MARKET,

BY REGION, 2024–2030 (USD MILLION)  133

TABLE 63           RAPID TRANSIT: ROLLING STOCK MARKET, BY TYPE, 2019–2023 (UNITS)     134

TABLE 64           RAPID TRANSIT: ROLLING STOCK MARKET, BY TYPE, 2024–2030 (UNITS)     134

TABLE 65           RAPID TRANSIT: ROLLING STOCK MARKET, BY TYPE, 2019–2023 (USD MILLION)     135

TABLE 66           RAPID TRANSIT: ROLLING STOCK MARKET, BY TYPE, 2024–2030 (USD MILLION)     135

TABLE 67           DIESEL MULTIPLE UNITS: ROLLING STOCK MARKET,

BY REGION, 2019–2023 (UNITS) 136

TABLE 68           DIESEL MULTIPLE UNITS: ROLLING STOCK MARKET,

BY REGION, 2024–2030 (UNITS) 136

TABLE 69           DIESEL MULTIPLE UNITS: ROLLING STOCK MARKET,

BY REGION, 2019–2023 (USD MILLION)  136

TABLE 70           DIESEL MULTIPLE UNITS: ROLLING STOCK MARKET,

BY REGION, 2024–2030 (USD MILLION)  137

TABLE 71           ELECTRIC MULTIPLE UNITS: ROLLING STOCK MARKET,

BY REGION, 2019–2023 (UNITS) 138

TABLE 72           ELECTRIC MULTIPLE UNITS: ROLLING STOCK MARKET,

BY REGION, 2024–2030 (UNITS) 138

TABLE 73           ELECTRIC MULTIPLE UNITS: ROLLING STOCK MARKET,

BY REGION, 2019–2023 (USD MILLION)  138

TABLE 74           ELECTRIC MULTIPLE UNITS: ROLLING STOCK MARKET,

BY REGION, 2024–2030 (USD MILLION)  139

TABLE 75           LIGHT RAILS/TRAMS: ROLLING STOCK MARKET, BY REGION, 2019–2023 (UNITS)         139

TABLE 76           LIGHT RAILS/TRAMS: ROLLING STOCK MARKET, BY REGION, 2024–2030 (UNITS)         140

TABLE 77           LIGHT RAILS/TRAMS: ROLLING STOCK MARKET,

BY REGION, 2019–2023 (USD MILLION)  140

TABLE 78           LIGHT RAILS/TRAMS: ROLLING STOCK MARKET,

BY REGION, 2024–2030 (USD MILLION)  140

TABLE 79           SUBWAYS/METROS: ROLLING STOCK MARKET, BY REGION, 2019–2023 (UNITS)         141

TABLE 80           SUBWAYS/METROS: ROLLING STOCK MARKET, BY REGION, 2024–2030 (UNITS)         141

TABLE 81           SUBWAYS/METROS: ROLLING STOCK MARKET,

BY REGION, 2019–2023 (USD MILLION)  142

TABLE 82           SUBWAYS/METROS: ROLLING STOCK MARKET,

BY REGION, 2024–2030 (USD MILLION)  142

TABLE 83           COACHES: ROLLING STOCK MARKET, BY REGION, 2019–2023 (UNITS)             143

TABLE 84           COACHES: ROLLING STOCK MARKET, BY REGION, 2024–2030 (UNITS)             144

TABLE 85           COACHES: ROLLING STOCK MARKET, BY REGION, 2019–2023 (USD MILLION) 144

TABLE 86           COACHES: ROLLING STOCK MARKET, BY REGION, 2024–2030 (USD MILLION) 144

TABLE 87           WAGONS: ROLLING STOCK MARKET, BY REGION, 2019–2023 (UNITS)             145

TABLE 88           WAGONS: ROLLING STOCK MARKET, BY REGION, 2024–2030 (UNITS)             145

TABLE 89           WAGONS: ROLLING STOCK MARKET, BY REGION, 2019–2023 (USD MILLION) 146

TABLE 90           WAGONS: ROLLING STOCK MARKET, BY REGION, 2024–2030 (USD MILLION) 146

TABLE 91           LIST OF EXISTING/UPCOMING HIGH-SPEED TRAINS     149

TABLE 92           ROLLING STOCK MARKET, BY APPLICATION, 2019–2023 (UNITS)             150

TABLE 93           ROLLING STOCK MARKET, BY APPLICATION, 2024–2030 (UNITS)             150

TABLE 94           ROLLING STOCK MARKET, BY APPLICATION, 2019–2023 (USD MILLION)          150

TABLE 95           ROLLING STOCK MARKET, BY APPLICATION, 2024–2030 (USD MILLION)          151

TABLE 96           PASSENGER TRANSPORTATION: ROLLING STOCK MARKET,

BY TYPE, 2019–2023 (UNITS)      152

TABLE 97           PASSENGER TRANSPORTATION: ROLLING STOCK MARKET,

BY TYPE, 2024–2030 (UNITS)      152

TABLE 98           PASSENGER TRANSPORTATION: ROLLING STOCK MARKET,

BY TYPE, 2019–2023 (USD MILLION)       152

TABLE 99           PASSENGER TRANSPORTATION: ROLLING STOCK MARKET,

BY TYPE, 2024–2030 (USD MILLION)       152

TABLE 100         PASSENGER LOCOMOTIVE MARKET, BY REGION, 2019–2023 (UNITS)             153

TABLE 101         PASSENGER LOCOMOTIVE MARKET, BY REGION, 2024–2030 (UNITS)             153

TABLE 102         PASSENGER LOCOMOTIVE MARKET, BY REGION, 2019–2023 (USD MILLION) 154

TABLE 103         PASSENGER LOCOMOTIVE MARKET, BY REGION, 2024–2030 (USD MILLION) 154

TABLE 104         PASSENGER COACH MARKET, BY REGION, 2019–2023 (UNITS)              155

TABLE 105         PASSENGER COACH MARKET, BY REGION, 2024–2030 (UNITS)              155

TABLE 106         PASSENGER COACH MARKET, BY REGION, 2019–2023 (USD MILLION)          155

TABLE 107         PASSENGER COACH MARKET, BY REGION, 2024–2030 (USD MILLION)          156

TABLE 108         FREIGHT TRANSPORTATION: ROLLING STOCK MARKET,

BY TYPE, 2019–2023 (UNITS)      157

TABLE 109         FREIGHT TRANSPORTATION: ROLLING STOCK MARKET,

BY TYPE, 2024–2030 (UNITS)      157

TABLE 110         FREIGHT TRANSPORTATION: ROLLING STOCK MARKET,

BY TYPE, 2019–2023 (USD MILLION)       158

TABLE 111         FREIGHT TRANSPORTATION: ROLLING STOCK MARKET,

BY TYPE, 2024–2030 (USD MILLION)       158

TABLE 112         FREIGHT LOCOMOTIVE MARKET, BY REGION, 2019–2023 (UNITS)             159

TABLE 113         FREIGHT LOCOMOTIVE MARKET, BY REGION, 2024–2030 (UNITS)             159

TABLE 114         FREIGHT LOCOMOTIVE MARKET, BY REGION, 2019–2023 (USD MILLION)          159

TABLE 115         FREIGHT LOCOMOTIVE MARKET, BY REGION, 2024–2030 (USD MILLION)          160

TABLE 116         FREIGHT WAGON MARKET, BY REGION, 2019–2023 (UNITS)              160

TABLE 117         FREIGHT WAGON MARKET, BY REGION, 2024–2030 (UNITS)              161

TABLE 118         FREIGHT WAGON MARKET, BY REGION, 2019–2023 (USD MILLION)          161

TABLE 119         FREIGHT WAGON MARKET, BY REGION, 2024–2030 (USD MILLION)          161

TABLE 120         ROLLING STOCK MARKET, BY REGION, 2019–2023 (UNITS)              165

TABLE 121         ROLLING STOCK MARKET, BY REGION, 2024–2030 (UNITS)              165

TABLE 122         ROLLING STOCK MARKET, BY REGION, 2019–2023 (USD MILLION)          166

TABLE 123         ROLLING STOCK MARKET, BY REGION, 2024–2030 (USD MILLION)          166

TABLE 124         ASIA OCEANIA: PROPOSED RAPID TRANSIT PROJECTS 169

TABLE 125         ASIA OCEANIA: PROPOSED LIGHT RAIL PROJECTS        170

TABLE 126         ASIA OCEANIA: PROPOSED HIGH-SPEED RAIL/BULLET TRAIN PROJECTS         170

TABLE 127         ASIA OCEANIA: ROLLING STOCK MARKET, BY COUNTRY, 2019–2023 (UNITS)     172

TABLE 128         ASIA OCEANIA: ROLLING STOCK MARKET, BY COUNTRY, 2024–2030 (UNITS)     172

TABLE 129         ASIA OCEANIA: ROLLING STOCK MARKET,

BY COUNTRY, 2019–2023 (USD MILLION)            172

TABLE 130         ASIA OCEANIA: ROLLING STOCK MARKET,

BY COUNTRY, 2024–2030 (USD MILLION)            172

TABLE 131         RAILWAY PROJECTS UNDER CHINA BELT          173

TABLE 132         CHINA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (UNITS)     174

TABLE 133         CHINA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (UNITS)     175

TABLE 134         CHINA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (USD MILLION)     175

TABLE 135         CHINA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (USD MILLION)     176

TABLE 136         INDIA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (UNITS)     177

TABLE 137         INDIA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (UNITS)     177

TABLE 138         INDIA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (USD MILLION)     178

TABLE 139         INDIA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (USD MILLION)     178

TABLE 140         JAPAN: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (UNITS)     179

TABLE 141         JAPAN: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (UNITS)     179

TABLE 142         JAPAN: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (USD MILLION)     180

TABLE 143         JAPAN: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (USD MILLION)     180

TABLE 144        SOUTH KOREA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (UNITS)         181

TABLE 145        SOUTH KOREA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (UNITS)         181

TABLE 146         SOUTH KOREA: ROLLING STOCK MARKET,

BY PRODUCT TYPE, 2019–2023 (USD MILLION)  182

TABLE 147         SOUTH KOREA: ROLLING STOCK MARKET,

BY PRODUCT TYPE, 2024–2030 (USD MILLION)  182

TABLE 148         EUROPE: PROPOSED METRO/HIGH-SPEED RAILWAY PROJECTS         187

TABLE 149         EUROPE: PROPOSED RAPID TRANSIT PROJECTS            188

TABLE 150         EUROPE: ROLLING STOCK MARKET, BY COUNTRY, 2019–2023 (UNITS)             189

TABLE 151         EUROPE: ROLLING STOCK MARKET, BY COUNTRY, 2024–2030 (UNITS)             190

TABLE 152         EUROPE: ROLLING STOCK MARKET, BY COUNTRY, 2019–2023 (USD MILLION) 190

TABLE 153         EUROPE: ROLLING STOCK MARKET, BY COUNTRY, 2024–2030 (USD MILLION) 190

TABLE 154         GERMANY: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (UNITS)         191

TABLE 155         GERMANY: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (UNITS)         191

TABLE 156         GERMANY: ROLLING STOCK MARKET, BY PRODUCT TYPE,

2019–2023 (USD MILLION)          192

TABLE 157         GERMANY: ROLLING STOCK MARKET, BY PRODUCT TYPE,

2024–2030 (USD MILLION)          192

TABLE 158         FRANCE: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (UNITS)     193

TABLE 159         FRANCE: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (UNITS)     194

TABLE 160         FRANCE: ROLLING STOCK MARKET, BY PRODUCT TYPE,

2019–2023 (USD MILLION)          194

TABLE 161         FRANCE: ROLLING STOCK MARKET, BY PRODUCT TYPE,

2024–2030 (USD MILLION)          195

TABLE 162         UK: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (UNITS)             196

TABLE 163         UK: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (UNITS)             196

TABLE 164         UK: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (USD MILLION) 197

TABLE 165         UK: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (USD MILLION) 197

TABLE 166         ITALY: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (UNITS)     198

TABLE 167         ITALY: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (UNITS)     198

TABLE 168         ITALY: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (USD MILLION)     199

TABLE 169         ITALY: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (USD MILLION)     199

TABLE 170         SPAIN: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (UNITS)     200

TABLE 171         SPAIN: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (UNITS)     200

TABLE 172         SPAIN: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (USD MILLION)     201

TABLE 173         SPAIN: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (USD MILLION)     201

TABLE 174         NORTH AMERICA: PROPOSED HIGH-SPEED RAIL/BULLET TRAIN PROJECTS           205

TABLE 175         NORTH AMERICA: PROPOSED RAPID TRANSIT PROJECTS              205

TABLE 176         NORTH AMERICA: ROLLING STOCK MARKET, BY COUNTRY, 2019–2023 (UNITS)         206

TABLE 177         NORTH AMERICA: ROLLING STOCK MARKET, BY COUNTRY, 2024–2030 (UNITS)         207

TABLE 178         NORTH AMERICA: ROLLING STOCK MARKET,

BY COUNTRY, 2019–2023 (USD MILLION)            207

TABLE 179         NORTH AMERICA: ROLLING STOCK MARKET,

BY COUNTRY, 2024–2030 (USD MILLION)            207

TABLE 180         US: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (UNITS)             208

TABLE 181         US: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (UNITS)             208

TABLE 182         US: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (USD MILLION) 209

TABLE 183         US: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (USD MILLION) 209

TABLE 184         MEXICO: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (UNITS)     210

TABLE 185         MEXICO: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (UNITS)     210

TABLE 186         MEXICO: ROLLING STOCK MARKET, BY PRODUCT TYPE,

2019–2023 (USD MILLION)          211

TABLE 187         MEXICO: ROLLING STOCK MARKET, BY PRODUCT TYPE,

2024–2030 (USD MILLION)          211

TABLE 188         CANADA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (UNITS)     212

TABLE 189         CANADA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (UNITS)     213

TABLE 190         CANADA: ROLLING STOCK MARKET, BY PRODUCT TYPE,

2019–2023 (USD MILLION)          213

TABLE 191         CANADA: ROLLING STOCK MARKET, BY PRODUCT TYPE,

2024–2030 (USD MILLION)          214

TABLE 192         MIDDLE EAST & AFRICA: PROPOSED METRO/MONORAIL PROJECTS         216

TABLE 193         MIDDLE EAST & AFRICA: PROPOSED RAPID TRANSIT PROJECTS         216

TABLE 194         MIDDLE EAST & AFRICA: ROLLING STOCK MARKET,

BY COUNTRY, 2019–2023 (UNITS)           217

TABLE 195         MIDDLE EAST & AFRICA: ROLLING STOCK MARKET,

BY COUNTRY, 2024–2030 (UNITS)           218

TABLE 196         MIDDLE EAST & AFRICA: ROLLING STOCK MARKET,

BY COUNTRY, 2019–2023 (USD MILLION)            218

TABLE 197         MIDDLE EAST & AFRICA: ROLLING STOCK MARKET,

BY COUNTRY, 2024–2030 (USD MILLION)            218

TABLE 198        SOUTH AFRICA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (UNITS)         219

TABLE 199        SOUTH AFRICA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (UNITS)         219

TABLE 200         SOUTH AFRICA: ROLLING STOCK MARKET,

BY PRODUCT TYPE, 2019–2023 (USD MILLION)  220

TABLE 201         SOUTH AFRICA: ROLLING STOCK MARKET,

BY PRODUCT TYPE, 2024–2030 (USD MILLION)  220

TABLE 202         UAE: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (UNITS)             221

TABLE 203         UAE: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (UNITS)             221

TABLE 204         UAE: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (USD MILLION) 222

TABLE 205         UAE: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (USD MILLION) 222

TABLE 206         EGYPT: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (UNITS)     223

TABLE 207         EGYPT: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (UNITS)     223

TABLE 208         EGYPT: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (USD MILLION)     224

TABLE 209         EGYPT: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (USD MILLION)     224

TABLE 210         REST OF THE WORLD: PROPOSED METRO/MONORAIL PROJECTS         227

TABLE 211         REST OF THE WORLD: ROLLING STOCK MARKET,

BY COUNTRY, 2019–2023 (UNITS)           227

TABLE 212         REST OF THE WORLD: ROLLING STOCK MARKET,

BY COUNTRY, 2024–2030 (UNITS)           228

TABLE 213         REST OF THE WORLD: ROLLING STOCK MARKET,

BY COUNTRY, 2019–2023 (USD MILLION)            228

TABLE 214         REST OF THE WORLD: ROLLING STOCK MARKET,

BY COUNTRY, 2024–2030 (USD MILLION)            228

TABLE 215         BRAZIL: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (UNITS)     229

TABLE 216         BRAZIL: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (UNITS)     229

TABLE 217         BRAZIL: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (USD MILLION)     230

TABLE 218         BRAZIL: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (USD MILLION)     230

TABLE 219         RUSSIA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (UNITS)     231

TABLE 220         RUSSIA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (UNITS)     231

TABLE 221         RUSSIA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2019–2023 (USD MILLION)     232

TABLE 222         RUSSIA: ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (USD MILLION)     232

TABLE 223         KEY PLAYER STRATEGIES/RIGHT TO WIN, 2022–2024     235

TABLE 224         MARKET SHARE ANALYSIS, 2023             236

TABLE 225         APPLICATION FOOTPRINT       244

TABLE 226         REGION FOOTPRINT    244

TABLE 227         LIST OF START-UPS/SMES         247

TABLE 228         COMPETITIVE BENCHMARKING OF START-UPS/SMES  248

TABLE 229         ROLLING STOCK MARKET: PRODUCT LAUNCHES/DEVELOPMENTS, 2022–2024             249

TABLE 230         ROLLING STOCK MARKET: DEALS, 2022–2024    250

TABLE 231         ROLLING STOCK MARKET: EXPANSIONS, 2022–2024       252

TABLE 232         ROLLING STOCK MARKET: OTHERS, 2022–2024 254

TABLE 233         CRRC CORPORATION LIMITED: COMPANY OVERVIEW 256

TABLE 234         CRRC CORPORATION LIMITED: PRODUCTS OFFERED  257

TABLE 235         CRRC CORPORATION LIMITED: PRODUCT LAUNCHES/DEVELOPMENTS   259

TABLE 236         CRRC CORPORATION LIMITED: DEALS 262

TABLE 237         CRRC CORPORATION LIMITED: OTHERS           263

TABLE 238         SIEMENS AG: COMPANY OVERVIEW      266

TABLE 239         SIEMENS AG: PRODUCTS OFFERED       267

TABLE 240         SIEMENS AG: PRODUCT LAUNCHES/DEVELOPMENTS  270

TABLE 241         SIEMENS AG: DEALS      271

TABLE 242         SIEMENS AG: EXPANSIONS        273

TABLE 243         SIEMENS AG: OTHERS   274

TABLE 244         ALSTOM SA: COMPANY OVERVIEW       280

TABLE 245         ALSTOM SA: PRODUCTS OFFERED        282

TABLE 246         ALSTOM SA: PRODUCT LAUNCHES/DEVELOPMENTS   283

TABLE 247         ALSTOM SA: DEALS       284

TABLE 248         ALSTOM SA: EXPANSIONS          287

TABLE 249         ALSTOM SA: OTHERS    288

TABLE 250         STADLER RAIL AG: COMPANY OVERVIEW          294

TABLE 251         STADLER RAIL AG: PRODUCTS OFFERED           296

TABLE 252         STADLER RAIL AG: PRODUCT LAUNCHES/DEVELOPMENTS              298

TABLE 253         STADLER RAIL AG: DEALS         299

TABLE 254         STADLER RAIL AG: EXPANSIONS            299

TABLE 255         STADLER RAIL AG: OTHERS      300

TABLE 256         WABTEC CORPORATION: COMPANY OVERVIEW            304

TABLE 257         WABTEC CORPORATION: PRODUCTS OFFERED             306

TABLE 258         WABTEC CORPORATION: PRODUCT LAUNCHES/DEVELOPMENTS   308

TABLE 259         WABTEC CORPORATION: DEALS           309

TABLE 260         WABTEC CORPORATION: EXPANSIONS 311

TABLE 261         WABTEC CORPORATION: OTHERS        311

TABLE 262         KAWASAKI HEAVY INDUSTRIES, LTD.: COMPANY OVERVIEW              314

TABLE 263         KAWASAKI HEAVY INDUSTRIES, LTD.: PRODUCTS OFFERED              315

TABLE 264         KAWASAKI HEAVY INDUSTRIES, LTD.: PRODUCT LAUNCHES/DEVELOPMENTS   316

TABLE 265         KAWASAKI HEAVY INDUSTRIES, LTD.: OTHERS 317

TABLE 266         CAF GROUP: COMPANY OVERVIEW       318

TABLE 267         CAF GROUP: PRODUCTS OFFERED        319

TABLE 268         CAF GROUP: DEALS      320

TABLE 269         CAF GROUP: EXPANSIONS         320

TABLE 270         CAF GROUP: OTHERS   321

TABLE 271         HYUNDAI ROTEM COMPANY: COMPANY OVERVIEW     324

TABLE 272         HYUNDAI ROTEM COMPANY: PRODUCTS OFFERED     325

TABLE 273         HYUNDAI ROTEM COMPANY: PRODUCT LAUNCHES/DEVELOPMENTS   326

TABLE 274         HYUNDAI ROTEM COMPANY: DEALS    326

TABLE 275         HYUNDAI ROTEM COMPANY: OTHERS 326

TABLE 276         MITSUBISHI HEAVY INDUSTRIES, LTD.: COMPANY OVERVIEW              328

TABLE 277         MITSUBISHI HEAVY INDUSTRIES, LTD.: PRODUCTS OFFERED              329

TABLE 278         MITSUBISHI HEAVY INDUSTRIES, LTD.: DEALS 330

TABLE 279         MITSUBISHI HEAVY INDUSTRIES, LTD.: EXPANSIONS    330

TABLE 280         MITSUBISHI HEAVY INDUSTRIES, LTD.: OTHERS            331

TABLE 281         TALGO: COMPANY OVERVIEW 332

TABLE 282         TALGO: PRODUCTS OFFERED  333

TABLE 283         TALGO: DEALS 334

TABLE 284         TALGO: OTHERS           334

TABLE 285         TRANSMASHHOLDING: COMPANY OVERVIEW 335

TABLE 286         TRANSMASHHOLDING: PRODUCTS OFFERED  335

TABLE 287         TRANSMASHHOLDING: PRODUCT LAUNCHES/DEVELOPMENTS   337

TABLE 288         TRANSMASHHOLDING: DEALS 337

TABLE 289         TRANSMASHHOLDING: EXPANSIONS    337

TABLE 290         TRANSMASHHOLDING: OTHERS            338

TABLE 291         TITAGARH RAIL SYSTEMS LIMITED: COMPANY OVERVIEW              339

TABLE 292         TITAGARH RAIL SYSTEMS LIMITED: PRODUCTS OFFERED              340

TABLE 293         TITAGARH RAIL SYSTEMS LIMITED: PRODUCT LAUNCHES/DEVELOPMENTS   341

TABLE 294         TITAGARH RAIL SYSTEMS LIMITED: DEALS       341

TABLE 295         TITAGARH RAIL SYSTEMS LIMITED: OTHERS    342

TABLE 296         TOSHIBA CORPORATION: COMPANY OVERVIEW           343

TABLE 297         HITACHI RAIL LIMITED: COMPANY OVERVIEW 344

TABLE 298         CHITTARANJAN LOCOMOTIVE WORKS: COMPANY OVERVIEW              344

TABLE 299         WJIS: COMPANY OVERVIEW      345

TABLE 300         STRUKTON: COMPANY OVERVIEW        345

TABLE 301         THALES: COMPANY OVERVIEW 346

TABLE 302         DEUTSCHE BAHN AG: COMPANY OVERVIEW    347

TABLE 303         RHOMBERG SERSA RAIL HOLDING GMBH: COMPANY OVERVIEW        347

TABLE 304         SINARA TRANSPORT MACHINES: COMPANY OVERVIEW              348

TABLE 305         TRINITY INDUSTRIES, INC.: COMPANY OVERVIEW         349

TABLE 306         THE GREENBRIER COMPANIES: COMPANY OVERVIEW 350

TABLE 307         BEML LIMITED: COMPANY OVERVIEW 350

TABLE 308         BRAITHWAITE & CO. (INDIA) LTD.: COMPANY OVERVIEW              351

TABLE 309         DAWONSYS CO., LTD.: COMPANY OVERVIEW   352

TABLE 310         RAIL VIKAS NIGAM LIMITED: COMPANY OVERVIEW      352

LIST OF FIGURES

FIGURE 1           ROLLING STOCK MARKET SEGMENTATION      32

FIGURE 2           RESEARCH DESIGN       36

FIGURE 3           RESEARCH DESIGN MODEL       37

FIGURE 4           RESEARCH METHODOLOGY: HYPOTHESIS BUILDING  42

FIGURE 5           BOTTOM-UP APPROACH           43

FIGURE 6           TOP-DOWN APPROACH             44

FIGURE 7           MARKET SIZE ESTIMATION NOTES        44

FIGURE 8           DATA TRIANGULATION             45

FIGURE 9           GROWTH PROJECTIONS FROM DEMAND-SIDE DRIVERS              46

FIGURE 10         DEMAND- AND SUPPLY-SIDE FACTOR ANALYSIS           47

FIGURE 11         ROLLING STOCK MARKET OVERVIEW  50

FIGURE 12         ROLLING STOCK MARKET, BY REGION, 2024–2030          51

FIGURE 13         ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030              52

FIGURE 14         RISING INVESTMENTS IN RAPID TRANSIT PROJECTS TO DRIVE MARKET            53

FIGURE 15         LOCOMOTIVES TO SURPASS OTHER SEGMENTS DURING FORECAST PERIOD       54

FIGURE 16         FREIGHT TRANSPORTATION TO BE LARGER THAN PASSENGER TRANSPORTATION DURING FORECAST PERIOD    54

FIGURE 17         CONVENTIONAL LOCOMOTIVES SEGMENT TO BE DOMINANT DURING

FORECAST PERIOD       55

FIGURE 18         ASIA OCEANIA TO BE LARGEST MARKET FOR ROLLING STOCKS DURING

FORECAST PERIOD       55

FIGURE 19         ROLLING STOCK MARKET DYNAMICS  57

FIGURE 20         GLOBAL CO2 EMISSIONS FROM DIFFERENT TRANSPORT SEGMENTS, 2019–2030   58

FIGURE 21         ENERGY DEMAND FROM RAILWAYS, BY COUNTRY, 2017–2050              60

FIGURE 22         FREIGHT LOADING IN INDIA, 2017–2023             61

FIGURE 23         MINING PRODUCTION, BY COUNTRY, 2023       63

FIGURE 24         PROTOTYPE OF HYDROGEN TRAIN      64

FIGURE 25         BENEFITS OF USING BATTERIES IN RAIL FOR MAXIMUM OPERATIONAL FLEXIBILITY      64

FIGURE 26         TRENDS AND DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES      67

FIGURE 27         AVERAGE SELLING PRICE OF ROLLING STOCK, BY PRODUCT TYPE,

2021–2023 (USD)             69

FIGURE 28         AVERAGE SELLING PRICE OF ROLLING STOCK, BY REGION, 2021–2023 (USD)             70

FIGURE 29         ECOSYSTEM ANALYSIS 71

FIGURE 30         SUPPLY CHAIN ANALYSIS          73

FIGURE 31         PATENT ANALYSIS        78

FIGURE 32         REGENERATIVE BRAKING IN TRAINS     82

FIGURE 33         SPECIFICATIONS OF TRI-MODE BATTERY TRAINS         85

FIGURE 34         TRAIN CONTROL AND MANAGEMENT SYSTEM 86

FIGURE 35         THALES RAILWAY DIGITALIZATION      88

FIGURE 36         BIG DATA IN RAILWAY TRANSPORTATION        89

FIGURE 37         INVESTMENT AND FUNDING SCENARIO, 2022–2024       90

FIGURE 38         ADVANTAGES OF HARNESSING AI IN RAILWAY OPERATIONS              93

FIGURE 39         IMPORT DATA FOR HS CODE 8604, BY COUNTRY, 2021–2023 (USD MILLION) 94

FIGURE 40         EXPORT DATA FOR HS CODE 8604, BY COUNTRY, 2021–2023 (USD MILLION) 95

FIGURE 41         IMPORT DATA FOR HS CODE 8603, BY COUNTRY, 2021–2023 (USD MILLION) 96

FIGURE 42         EXPORT DATA FOR HS CODE 8603, BY COUNTRY, 2021–2023 (USD MILLION) 97

FIGURE 43         INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR

TOP THREE PRODUCT TYPES   105

FIGURE 44         KEY BUYING CRITERIA FOR TOP THREE PRODUCT TYPES              106

FIGURE 45         ROLLING STOCK MARKET, BY LOCOMOTIVE TECHNOLOGY,

2024–2030 (USD MILLION)          114

FIGURE 46         ROLLING STOCK MARKET, BY PRODUCT TYPE, 2024–2030 (USD MILLION)          124

FIGURE 47         ELECTRIC LOCOMOTIVES TO BE DOMINANT DURING FORECAST PERIOD       127

FIGURE 48         ELECTRICAL MULTIPLE UNITS TO BE DOMINANT DURING FORECAST PERIOD       134

FIGURE 49         ROLLING STOCK MARKET, BY APPLICATION, 2024–2030 (USD MILLION)          150

FIGURE 50         LOCOMOTIVES TO BE DOMINANT IN PASSENGER TRANSPORTATION SEGMENT DURING FORECAST PERIOD       151

FIGURE 51         WAGONS TO BE DOMINANT IN FREIGHT TRANSPORTATION SEGMENT DURING FORECAST PERIOD 157

FIGURE 52         ROLLING STOCK MARKET, BY REGION, 2024–2030 (USD MILLION)          165

FIGURE 53         ASIA OCEANIA: IMPACT OF MACROECONOMIC INDICATORS              168

FIGURE 54         ASIA OCEANIA: ROLLING STOCK MARKET SNAPSHOT  171

FIGURE 55         INDIAN RAILWAY REVENUE BREAKDOWN, BY SEGMENT, 2023              177

FIGURE 56         EUROPE: IMPACT OF MACROECONOMIC INDICATORS 185

FIGURE 57         EUROPE: ROLLING STOCK MARKET SNAPSHOT             189

FIGURE 58         NORTH AMERICA: IMPACT OF MACROECONOMIC INDICATORS     204

FIGURE 59         NORTH AMERICA: ROLLING STOCK MARKET SNAPSHOT              206

FIGURE 60         MIDDLE EAST & AFRICA: IMPACT OF MACROECONOMIC INDICATORS     215

FIGURE 61         MIDDLE EAST & AFRICA: ROLLING STOCK MARKET,

BY COUNTRY, 2024–2030 (USD MILLION)            217

FIGURE 62         REST OF THE WORLD: IMPACT OF MACROECONOMIC INDICATORS     226

FIGURE 63         REST OF THE WORLD: ROLLING STOCK MARKET,

BY COUNTRY, 2024–2030 (USD MILLION)            227

FIGURE 64         MARKET SHARE ANALYSIS, 2023             236

FIGURE 65         REVENUE ANALYSIS OF TOP FIVE PLAYERS, 2019–2023  238

FIGURE 66         COMPANY VALUATION OF KEY PLAYERS, 2024 239

FIGURE 67         FINANCIAL METRICS OF KEY PLAYERS, 2024      239

FIGURE 68         BRAND/PRODUCT COMPARISON          240

FIGURE 69         COMPANY EVALUATION MATRIX (KEY PLAYERS), 2024 242

FIGURE 70         COMPANY FOOTPRINT 243

FIGURE 71         COMPANY EVALUATION MATRIX (START-UPS/SMES), 2024              246

FIGURE 72         CRRC CORPORATION LIMITED: COMPANY SNAPSHOT 257

FIGURE 73         SIEMENS AG: COMPANY SNAPSHOT      267

FIGURE 74         ALSTOM SA: COMPANY SNAPSHOT       281

FIGURE 75         ALSTOM SA: NEW BUSINESS OPPORTUNITY SPACE       281

FIGURE 76         STADLER RAIL AG: COMPANY SNAPSHOT          295

FIGURE 77         STADLER RAIL AG: FUTURE STRATEGY OVERVIEW        295

FIGURE 78         WABTEC CORPORATION: COMPANY SNAPSHOT            305

FIGURE 79         WABTEC CORPORATION: NORTH AMERICAN LOCOMOTIVES MARKET SNAPSHOT     306

FIGURE 80         KAWASAKI HEAVY INDUSTRIES, LTD.: COMPANY SNAPSHOT              315

FIGURE 81         CAF GROUP: COMPANY SNAPSHOT      319

FIGURE 82         HYUNDAI ROTEM COMPANY: COMPANY SNAPSHOT    325

FIGURE 83         MITSUBISHI HEAVY INDUSTRIES, LTD.: COMPANY SNAPSHOT              329

FIGURE 84         TALGO: COMPANY SNAPSHOT 332

FIGURE 85         TITAGARH RAIL SYSTEMS LIMITED: COMPANY SNAPSHOT              339