The global rolling stock management market is projected to grow from USD 42.8 billion in 2019 to reach USD 58.4 billion by 2025, at a CAGR of 5.32%. The growth of the rolling stock management market is influenced by factors such as expansions and upcoming railway projects, cost optimization, focus on increasing the asset lifecycle, and development of rail infrastructure in emerging economies.
Europe is expected to lead the market during the forecast period
The European rail management market is large because of the growth in railway connection between China and Europe. Earlier, freight was delivered by the Trans-Siberian railway, but now, there is direct access for freight. The new route connects roughly 34 European cities with 35 Chinese cities. An increasing number of rail management solutions will be needed to sustain in the future, and the market will grow further. Additionally, the development of intelligent rail transportation system would also drive the European rolling stock management market.
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Predictive maintenance market is expected to grow at the fastest CAGR
Predictive maintenance is expected to be the fastest global rolling stock management market. These services are used for time optimization, spare management, inventory management, downtime reduction, live monitoring of system health, and labor hour reduction. The major advantages of predictive maintenance include availability and cost efficiency. It helps improve reliability and also reduces maintenance cost, which is ultimately leading to improved safety and higher customer satisfaction. Various advancements are taking place in sensors and communication technologies so that they can collect continuous data from several systems and subsystems in rail, which enables them to monitor mechanical and electrical conditions, operational efficiency, and multiple performance indicators.
Rail management is expected to lead the rolling stock management market
Rail management is estimated to be the fastest growing market. It helps railway authorities with better fleet management and improved asset lifecycle. With the rise of connected systems, real-time information is fostering asset management, thereby reducing the overall operation cost. The information also increases vehicle safety and reliability. That is why rail authorities are going to choose better rail management solutions for efficient fleet management.
Key Market Players:
The major rolling stock management market players are Bombardier (Canada), Alstom (France), Siemens (Germany), ABB (Switzerland), and Hitachi (Japan).
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