ROLLING STOCK REPORT 2024
Explore our focused Rolling Stock Report 2024 for concise insights into navigating India’s rail and metro sectors effectively.
Report Highlights:
Indian Network
The mass transit network in India has experienced significant growth, with approximately !874 kilometres of operational metro rail in cities and another !986 kilometres under construction. This expansion has driven the demand for the latest technologies in rolling stock, signalling, infrastructure, and train maintenance systems.
Opportunities in Rolling Stock Market
Rolling stock for the railway and metro sectors in India presents significant opportunities, with a substantial order pipeline expected. State-of-the-art technologies aim to make urban rail systems more efficient and passenger-friendly.
Market Outlook and Key Takeaways
The rolling stock coach market in India is driven by new projects and modernization initiatives. Recent contracts indicate a growing demand for rolling stock, with Indian manufacturing becoming increasingly competitive.
Research Methodology and Focus
Primary research involved discussions with industry experts, while secondary research utilised publicly available sources and internal databases. The study focuses solely on rolling stock opportunities in India, providing insights for decision-making purposes.
Budget Allocation and Economic Railway Corridor Programs
The interim budget for fiscal year 2024-25 allocated Rs 2.52 lakh crore for the railway sector.
Rapid Urbanization and Integrated Transport
As India undergoes rapid urbanisation, the significance of a well-planned integrated transport system becomes paramount. Metro projects are witnessing substantial growth and are poised to become one of the largest networks globally.
Private Sector Participation
The private sector is increasingly involved in funding, construction, operations, and management of metro projects. Initiatives like public-private partnerships (PPP) and leasing of rolling stock are becoming more prevalent, enhancing project efficiency and effectiveness.
Technological Advancements
Cities across India are embracing state-of-the-art technologies to enhance the efficiency, reliability, and passenger-friendliness of urban rail systems. These advancements include digital payment systems, real-time connectivity, and the adoption of eco-friendly practices.
Operational Efficiency
The focus on operational excellence extends beyond infrastructure expansion, encompassing advanced scheduling, efficient maintenance, and data-driven analytics. These initiatives aim to optimise resource utilisation and ensure a reliable and seamless commuting experience.
Summary:
India’s railway and metro rolling stock market is expected to reach INR 4,74,735 crores (USD 56.89 Billion) cumulatively in the next 5 years. This surge is driven by substantial budget allocations and a series of ambitious infrastructure projects that highlight the industry’s expanding capabilities.
The growing potential of India’s railway and metro sector is shown by recent project developments such as the Vande Bharat trainsets, RRTS projects and metro projects across the country.
These developments have significantly bolstered the market’s outlook and overtime, numerous component suppliers have honed their capabilities to deliver high-quality products essential for these initiatives.
Policies such as the PLI Scheme for Railways and initiatives like Vande Metro and Amrit Bharat Coaches are shaping the future landscape, providing lucrative opportunities for growth and innovation in the sector. The growing market presents suppliers with a golden opportunity to start and grow their production capabilities in India.
With railway and metro projects on the increase, this is the moment for industry players to embrace the opportunity and establish their presence in a market that offers not just growth, but also a transformation of India’s transportation landscape.
Insights on
| Rolling Stock | Private | Government PSUs |
|---|---|---|
| Locomotives | Alstom | Wabtec | Siemens | CLW | BLW | PLW | Dankuni |
| Passenger Coaches | Medha-Stadler* | ICF | RCF | MCF |
| Metro Coaches | Alstom | Titagarh Systems | CRRC* | BEML |
| Vande Bharat Trainsets | RVNL-TMH | Titagarh Rail Systems- BHEL | Propulsion: Medha, Alstom India, Siemens, BHEL, Titagarh, CGL, Saini Electrical | ICF | RCF | MCF | BEML |
| Wagons | Titagarh Systems | Texmaco Rail | Hindusthan Engineering & Industries Limited | Modern Industries | Jupiter Wagons Limited | Om Besco Rail Products Limited | Jindal Rail Infrastructure Limited Oriental Foundry Private Limited | Braithwaite & Co. Limited | Sail-Rites Bengal Wagon Industry Private Limited | Bridge & Roof Co. (India) Ltd | ASR Workshop | GOC Workshop SPJ Workshop | JPL Workshop |
| Notes* ●Medha & Stadler signed an agreement for a new coach manufacturing factory in India. The status is unclear. ●CRRC is seeking to start its production in India. Presently, the status is unclear. | ||
| Content |
| ● List of Abbreviations used in the Report |
|---|
| ● Executive Summary |
| ● Key takeaways for the Rolling stock market |
| ● Research Methodology |
| Rail Market |
| ● Railway Industry Overview | ● Interim Budget 2024 |
|---|---|
| ● Market Dynamics | ● Key Trends |
| ● PEST Analysis |
Rolling Stock types
| ● Rolling Stock in India | ● Locomotives |
|---|---|
| ● Coaches | ● Wagons |
| ● EMU | ● Vande Bharat |
| ● High Speed |
Key Insights
| ● Policies & Programmes | ● Mergers, Acquisitions and Partnerships |
|---|---|
| ● Porter’s Five Forces Analysis | ● Technological Developments |
Market Analysis
| ● Railway Market in India | ● Locomotives Assessment |
|---|---|
| ● LHB Assessment | ● EMU Assessment |
| ● Wagon Assessment | ● Vande Bharat Assessment |
| ● High Speed Assessment |
Addressable Assessment
| ● Future Market – Details | ● Pricing- Expected |
|---|---|
| ● Annual Addressable Market | ● Total Addressable Assessment |
Indusry Insights
| ● Disruptive innovation in the Industry | ● Growth strategy of leading players |
|---|---|
| ● New developments | ● Significant Contracts |
| ● Future Contracts Expected |
| Transit Market |
| ● Transit Industry Overview | ● Market Dynamics |
|---|---|
| ● Key Trends | ● PEST Analysis |
Rolling Stock types
| ● Monorail | ● Metro |
|---|---|
| ● Metrolite | ● Metroneo |
| ● Water Metro | ● RRTS |
Project Status
| ● Monorail | ● Metro |
|---|---|
| ● Metrolite | ● Metroneo |
| ● Water Metro | ● RRTS |
Project Details
| ● Metro | ● Metrolite |
|---|---|
| ● Other Transit Projects | ● RRTS |
Key Insights
| ● Policies & Programmes | ● Mergers, Acquisitions and Partnerships |
|---|---|
| ● Porter’s Five Forces Analysis | ● Technological Developments |
Market Analysis
| ● Transit Market in India | ● Transit Market Assessment |
|---|---|
| ● Future Market – Details | ● Pricing- Expected |
| ● Total Addressable Assessment |
Industry Insights
| ● Disruptive innovation in the Industry | ● Growth strategy of leading players |
|---|---|
| ● New developments | ● Significant Contracts |
| ● Future Contracts Expected |
| Supplier Overview |
| ● Present Rolling Stock Major Suppliers- Profiles |
|---|
| ○ Alstom Transport India |
| ○ Banaras Locomotive Works (BLW) |
| ○ Bharat Earth Movers Limited (BEML) |
| ○ Bharat Heavy Electricals Limited (BHEL) |
| ○ Braithwaite & Co. Limited |
| ○ Bridge & Roof Co. (India) Limited |
| ○ CG Power and Industrial Solutions Limited (CGL) |
| ○ Chittaranjan Locomotive Works (CLW) |
| ○ CRRC India Private Limited |
| ○ Hindusthan Engineering & Industries Limited |
| ○ Integral Coach Factory (ICF) |
| ○ Jindal Rail Infrastructure Limited |
| ○ Jupiter Wagons Limited |
| ○ Kinet Railway Solutions Limited |
| ○ Modern Coach Factory (MCF) |
| ○ Modern Industries Limited |
| ○ Medha Servo Drives |
| ○ Om Besco Rail Products Limited |
| ○ Oriental Foundry Private Limited |
| ○ Rail Coach Factory (RCF) |
| ○ Rail Vikas Nigam Limited (RVNL) |
| ○ SAIL-Rites Bengal Wagon Industry Private Limited |
| ○ Saini Heavy Electrical and Engineering Works Pvt. Ltd |
| ○ Siemens India |
| ○ Texmaco Rail & Engineering Limited |
| ○ Titagarh Rail Systems Limited |
| ○ Wabtec India |
Market Analysis
| ● Industry SWOT Analysis |
|---|
| ● Conclusion |
| ● References |
The detailed methodology followed by us is:
| Insights based on Primary Research |
● We had in-depth discussions with a range of industry professionals from the rail and metro sectors in order to obtain a thorough grasp of the state of the market at the moment and the most recent changes to policy in India’s rolling stock market. Additionally, we identified the main trends that will likely influence the market’s future potential. |
|---|---|
| Secondary Desk based Research |
● The primary research was followed by desk-based research, utilizing both publicly available and verified secondary sources. The insights and intelligence were also derived from our daily news feeds and company database. |
| Additional Sources | ● Additional information was obtained from public documents, interviews, and project announcements. A significant number of press releases and tenders were also thoroughly analyzed. |
| Research Assumptions | ● This research and analysis aim to provide an understanding of sector-based opportunities in India, particularly focusing on various railway and metro sectorpolicies and developments. The study primarily connects available insights from the ● public domain with perspectives from industry specialists and experts to garner deep insights. ● Our focus has been on the complete rolling stock itself, without delving into the component mix. |
Railway Rolling Stock Market of India (2024-2029)
The Total Addressable Market has been calculated below for the next 5 years and we expect the progress of the projects in India to increase pace as Railways is the focus of the present Government.
We have estimated major projects and production till 2029 which indicates significant quantity of rolling stock procurement. This demand will include the expected requirement as per the XXXX -XXXXX along with some pending procurement for phasing out its existing aging fleet. We can accordingly envisage the market for the future as per the details below (as per procurement expected in future).
Total Addressable Market:
Rolling Stock market expected in the future
Transit Rolling Stock Market of India (2024-2029)
For us to calculate the addressable market YoY, as a planned approach, We have calculated the quantity and estimates for all major contracts for the projects to be awarded across all requirements in the transit projects.
We have estimated the market till 2028-29 as a more practical approach as per the details on the bottom table. The Total Addressable Market has been calculated below for the next 5 years and we expect the progress of the projects in India to increase pace.
Total Addressable Market:
Rolling Stock market expected in the future
Insights on
Rolling Stock
Private
Government PSUs
Locomotives
Alstom | Wabtec | Siemens
CLW | BLW | PLW | Dankuni
Passenger Coaches
Medha-Stadler
ICF | RCF | MCF
Metro Coaches
Alstom | Titagarh Systems | CRRC*
BEML
Vande Bharat Trainsets
RVNL-TMH | Titagarh Rail Systems- BHEL | Propulsion: Medha, Alstom India, Siemens, BHEL, Titagarh, CGL, Saini Electrical
ICF | RCF | MCF | BEML
Wagons
Titagarh Systems | Texmaco Rail | Hindusthan Engineering & Industries Limited | Modern Industries | Jupiter Wagons Limited | Om Besco Rail Products Limited | Jindal Rail Infrastructure Limited
Oriental Foundry Private Limited
Notes*
- Medha & Stadler signed an agreement for a new coach manufacturing factory in India. The status is unclear.
- CRRC is seeking to start its production in India. Presently, the status is unclear.
Braithwaite & Co. Limited | Sail-Rites Bengal Wagon Industry Private Limited | Bridge & Roof Co. (India) Ltd | ASR Workshop | GOC Workshop
SPJ Workshop | JPL Workshop
Notes*
- Medha & Stadler signed an agreement for a new coach manufacturing factory in India. The status is unclear.
- CRRC is seeking to start its production in India. Presently, the status is unclear.
FAQs:
Some of the leading players in this industry include Alstom India, Wabtec, Siemens, Titagarh Rail Systems, BEML, ICF, RCF, MCF, CLW, Jupiter Wagons among others.
The growth of India’s rolling stock sector is driven by urbanisation, government investment, technical advances, and a focus on sustainability. The challenges faced are passenger safety, competition from road transport, and funding challenges for infrastructure projects.
Innovations in rolling stock are Hydrogen Train, LiDAR Technology, High-Speed Rail coaches etc.
The Make in India initiative boosts domestic manufacturing, attracts foreign investment, and drives innovation in rolling stock, leading to job creation, research and development and positioning India as a global hub for manufacturing and exporting rolling stock.
About us
We specialise in Market Research & Strategic Consulting for companies looking to diversify or expand their production for the Indian market. From assisting and understanding the market, developing a market strategy to establish their operations , together with strong local project partners, we are able to provide a complete insight into the Indian market