Explore our focused Rolling Stock Report 2024 for concise insights into navigating India’s rail and metro sectors effectively.

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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.

Insights on

Rolling Stock


Government PSUs


Alstom  |   Wabtec |   Siemens

CLW  | BLW | PLW | Dankuni

Passenger Coaches



Metro Coaches

Alstom |  Titagarh Systems |  CRRC*


Vande Bharat Trainsets

RVNL-TMH  |   Titagarh Rail Systems- BHEL |  Propulsion: Medha, Alstom India, Siemens, BHEL, Titagarh, CGL, Saini Electrical



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


  • 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


  • 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. 


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

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