The Indian railway and metro rolling stock market is poised for unprecedented growth, with expectations to reach a staggering INR 4,74,735 crores (USD 56.89 billion) cumulatively over the next five years. This remarkable surge is fueled by substantial budget allocations and a series of ambitious infrastructure projects, underscoring the industry’s expanding capabilities.
Recent developments, such as the introduction of Vande Bharat trainsets, the Regional Rapid Transit System (RRTS) projects, and various metro initiatives across the country, have significantly boosted the market’s outlook. The railway sector is set to grow at a Compound Annual Growth Rate (CAGR) of 45.94%, while the metro sector is expected to achieve a CAGR of 38.57%. With these projects demonstrating the growing potential of India’s railway and metro sector it also highlights the increasing capabilities of component suppliers to deliver high-quality products essential for these initiatives.
Key policies and initiatives are shaping the future landscape of the industry, providing lucrative opportunities for growth and innovation. Notable among these are the Production Linked Incentive (PLI) Scheme for Railways and initiatives like Vande Metro and Amrit Bharat Coaches.
With a marked increase in railway and metro projects, industry players are encouraged to seize this moment to establish a robust presence in a market that promises not just growth but also a transformation of India’s transportation landscape.
Key Insights and Market Players
The market encompasses various segments including locomotives, passenger coaches, metro coaches, Vande Bharat trainsets, and wagons. Prominent industry players involved include:
- Locomotives: Alstom, Wabtec, Siemens, CLW, BLW, PLW, Dankuni factory
- Passenger Coaches: ICF, RCF, MCF
- Metro Coaches: Alstom, Titagarh Systems, BEML
- Vande Bharat Trainsets: ICF, RCF, MCF, RVNL-TMH, Titagarh Rail Systems-BHEL, BEML
- Propulsion Providers:Medha, Alstom India, Siemens, BHEL, Titagarh, CGL, Saini Electrical
- 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
Market Forecast (2024-2029)
The market forecast for the next five years is optimistic, with significant quantities of rolling stock procurement expected to meet the growing demand. This demand is anticipated to include requirements for new projects and the replacement of aging fleets, ensuring continuous market growth.
The estimated addressable market for the transit rolling stock segment has been calculated with a practical approach, considering major contracts and project awards expected through 2028-29.
Extensive research was carried out involving in-depth discussions with industry professionals from the rail and metro sectors to thoroughly understand the market’s current state and recent policy changes affecting India’s rolling stock market. The research aims to provide insights into sector-based opportunities in India, with a primary emphasis on the complete rolling stock rather than the component mix. The progress of these projects is expected to accelerate, driven by the focus of the current government on advancing the railway and metro sectors.
India’s railway and metro rolling stock market is on the cusp of a transformative era, offering a wealth of opportunities for industry players to innovate and grow. As the market continues to expand, it presents a unique chance for suppliers to contribute to the evolution of India’s transportation infrastructure.
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