The global rolling stock market reached a peak in 2024 with total revenues of all active manufacturers rising to approximately EUR 65 billion, representing an increase of 11% compared to 2022, the latest report of SCI Verkehr says.
In total, 24 manufacturers surpassed the revenue threshold of EUR 500 million, seven more than two years ago. The primary drivers of this growth are the robust demand in both passenger and freight transport sectors, reflecting a worldwide increase in demand for low-emission transport solutions and a catch-up effect compensating for the weaker business activity during the Covid-19 years.
SCI’s top 10 manufacturers in the global rolling stock market are:
- CRRC
- Alstom
- Siemens Mobility
- Transmashholding
- Stadler Rail
- Greenbrier
- Hitachi Rail
- Trinity
- CAF
- UWC
CRRC, the world’s largest manufacturer of rolling stock and consistently leader among the top 10, retains its position but experiences a decline in revenue for the first time.
Alstom and Siemens Mobility maintain their rankings with positive growth. The leading manufacturers navigate the complex challenges of the industry by deploying comprehensive strategies tailored to their respective regional focuses, such as expanding service businesses, diversifying portfolios, or implementing digitalisation solutions.
Stadler recorded strong order intake in 2024 with global value creation but was compelled to postpone production worth several hundred million euros to subsequent years due to severe environmental events affecting three European manufacturing sites.
Transmashholding (TMH) and United Wagon Company (UWC), manufacturers from Russia, achieved significant revenue growth driven by strong domestic demand, which was also influenced by the sanction-induced exit of international competitors. In addition to civilian transport, military transport requirements have also increased substantially. UWC recorded a 184% revenue increase in 2024.
SCI says that the globally operating manufacturing sector must assert itself within a complex political and economic environment such as disruptions in supply chains, rising material and energy costs, and a shortage of qualified personnel are reducing profit margins and causing delivery delays. Furthermore, the financing of projects and large-scale procurements is becoming increasingly challenging. Full order books do not guarantee stable value creation, as production risks and margin pressure threaten overall profitability.
Overall, the rolling stock manufacturers currently face a challenging environment. Despite record-high order volumes, the ability to translate these into on-time deliveries and sustained profitable growth is increasingly constrained. The industry’s resilience is continuously tested by external shocks, resulting in a sustained risk of delivery disruptions and margin pressures.
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