Delray Beach – October 15, 2026 -- The global rolling stock market will grow from USD 31.69 billion in 2026 to USD 43.74 billion in 2033, a 4.7% CAGR, according to MarketsandMarkets. Fleet replacement, urban rail expansion and rail electrification drive the forecast.
Alstom's order intake nearly doubles to USD 16.7 billion
In FY 2025/26, Alstom recorded USD 16.7 billion in orders, up from USD 8.80 billion in the previous fiscal year, with orders across Europe, the Americas and Asia/Pacific. In September 2026, Alstom and TransPennine Express signed contracts worth more than USD 1.4 billion, including about USD 1.09 billion for 29 battery-electric trainsets.
In July 2026, Siemens Mobility signed a contract worth about EUR 3 billion (roughly USD 3.5 billion) with Italo Holding. It covers 26 Velaro high-speed trains, an option for 14 more and a 30-year service agreement.
Rail gains passenger share in the EU as Indian volumes rise
Trains accounted for 7.5% of EU passenger kilometers in 2024, up from 7.2% in 2023. It was the first time since 2014 that rail surpassed buses, coaches and trolleybuses. Rail's share is 0.9 percentage points above its 2014 level. Demand is strongest in high-utilization countries such as Hungary, Austria and the Netherlands.
Indian Railways carried 7.41 billion passengers in fiscal 2025-2026, up 3.54%. Freight loading reached a record 1,670 million tons, up 3.25%. Siemens is advancing deployment of 9,000 HP electric freight locomotives in India.
India orders 238 AC EMU rakes for Mumbai suburban network
In August 2026, India's Ministry of Railways announced plans to manufacture 238 AC EMU rakes for Mumbai's suburban railway. Production starts in 2027 and the full order is due by 2030.
In June 2026, Siemens received an order from Titagarh Rail Systems for propulsion systems and Train Control and Monitoring Systems for 12 Pune Metro extension trains. Alstom's 52 Movia metro trainsets, all built in India, entered revenue service on the Indore Metro in September 2026.
Operators are also specifying automatic train control, real-time monitoring, driver assistance and onboard diagnostics. Alstom's Line 18 trainsets in France and metro car orders in the US add to new passenger rolling stock demand.
Conventional locomotives to reach USD 11.92 billion by 2033
The conventional locomotive segment is projected to grow from USD 9.12 billion in 2025 to USD 11.92 billion by 2033, a 3.4% CAGR. The slower pace reflects a mature market, but the large installed fleet and ongoing replacement needs sustain a stable revenue base. Manufacturers are upgrading traction performance, fuel efficiency, braking and onboard monitoring rather than moving wholesale to alternative propulsion.
Stadler extends EURODUAL approvals into Southeast Europe
Europe drives electro-diesel demand because services run on both electrified and non-electrified routes. Stadler's EURODUAL combines both traction modes on one platform and supports freight operations in Germany, Austria, France, Belgium, Norway, Sweden and Turkey. In April 2026, it received approval for operations in Slovenia, Croatia and Serbia. Havelländische Eisenbahn in Germany is among the operators using the locomotive.
In 2025, NEXRAIL ordered up to 200 EURO9000 panto battery hybrid locomotives from Stadler.