Rail activities revenue of selected rolling stock manufacturers 2017

The China Railway Construction Corporation (CRCC) was by far the largest rolling stock manufacturer in 2018, generating 26.8 billion euros of revenue. If the planned merger of Alstom and Siemens would have proceeded, it would have placed the new company second with 15.6 billion euros – considerably way behind CRCC, but still over twice the revenue of the next closest competitor.

Rolling stock

Rolling stock refers to any vehicle able to move on a railway. Broadly, this can be categorized into passenger cars, freight cars, and the locomotives which pull them. Asia and Europe are the two largest markets, with both being over double the size of North America in 2018 (if Eastern and Western Europe are counted together). Short term growth is expected to be highest in the more underdeveloped markets of Africa, Australia and the Middle East, however European and North American growth predictions are not far behind.

Market leaders

In February 2019, the European Commission announced that it will not allow Siemens’ planned takeover of Alstom as it would have significantly reduced competition in the railroad signaling and very high-speed train markets. This leaves CRCC somewhat uncontested as the largest global manufacturer of rolling stock. Originally CRCC was the railway arm of the People's Liberation Army, but was incorporated as a joint-stock company in 2007. As of 2017, CRCC employed over quarter of a million people and generated over 680 billion yuan (just under 100 billion U.S. dollars) in revenue.

Leading rolling stock manufacturers in 2017, by revenue of rail activities

Revenue in billion euros
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Release date

September 2018



Survey time period


Supplementary notes

Values are for the last available financial year except for Alstom and Siemens where the values are for the end of September 2017.
* CRRC was formed in June 2015 after the merger of China CNR Corporation and CSR Corporation Limited.
** Siemens and Alstom announced their merger on September 26, 2017.
*** Including Faiveley

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