“TABLE OF CONTENTS
1 INTRODUCTION
1.1 OBJECTIVES OF THE STUDY
1.2 MARKET DEFINITION
1.3 MARKET SCOPE
1.3.1 MARKETS COVERED
1.3.2 YEARS CONSIDERED IN THE REPORT
1.4 CURRENCY AND PRICING
1.5 PACKAGE SIZE
1.6 LIMITATION
1.7 STAKEHOLDERS
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
2.2 SECONDARY DATA
2.2.1 KEY SECONDARY SOURCES
2.2.2 KEY DATA FROM SECONDARY SOURCES
2.3 PRIMARY DATA
2.3.1 SAMPLING TECHNIQUES & DATA COLLECTION METHODS
2.3.2 PRIMARY PARTICIPANTS
2.4 FACTOR ANALYSIS
2.4.1 INTRODUCTION
2.4.2 DEMAND SIDE ANALYSIS
2.4.2.1 URBANIZATION VS. PASSENGER CARS PER 1000 PEOPLE
2.4.2.2 Infrastructure : Rail network
2.4.2.3 Demand: Passengers carried
2.4.3 SUPPLY SIDE ANALYSIS
2.4.3.1 Technological advancements
2.5 MARKET SIZE ESTIMATION
2.5.1 ASSUMPTIONS
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
4.1 INTRODUCTION
4.2 EMERGING OPPORTUNITIES IN THE ROLLING STOCK MARKET
4.3 ROLLING STOCK MARKET GROWTH (2014-2019), BY COUNTRY
4.4 LOCOMOTIVE MARKET, BY TYPE ($MILLION)
4.5 RAPID TRANSIT MARKET, BY TYPE ($MILLION)
4.6 WAGON MARKET, BY TYPE ($MILLION)
4.7 RISE IN DEMAND FOR ROLLING STOCK ANTICIPATED IN EMERGING REGIONS
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET SEGMENTATION
5.2.1 ROLLING STOCK MARKET SEGMENTATION: BY TYPE
5.2.2 LOCOMOTIVE MARKET SEGMENTATION: BY TECHNOLOGY
5.2.3 ROLLING STOCK MARKET SEGMENTATION: BY REGION
5.3 MARKET DYNAMICS
5.3.1 DRIVERS
5.3.1.1 Urbanization
5.3.1.2 Need for reduction in road traffic through public transportation
5.3.1.3 Energy efficiency
5.3.1.4 Increasing demand for comfort and safety
5.3.2 RESTRAINT
5.3.2.1 Capital-intensive
5.3.3 OPPORTUNITIES
5.3.3.1 Long term global economic growth leading to new infrastructure investments
5.3.3.2 Increased mining and industrial activities
5.3.4 CHALLENGE
5.3.4.1 Land acquisition for rail infrastructure
5.3.5 BURNING ISSUE
5.3.5.1 Environmental concerns
5.4 PORTER’S FIVE FORCE ANALYSIS
5.4.1 THREAT OF NEW ENTRANTS
5.4.2 THREAT OF SUBSTITUTES
5.4.3 BARGAINING POWER OF SUPPLIERS
5.4.4 BARGAINING POWER OF BUYERS
5.4.5 INTENSITY OF COMPETITIVE RIVALRY
5.5 VALUE CHAIN ANALYSIS
6 ROLLING STOCK MARKET, BY TYPE
6.1 INTRODUCTION
6.2 LOCOMOTIVE MARKET, BY TYPE
6.2.1 DIESEL LOCOMOTIVE
6.2.2 ELECTRIC LOCOMOTIVE
6.3 RAPID TRANSIT MARKET, BY TYPE
6.3.1 DIESEL MULTIPLE UNIT (DMU)
6.3.2 ELECTRIC MULTIPLE UNIT (EMU)
6.3.3 LIGHT RAIL/TRAM
6.3.4 METRO/SUBWAY
6.4 WAGON MARKET, BY TYPE
6.4.1 PASSENGER COACH
6.4.2 FREIGHT WAGON
7 ROLLING STOCK MARKET, BY LOCOMOTIVE TECHNOLOGY
7.1 INTRODUCTION
7.2 CONVENTIONAL LOCOMOTIVES
7.3 TURBOCHARGED LOCOMOTIVES
7.4 MAGNETIC LEVITATION TRAINS (MAGLEV)
8 ROLLING STOCK MARKET, BY REGION
8.1 INTRODUCTION
8.2 ASIA-OCEANIA
8.2.1 CHINA
8.2.2 INDIA
8.2.3 JAPAN
8.2.4 SOUTH KOREA
8.3 EUROPE
8.3.1 GERMANY
8.3.2 FRANCE
8.3.3 U.K.
8.4 NORTH AMERICA
8.4.1 U.S.
8.4.2 MEXICO
8.4.3 CANADA
8.5 ROW (REST OF WORLD)
8.5.1 BRAZIL
8.5.2 RUSSIA
8.6 PEST ANALYSIS
8.6.1 POLITICAL FACTORS
8.6.1.1 Europe
8.6.1.2 Asia-Oceania
8.6.1.3 North America
8.6.1.4 RoW
8.6.2 ECONOMIC FACTORS
8.6.2.1 Europe
8.6.2.2 Asia-Oceania
8.6.2.3 North America
8.6.2.4 RoW
8.6.3 SOCIAL FACTORS
8.6.3.1 Europe
8.6.3.2 Asia-Oceania
8.6.3.3 North America
8.6.3.4 RoW
8.6.4 TECHNOLOGICAL FACTORS
8.6.4.1 Europe
8.6.4.2 Asia-Oceania
8.6.4.3 North America
8.6.4.4 RoW
9 COMPETITIVE LANDSCAPE
9.1 MARKET SHARE ANALYSIS, GLOBAL ROLLING STOCK MARKET
9.2 COMPETITIVE SITUATION & TRENDS
9.3 BATTLE FOR MARKET SHARE: AGREEMENTS/JOINT VENTURES/SUPPLY CONTRACTS/PARTNERSHIPS WAS THE KEY STRATEGY
9.3.1 NEW PRODUCT LAUNCHES
9.3.2 EXPANSIONS
9.3.3 PARTNERSHIPS/AGREEMENTS/JOINT VENTURES & SUPPLY CONTRACT
10 COMPANY PROFILES
10.1 INTRODUCTION
(Overview, Financials, Products & Services, Strategy, and Developments)*
10.2 CSR CORPORATION LIMITED
10.3 BOMBARDIER TRANSPORTATION AG
10.4 ALSTOM SA
10.5 CJSC TRANSMASHHOLDING
10.6 STADLER RAIL AG
10.7 GENERAL ELECTRIC COMPANY
10.8 KAWASAKI HEAVY INDUSTRIES, LTD.
10.9 SIEMENS AG
10.1 CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
10.11 HYUNDAI ROTEM COMPANY
*Details on overview, financials, product & services, strategy, and developments might not be captured in case of unlisted companies.
11 APPENDIX
11.1 DISCUSSION GUIDE
11.2 INTRODUCING RT: REAL TIME MARKET INTELLIGENCE
11.3 AVAILABLE CUSTOMIZATIONS
11.4 RELATED REPORTS
11.5 OTHER DEVELOPMENTS
“
“LIST OF TABLES
TABLE 1 DIESEL LOCOMOTIVE MARKET: TOP FIVE COUNTRIES, 2012-2019 (UNITS)
TABLE 2 ELECTRIC LOCOMOTIVE MARKET: TOP FIVE COUNTRIES, 2012-2019 (UNITS)
TABLE 3 DMU MARKET: TOP FIVE COUNTRIES, 2012-2019 (UNITS)
TABLE 4 EMU MARKET: TOP FIVE COUNTRIES, 2012-2019 (UNITS)
TABLE 5 LIGHT RAIL VEHICLE MARKET: TOP FIVE COUNTRIES, 2012-2019 (UNITS)
TABLE 6 METRO MARKET: TOP FIVE COUNTRIES, 2012-2019 (UNITS)
TABLE 7 PASSENGER COACH PRODUCTION: TOP FIVE COUNTRIES, 2012-2019 (UNITS)
TABLE 8 FREIGHT WAGON PRODUCTION: TOP FIVE COUNTRIES, 2012-2019 (UNITS)
TABLE 9 ROLLING STOCK MARKET, BY TYPE, 2012-2019 (UNITS)
TABLE 10 ROLLING STOCK MARKET, BY TYPE, 2012-2019 ($MILLION)
TABLE 11 LOCOMOTIVE MARKET SIZE, BY TYPE, 2012-2019 (UNITS)
TABLE 12 LOCOMOTIVE MARKET SIZE, BY TYPE, 2012-2019 ($MILLION)
TABLE 13 DIESEL LOCOMOTIVE MARKET SIZE, BY REGION, 2012-2019 (UNITS)
TABLE 14 DIESEL LOCOMOTIVE MARKET SIZE, BY REGION, 2012-2019 ($MILLION)
TABLE 15 ELECTRIC LOCOMOTIVE MARKET SIZE, BY REGION, 2012-2019 (UNITS)
TABLE 16 ELECTRIC LOCOMOTIVE MARKET SIZE, BY REGION, 2012-2019 ($MILLION)
TABLE 17 RAPID TRANSIT MARKET SIZE, BY TYPE, 2012-2019 (UNITS)
TABLE 18 RAPID TRANSIT MARKET SIZE, BY TYPE, 2012-2019 ($MILLION)
TABLE 19 DMU MARKET SIZE, BY REGION, 2012-2019 (UNITS)
TABLE 20 DMU MARKET SIZE, BY REGION, 2012-2019 ($MILLION)
TABLE 21 EMU MARKET SIZE, BY REGION, 2012-2019 (UNITS)
TABLE 22 EMU MARKET SIZE, BY REGION, 2012-2019 ($MILLION)
TABLE 23 LIGHT RAIL VEHICLE MARKET SIZE, BY REGION, 2012-2019 (UNITS)
TABLE 24 LIGHT RAIL MARKET SIZE, BY REGION, 2012-2019 ($MILLION)
TABLE 25 METRO/SUBWAY MARKET SIZE, BY REGION, 2012-2019 (UNITS)
TABLE 26 METRO MARKET SIZE, BY REGION, 2012-2019 ($MILLION)
TABLE 27 WAGON MARKET SIZE, BY REGION, 2012-2019 (UNITS)
TABLE 28 WAGON MARKET SIZE, BY TYPE, 2012-2019 ($MILLION)
TABLE 29 PASSENGER COACH MARKET SIZE, BY REGION, 2012-2019 (UNITS)
TABLE 30 PASSENGER COACH MARKET SIZE, BY REGION, 2012-2019 ($MILLION)
TABLE 31 FREIGHT WAGON MARKET SIZE, BY REGION, 2012-2019 (UNITS)
TABLE 32 FREIGHT WAGON MARKET SIZE, BY REGION, 2012-2019 ($MILLION)
TABLE 33 LOCOMOTIVE MARKET SIZE, BY TECHNOLOGY, 2012-2019 (UNITS)
TABLE 34 LOCOMOTIVE MARKET SIZE, BY TECHNOLOGY, 2012-2019 ($MILLION)
TABLE 35 CONVENTIONAL LOCOMOTIVE MARKET SIZE, BY REGION, 2012-2019 (UNITS)
TABLE 36 CONVENTIONAL LOCOMOTIVE MARKET SIZE, BY REGION, 2012-2019 ($MILLION)
TABLE 37 TURBOCHARGED LOCOMOTIVE MARKET SIZE, BY REGION, 2012-2019 (UNITS)
TABLE 38 TURBOCHARGED LOCOMOTIVE MARKET SIZE, BY REGION, 2012-2019 ($MILLION)
TABLE 39 ROLLING STOCK MARKET SIZE, BY REGION, 2012-2019 (UNITS)
TABLE 40 ROLLING STOCK MARKET SIZE, BY REGION, 2012-2019 ($ MILLION)
TABLE 41 ASIA-OCEANIA: ROLLING STOCK MARKET SIZE, BY COUNTRY, 2012-2019 (UNITS)
TABLE 42 ASIA-OCEANIA: ROLLING STOCK MARKET SIZE, BY COUNTRY, 2012-2019 ($ MILLION)
TABLE 43 CHINA: ROLLING STOCK MARKET SIZE, BY TYPE, 2012-2019 (UNITS)
TABLE 44 CHINA: ROLLING STOCK MARKET SIZE, BY TYPE, 2012-2019 ($ MILLION)
TABLE 45 INDIA: ROLLING STOCK MARKET SIZE, BY TYPE, 2012-2019 (UNITS)
TABLE 46 INDIA: ROLLING STOCK MARKET SIZE, BY TYPE, 2012-2019 ($ MILLION)
TABLE 47 JAPAN: ROLLING STOCK MARKET SIZE, BY TYPE, 2012-2019 (UNITS)
TABLE 48 JAPAN: ROLLING STOCK MARKET SIZE, BY TYPE, 2012-2019 ($ MILLION)
TABLE 49 SOUTH KOREA: ROLLING STOCK MARKET SIZE, BY TYPE, 2012-2019 (UNITS)
TABLE 50 SOUTH KOREA: ROLLING STOCK MARKET SIZE, BY TYPE, 2012-2019 ($MILLION)
TABLE 51 EUROPE: ROLLING STOCK MARKET SIZE, BY COUNTRY, 2012-2019 (UNITS)
TABLE 52 EUROPE: ROLLING STOCK MARKET SIZE, BY COUNTRY, 2012-2019 ($ MILLION)
TABLE 53 GERMANY: ROLLING STOCK MARKET SIZE, BY TYPE, 2012-2019 (UNITS)
TABLE 54 GERMANY: ROLLING STOCK MARKET SIZE, BY TYPE, 2012-2019 ($ MILLION)
TABLE 55 FRANCE: ROLLING STOCK MARKET SIZE, BY TYPE, 2012-2019 (UNITS)
TABLE 56 FRANCE: ROLLING STOCK MARKET SIZE, BY TYPE, 2012-2019 ($ MILLION)
TABLE 57 U.K.: ROLLING STOCK MARKET SIZE, BY TYPE, 2012-2019 (UNITS)
TABLE 58 U.K.: ROLLING STOCK MARKET SIZE, BY TYPE, 2012-2019 ($ MILLION)
TABLE 59 NORTH AMERICA: ROLLING STOCK MARKET SIZE, BY TYPE, 2012-2019 (UNITS)
TABLE 60 NORTH AMERICA: ROLLING STOCK MARKET SIZE, BY TYPE, 2012-2019 ($ MILLION)
TABLE 61 U.S.: ROLLING STOCK MARKET SIZE, BY TYPE, 2012-2019 (UNITS)
TABLE 62 U.S.: ROLLING STOCK MARKET SIZE, BY TYPE, 2012-2019 ($ MILLION)
TABLE 63 MEXICO: ROLLING STOCK MARKET SIZE, BY TYPE, 2012-2019 (UNITS)
TABLE 64 MEXICO: ROLLING STOCK MARKET SIZE, BY TYPE, 2012-2019 ($ MILLION)
TABLE 65 CANADA: ROLLING STOCK MARKET SIZE, BY TYPE, 2012-2019 (UNITS)
TABLE 66 CANADA: ROLLING STOCK MARKET SIZE, BY TYPE, 2012-2019 ($ MILLION)
TABLE 67 ROW: ROLLING STOCK MARKET SIZE, BY COUNTRY, 2012-2019 (UNITS)
TABLE 68 ROW: ROLLING STOCK MARKET SIZE, BY COUNTRY, 2012-2019 ($ MILLION)
TABLE 69 BRAZIL: ROLLING STOCK MARKET SIZE, BY TYPE, 2012-2019 (UNITS)
TABLE 70 BRAZIL: ROLLING STOCK MARKET SIZE, BY TYPE, 2012-2019 ($ MILLION)
TABLE 71 RUSSIA: ROLLING STOCK MARKET SIZE, BY TYPE, 2012-2019 (UNITS)
TABLE 72 RUSSIA: ROLLING STOCK MARKET SIZE, BY TYPE, 2012-2019 ($ MILLION)
TABLE 73 NEW PRODUCT LAUNCHES, 2012-2014
TABLE 74 EXPANSIONS, 2012-2014
TABLE 75 AGREEMENTS/JOINT VENTURES & SUPPLY CONTRACTS, 2012-2014
“
“LIST OF FIGURES
FIGURE 1 ROLLING STOCK MARKET: MARKETS COVERED
FIGURE 2 RESEARCH DESIGN
FIGURE 3 RESEARCH METHODOLOGY MODEL
FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS: BY COMPANY TYPE, DESIGNATION, & REGION
FIGURE 5 URBANIZATION VS. PASSENGER CARS PER 1000 PEOPLE
FIGURE 6 RAIL NETWORK, 2012
FIGURE 7 PASSENGER TRANSPORTATION, 2012
FIGURE 8 DATA TRIANGULATION
FIGURE 9 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
FIGURE 10 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
FIGURE 11 KEY COUNTRIES IN THE ROLLING STOCK MARKET ($MILLION): CHINA ESTIMATED TO BE THE LARGEST MARKET BY 2019
FIGURE 12 DIESEL LOCOMOTIVE MARKET ($MILLION): NORTH AMERICAN LOCOMOTIVE MARKET IS INCLINED TOWARDS DIESEL LOCOMOTIVES
FIGURE 13 ELECTRIC LOCOMOTIVE MARKET ($MILLION): HIGHER EFFICIENCY OF ELECTRIC LOCOMOTIVES OVER DIESEL LOCOMOTIVES DRIVING THE GROWTH
FIGURE 14 FREIGHT WAGON MARKET ($MILLION): DEMAND FOR FREIGHT WAGONS IS ESTIMATED TO BE HIGHER IN NORTH AMERICA
FIGURE 15 PASSENGER COACH MARKET ($MILLION): DEMAND FOR PASSENGER COACH MARKET ESTIMATED TO WITNESS A STABLE TREND
FIGURE 16 RAPID TRANSIT MARKET ($MILLION): EMU ESTIMATED TO HOLD THE LARGEST SHARE
FIGURE 17 ROLLING STOCK MARKET SHARE (2014): ASIA-OCEANIA PROJECTED TO BE THE FASTEST-GROWING MARKET ($MILLION) DURING THE FORECAST PERIOD
FIGURE 18 ROLLING STOCK MARKET, BY REGION, 2014 VS. 2019 ($MILLION)
FIGURE 19 EMERGING OPPORTUNITIES IN THE ROLLING STOCK MARKET
FIGURE 20 DEVELOPED REGIONS ARE ESTIMATED TO WITNESS STABLE GROWTH FOR THE NEXT FIVE YEARS
FIGURE 21 ROLLING STOCK MARKET: CHINA LEADS THE ROLLING STOCK MARKET, IN TERMS OF OUTPUT
FIGURE 22 DIESEL LOCOMOTIVES HOLD THE LARGEST SHARE IN THE NORTH AMERICAN MARKET
FIGURE 23 EUROPE OCCUPIES THE LARGEST SHARE IN THE RAPID TRANSIT MARKET
FIGURE 24 THE HIGH DEMAND FOR FREIGHT TRANSPORTATION IS ESTIMATED TO DRIVE THE DEMAND FOR FREIGHT WAGONS IN NORTH AMERICA
FIGURE 25 RISE IN DEMAND FOR ROLLING STOCK ANTICIPATED IN EMERGING REGIONS
FIGURE 26 INCREASING URBAN INFLUX IS ESTIMATED TO INCREASE THE NEED FOR CLEANER URBAN TRANSPORTATION
FIGURE 27 INCREASING PRODUCTION OF AUTOMOBILES HAS RESULTED IN TRAFFIC CONGESTION
FIGURE 28 PORTER’S FIVE FORCES ANALYSIS: ROLLING STOCK MARKET
FIGURE 29 ROLLING STOCK MARKET: VALUE CHAIN ANALYSIS
FIGURE 30 URBANIZATION IS PROJECTED TO DRIVE THE MARKET FOR RAPID TRANSIT VEHICLES
FIGURE 31 ELECTRIC LOCOMOTIVE MARKET IS ESTIMATED TO WITNESS A HIGHER GROWTH RATE THAN DIESEL LOCOMOTIVES
FIGURE 32 DIESEL LOCOMOTIVES ARE ESTIMATED TO HOLD A LARGER SHARE IN THE NORTH AMERICAN MARKET
FIGURE 33 EMU IS PROJECTED TO HOLD THE LARGEST MARKET SHARE, IN TERMS OF VALUE, OWING TO INCREASING SUBURBAN TRANSIT
FIGURE 34 EUROPE IS ESTIMATED TO HOLD THE LARGEST MARKET SHARE, OWING TO DOMESTIC AS WELL AS OVERSEAS DEMAND
FIGURE 35 RISING DEMAND FOR FREIGHT TRANSPORTATION IS DRIVING THE GROWTH OF FREIGHT WAGONS
FIGURE 36 LOCOMOTIVE MARKET SNAPSHOT, BY TECHNOLOGY, 2014 VS. 2019 ($MILLION)
FIGURE 37 THE CONVENTIONAL LOCOMOTIVE MARKET IN ASIA-OCEANIA IS ESTIMATED TO CONTRIBUTE $1,733.9 MILLION BY 2019
FIGURE 38 NORTH AMERICA IS PROJECTED TO BE THE LARGEST MARKET FOR TURBOCHARGED LOCOMOTIVES BY 2019
FIGURE 39 REGIONAL SNAPSHOT (2014): RAPID-GROWTH MARKETS (RUSSIA AND INDIA) ARE EMERGING AS NEW HOTSPOTS
FIGURE 40 ASIA-OCEANIA ROLLING STOCK MARKET SNAPSHOT: CHINA CAPTURED THE LARGEST SHARE OF THE ROLLING STOCK MARKET IN 2014
FIGURE 41 CHINA: ROBUST ECONOMIC GROWTH & RAPID URBANIZATION PROPEL THE MARKET FOR ROLLING STOCK
FIGURE 42 EUROPE: GERMANY ACCOUNTS FOR THE LARGEST MARKET SHARE IN THE ROLLING STOCK MARKET (VALUE AND VOLUME)
FIGURE 43 U.K.: SNAPSHOT OF ROLLING STOCK MARKET, BY TYPE ($ MILLION)
FIGURE 44 NORTH AMERICAN MARKET SNAPSHOT: DEMAND DRIVEN BY INCREASING RATE OF URBANISATION
FIGURE 45 U.S.: LIGHT RAIL/TRAM CARS ARE PROJECTED TO GROW AT THE HIGHEST CAGR (2014-2019)
FIGURE 46 FREIGHT WAGONS DOMINATE THE RUSSIAN ROLLING STOCK MARKET IN TERMS OF TYPE
FIGURE 47 ALSTOM SA AND GENERAL ELECTRIC COMPANY ADOPTED PARTNERSHIP/AGREEMENTS/SUPPLY CONTRACTS AS A KEY GROWTH STRATEGY DURING THE PAST THREE YEARS
FIGURE 48 CSR CORPORATION (CHINA) REGISTERED THE HIGHEST GROWTH RATE FROM 2008–2013
FIGURE 49 GLOBAL ROLLING STOCK MARKET SHARE, 2013
FIGURE 50 MARKET EVALUATION FRAMEWORK: AGREEMENTS/JOINT VENTURES/SUPPLY CONTRACTS/PARTNERSHIPS HAVE FUELLED THE DEMAND FOR ROLLING STOCK FROM 2012–2014
FIGURE 51 REGION-WISE REVENUE MIX OF FIVE MAJOR PLAYERS
FIGURE 52 COMPETITIVE BENCHMARKING OF KEY MARKET PLAYERS
FIGURE 53 CSR CORPORATION LIMITED: COMPANY SNAPSHOT
FIGURE 54 CSR CORPORATION: SWOT ANALYSIS
FIGURE 55 BOMBARDIER TRANSPORTATION: COMPANY SNAPSHOT
FIGURE 56 BOMBARDIER TRANSPORTATION: SWOT ANALYSIS
FIGURE 57 ALSTOM SA: COMPANY SNAPSHOT
FIGURE 58 ALSTOM SA: SWOT ANALYSIS
FIGURE 59 GENERAL ELECTRIC COMPANY: COMPANY SNAPSHOT
FIGURE 60 GENERAL ELECTRIC COMPANY: SWOT ANALYSIS
FIGURE 61 KAWASAKI HEAVY INDUSTRIES, LTD.: COMPANY SNAPSHOT
FIGURE 62 SIEMENS AG: COMPANY SNAPSHOT
FIGURE 63 CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.: COMPANY SNAPSHOT
FIGURE 64 HYUNDAI ROTEM COMPANY: COMPANY SNAPSHOT
“