Bullet Train and High Speed Rail

Bullet Train and High-Speed Rail Market Outlook

The global Bullet Train and High-Speed Rail market is projected to reach approximately USD 75 billion by 2035, expanding at a compound annual growth rate (CAGR) of around 6% during the forecast period from 2025 to 2035. The growth of this market is primarily fueled by the rising need for efficient and sustainable urban transportation solutions, coupled with the increasing investment in rail infrastructure across various countries. Government initiatives aimed at reducing traffic congestion and lowering carbon emissions are further propelling the development of high-speed rail systems. Moreover, technological advancements in rail design and construction are expected to enhance speed and safety, thereby attracting more passengers. The growing urban population and the consequent demand for rapid transit options are also significant factors driving market expansion.

Growth Factor of the Market

One of the key growth factors in the Bullet Train and High-Speed Rail market is the increasing emphasis on eco-friendly transport systems. As nations around the world strive to meet renewable energy and sustainability targets, high-speed rail systems are gaining traction due to their lower carbon footprints compared to road and air travel. Additionally, advancements in rail technology, such as the use of lightweight materials and improved aerodynamics, have reduced energy consumption and operational costs, making high-speed rail a more viable option for governments and transport authorities. The burgeoning demand for efficient passenger transport solutions, especially in densely populated urban areas, is further encouraging investments in high-speed rail infrastructure. Furthermore, with the ongoing global push for economic recovery post-pandemic, many governments are prioritizing transportation projects as a means to stimulate economic growth and job creation. As a result, the Bullet Train and High-Speed Rail market is poised for significant growth in the coming decade.

Key Highlights of the Market

• The Bullet Train and High-Speed Rail market is expected to grow at a CAGR of 6% from 2025 to 2035.
• Technological advancements are improving the safety and efficiency of rail systems.
• Government initiatives are significantly contributing to the development and expansion of rail infrastructure.
• High-speed rail systems offer lower carbon emissions compared to traditional transportation methods.
• The growing urban population is increasing the demand for rapid transit solutions.

By Train Type

Maglev Train:

Maglev trains represent one of the most innovative forms of high-speed rail technology. Utilizing magnetic levitation, these trains float above the tracks, reducing friction and allowing for unprecedented speeds that can surpass 600 km/h in test scenarios. The primary advantage of Maglev technology is its ability to achieve higher speeds and smoother rides compared to traditional trains. Countries like Japan and China have already demonstrated the feasibility of Maglev systems, with operational routes that highlight their efficiency and potential. Furthermore, the low maintenance costs associated with Maglev infrastructure contribute to its attractiveness for future rail projects. As cities seek to improve public transportation options, the deployment of Maglev technology could become increasingly prevalent, leading to significant market growth.

Shinkansen:

The Shinkansen, often referred to as the "bullet train," is Japan's iconic high-speed rail system that has set benchmarks for speed, safety, and punctuality. Operational since 1964, the Shinkansen network has expanded significantly, covering major cities across Japan with speeds reaching up to 320 km/h. Its successful integration into Japan's public transportation system demonstrates the effectiveness of high-speed rail in facilitating rapid urban travel and reducing congestion. The Shinkansen's commitment to safety and efficiency has garnered international interest, with other countries looking to emulate this successful model. As nations invest in their rail infrastructure, the Shinkansen's role as a standard for high-speed rail will continue to influence market trends.

TGV:

The TGV (Train à Grande Vitesse) is France's high-speed rail service that revolutionized train travel in Europe. First launched in the 1980s, the TGV operates at speeds up to 320 km/h, connecting major French cities and neighboring countries, thus facilitating international travel. The TGV is renowned for its punctuality and comfort, which have made it a preferred choice for both business and leisure travelers. Additionally, the TGV has spurred economic growth in regions it serves, as it enhances accessibility and connectivity. With plans for expansion and modern upgrades, the TGV is expected to maintain its competitive edge in the high-speed rail market, fostering continued innovation in rail technology.

CRH:

The China Railway High-speed (CRH) trains have fundamentally transformed railway travel in China, leading the world in high-speed rail development. With speeds averaging around 300-350 km/h, the CRH network connects over 500 cities and has played a pivotal role in boosting economic activity across the nation. China's investment in high-speed rail infrastructure has not only facilitated domestic travel but also positioned the country as a leader in rail technology exports. The CRH trains are celebrated for their advanced features, including energy efficiency and safety systems, making them a model for other nations aiming to develop similar networks. As the CRH continues to expand, it is expected to capture an even larger share of the global high-speed rail market.

ICE:

The InterCity Express (ICE) is Germany's flagship high-speed train service, known for its efficiency and comfort. Operating at speeds of up to 300 km/h, the ICE connects major cities in Germany and also provides international services to neighboring countries. The ICE has become a popular mode of transportation for both domestic and business travelers due to its reliability and onboard amenities. The focus on enhancing passenger experience through modern trains and service improvements has bolstered the ICE's reputation in the market. With the ongoing investments in rail modernization and expansion, the ICE is set to remain a critical player in the European high-speed rail landscape.

By Speed

300-350 km/h:

This speed segment is characterized by trains that can achieve velocities between 300 km/h and 350 km/h, which includes most of the existing high-speed rail systems worldwide. Trains operating at this speed are often considered the backbone of high-speed rail networks, as they strike a balance between speed and energy efficiency. This speed range is particularly popular in countries such as France, Germany, and Japan, where trains like the TGV, ICE, and Shinkansen operate effectively. The ability to transport passengers swiftly between major urban centers has made these trains a preferred choice for intercity travel. As investments in rail infrastructure continue to grow, this speed segment is anticipated to expand significantly, with more networks being developed to improve connectivity.

350-400 km/h:

Trains in the 350-400 km/h speed segment exemplify the cutting-edge of railway technology, pushing the boundaries of what is achievable in high-speed travel. Systems like the Chinese CRH and Japan's latest Shinkansen models are designed to operate within this speed range, providing rapid transit solutions that significantly reduce travel times between cities. The demand for enhanced mobility options is driving the growth of this segment, attracting investments from governments and private entities alike. With ongoing technological advancements and a focus on improving safety and reliability, this speed category is expected to witness robust growth as countries seek to modernize their transportation networks.

400-450 km/h:

Trains capable of achieving speeds between 400-450 km/h represent the future of high-speed rail, showcasing technological innovation and engineering excellence. This segment includes some of the most advanced rail systems being tested and developed worldwide, such as Japan's Maglev trains. The ability to operate at these speeds opens up new possibilities for long-distance travel, making it feasible to connect cities that were previously considered too distant for rail transport. The interest in this speed range is growing among transportation authorities seeking to reduce travel times and increase capacity on busy routes. As more countries recognize the potential of ultra-high-speed rail, this segment is likely to become increasingly prominent in the market.

450-500 km/h:

The 450-500 km/h speed segment is currently dominated by experimental and prototype trains, with operational systems yet to be widely established. These trains push the limits of conventional rail technology, utilizing innovative designs and materials to minimize resistance and maximize speed. Countries such as China and Japan are leading the way in this category, with ongoing research and development aimed at achieving commercially viable services. The successful deployment of trains in this speed range could not only revolutionize rail travel but also provide a sustainable alternative to air travel for medium to long distances. As investments continue to flow into high-speed rail projects, this segment is poised for growth in the coming years.

Above 500 km/h:

This segment represents the pinnacle of high-speed rail technology, where trains are designed to exceed speeds of 500 km/h. Currently, there are no fully operational commercial services in this category, but various prototypes have demonstrated the feasibility of such speeds. The development of trains in this speed range could significantly alter the landscape of transportation, potentially making rail a competitor to air travel for long-distance routes. Research initiatives, particularly in countries like Japan and China, are focused on developing technologies that can achieve these speeds safely and efficiently. As rail innovation continues to evolve, the possibility of establishing commercial services in this speed category remains an exciting prospect for the future of high-speed rail.

By Application

Passenger Transportation:

Passenger transportation is the most significant application of bullet trains and high-speed rail systems, catering to the growing demand for fast, reliable, and efficient travel options. High-speed trains provide an attractive alternative to air travel, particularly for medium-distance routes where time savings are substantial. The convenience of city-center departures and the ability to avoid airport security hassles make high-speed rail an appealing choice for travelers. Additionally, the emphasis on passenger comfort and amenities enhances the overall travel experience, encouraging more people to opt for trains over other modes of transport. As urban populations expand, the demand for efficient passenger transportation solutions is expected to drive further investments in high-speed rail infrastructure.

Freight Transportation:

Freight transportation is an emerging application area for high-speed rail systems, as they offer the potential to move goods quickly and efficiently across long distances. While passenger services have traditionally dominated the high-speed rail market, the integration of freight transport into existing networks is gaining traction. High-speed freight trains can significantly reduce delivery times, making them an attractive option for industries requiring rapid logistics solutions. The ability to transport goods via rail can alleviate congestion on road networks and reduce overall carbon emissions associated with freight transport. As countries look to optimize their logistics and supply chain systems, the growth of high-speed freight transportation is anticipated to expand the overall market for bullet trains and high-speed rail.

By Technology

Wheel on Rail:

The wheel-on-rail technology is the most common form of high-speed rail operation, characterized by traditional steel wheels rolling on steel tracks. This technology has been refined over decades, resulting in highly efficient and safe systems such as the TGV and ICE. The wheel-on-rail method benefits from established infrastructure and proven engineering practices, making it a reliable choice for high-speed rail networks. The ongoing innovations in track design and wheel technology continue to enhance performance and reduce maintenance costs. As countries continue to invest in their rail infrastructure, wheel-on-rail technology is expected to remain a dominant force in the high-speed rail market for the foreseeable future.

Maglev:

Maglev technology represents a significant leap forward in high-speed rail capabilities, utilizing magnetic levitation to eliminate friction between the train and tracks. This innovative approach allows Maglev trains to reach higher speeds while providing a smoother and quieter ride compared to traditional trains. Currently operational in countries like Japan and China, Maglev trains demonstrate the potential for ultra-high-speed travel, with speeds exceeding 600 km/h in test scenarios. While the infrastructure costs for Maglev systems are higher than conventional rail, the long-term benefits in terms of speed, energy efficiency, and reduced maintenance requirements make it an attractive option for future rail projects. As technological advancements continue to develop, Maglev systems are likely to expand their presence in the global high-speed rail market.

By Region

The Asia Pacific region is currently the largest market for bullet trains and high-speed rail, accounting for approximately 60% of the global market share. Countries like China and Japan lead the way in high-speed rail development, with extensive networks that showcase their commitment to modern transportation solutions. China's rapid expansion of the CRH system has positioned it as a global leader in high-speed rail technology, while Japan's Shinkansen remains a benchmark for safety and efficiency. The region is projected to grow at a CAGR of approximately 7% from 2025 to 2035, as more countries in Southeast Asia and beyond look to develop their high-speed rail infrastructure to meet increasing transportation demands.

Europe is another significant player in the bullet train and high-speed rail market, with established systems like the TGV and ICE serving as models for high-speed travel. The European rail network is characterized by strong interconnectivity, and ongoing investments in infrastructure are anticipated to further enhance the region's high-speed capabilities. Europe accounts for around 25% of the global market share, with growth driven by both passenger and freight applications. As governments prioritize sustainable transport options and economic development, the European market for high-speed rail is expected to grow steadily in the years to come. The remaining regions, including North America and Latin America, are gradually exploring high-speed rail opportunities, but they currently represent a smaller portion of the overall market.

Opportunities

The Bullet Train and High-Speed Rail market presents numerous opportunities for growth, particularly in developing regions where urbanization is rapidly increasing. As cities expand and populations grow, the demand for efficient transportation solutions is becoming more pressing. Governments in emerging economies are recognizing the economic benefits associated with high-speed rail, including job creation, increased connectivity, and reduced travel times. Investments in rail infrastructure not only enhance public transport but also stimulate local economies by improving access to markets and resources. Furthermore, international collaborations and investments in technology transfer are opening doors for countries to adopt advanced rail systems, creating opportunities for businesses engaged in rail manufacturing, construction, and service provision. The transition towards more sustainable transportation options presents a unique opportunity for high-speed rail to position itself as a leading alternative to traditional travel modes.

Additionally, technological advancements and innovations in rail systems are creating a fertile ground for new entrants and established companies alike. The race to develop faster, safer, and more energy-efficient trains is driving research and development efforts within the industry. As nations strive to meet climate change targets, high-speed rail can play a pivotal role in reducing greenhouse gas emissions associated with transport. Companies that focus on sustainable practices, such as utilizing renewable energy sources for operations and investing in energy-efficient technologies, will find themselves well-positioned to capitalize on the growing demand for eco-friendly transportation solutions. The combination of increasing urbanization, government support, and technological advancements provides a robust framework for the future growth of the Bullet Train and High-Speed Rail market.

Threats

Despite the promising growth prospects for the Bullet Train and High-Speed Rail market, several threats could hinder its expansion. One of the primary challenges is the high cost associated with establishing and maintaining high-speed rail infrastructure. The initial investment required for construction, including land acquisition, engineering, and technology costs, can be substantial and may deter governments from pursuing such projects. Additionally, the ongoing maintenance and operational costs can strain public budgets, particularly in regions with limited financial resources. This financial barrier can lead to delayed projects or the abandonment of planned rail initiatives, ultimately impacting market growth. Furthermore, the competition from other transport modes, such as low-cost airlines and expanding highways, can undermine the attractiveness of high-speed rail, particularly in regions where travel times are already reasonable.

Another significant threat to the high-speed rail market is the geopolitical landscape, which can impact cross-border rail projects and international collaborations. Political instability, regulatory challenges, and varying standards across countries can complicate the development of high-speed rail networks, especially in regions where multiple nations are involved. Additionally, environmental concerns and public opposition to land acquisition for rail projects can further complicate planning and execution. As the industry navigates these challenges, it will be essential for stakeholders to engage in effective communication and collaboration with governments, local communities, and environmental groups to ensure the successful implementation of high-speed rail initiatives. The ability to adapt to these threats will be crucial for the sustainability and growth of the Bullet Train and High-Speed Rail market.

The rail industry also faces restraining factors in the form of regulatory hurdles and lengthy approval processes that can slow down the implementation of new projects. High-speed rail initiatives often require extensive studies, environmental assessments, and community consultations before receiving the necessary permits. These bureaucratic processes can delay project timelines significantly and increase costs, making it challenging for stakeholders to meet market demands promptly. Furthermore, as technology evolves, regulatory frameworks may lag, creating uncertainty for companies looking to invest in new systems or innovative technologies. Addressing these restrainers will be crucial for the industry's ability to adapt and thrive in the competitive landscape of transportation solutions. Streamlining regulations and enhancing collaboration between stakeholders could help mitigate these challenges and facilitate the growth of high-speed rail networks.

Competitor Outlook

• Siemens AG
• Alstom SA
• Bombardier Inc.
• CRRC Corporation Limited
• Hitachi Rail Limited
• Thales Group
• Japan Railway Construction, Transport and Technology Agency
• Talgo S.A.
• Kawasaki Heavy Industries, Ltd.
• GE Transportation
• Lockheed Martin Corporation
• Stadler Rail AG
• Northrop Grumman Corporation
• CAF (Construcciones y Auxiliar de Ferrocarriles)
• Patentes Talgo, S.A.
• Talgo

The competitive landscape of the Bullet Train and High-Speed Rail market is characterized by the presence of numerous established players and emerging companies, all vying to capture market share in this rapidly growing industry. Major organizations are investing heavily in research and development to enhance their technological capabilities, improve operational efficiency, and offer innovative solutions that cater to the evolving demands of the rail sector. Partnerships and collaborations between manufacturers, technology providers, and governments are becoming increasingly common, as stakeholders recognize the importance of collective efforts to advance high-speed rail initiatives. This collaborative approach not only facilitates knowledge sharing but also enhances the overall competitiveness of the industry by pooling resources and expertise.

Siemens AG and Alstom SA are two of the leading players in the high-speed rail market, each boasting a strong portfolio of products and services aimed at improving rail connectivity. Siemens, with its extensive experience in rail technology, has been involved in numerous high-speed rail projects worldwide, including the development of the ICE trains in Germany. The company is focused on integrating advanced technology and sustainable practices into its offerings, ensuring that its solutions align with the growing demand for eco-friendly transport. Alstom, on the other hand, is recognized for its TGV trains and is actively expanding its presence in the global high-speed market. With a commitment to innovation and sustainability, Alstom is continuously exploring new technologies to enhance its high-speed rail systems, making it a formidable competitor in the industry.

CRRC Corporation Limited, based in China, is one of the largest manufacturers of railway vehicles and equipment globally, playing a crucial role in the development of the CRH system. As a key player in the high-speed rail market, CRRC is focused on leveraging its extensive manufacturing capabilities to deliver advanced and competitive rail solutions. The company's commitment to research and development has led to significant advancements in train technology, allowing it to maintain a competitive edge in the expanding high-speed rail market. With a strong focus on international expansion, CRRC is positioning itself as a leading player in the global high-speed rail landscape.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Talgo
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Alstom SA
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Siemens AG
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Talgo S.A.
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Thales Group
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Bombardier Inc.
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Stadler Rail AG
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 GE Transportation
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Hitachi Rail Limited
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Patentes Talgo, S.A.
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 CRRC Corporation Limited
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Lockheed Martin Corporation
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Northrop Grumman Corporation
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Kawasaki Heavy Industries, Ltd.
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 CAF (Construcciones y Auxiliar de Ferrocarriles)
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis
  • 5.16 Japan Railway Construction, Transport and Technology Agency
    • 5.16.1 Business Overview
    • 5.16.2 Products & Services
    • 5.16.3 Financials
    • 5.16.4 Recent Developments
    • 5.16.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Bullet Train and High Speed Rail Market, By Speed
    • 6.1.1 300-350 km/h
    • 6.1.2 350-400 km/h
    • 6.1.3 400-450 km/h
    • 6.1.4 450-500 km/h
    • 6.1.5 Above 500 km/h
  • 6.2 Bullet Train and High Speed Rail Market, By Technology
    • 6.2.1 Wheel on Rail
    • 6.2.2 Maglev
  • 6.3 Bullet Train and High Speed Rail Market, By Train Type
    • 6.3.1 Maglev Train
    • 6.3.2 Shinkansen
    • 6.3.3 TGV
    • 6.3.4 CRH
    • 6.3.5 ICE
  • 6.4 Bullet Train and High Speed Rail Market, By Application
    • 6.4.1 Passenger Transportation
    • 6.4.2 Freight Transportation

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Bullet Train and High Speed Rail Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Bullet Train and High Speed Rail market is categorized based on

By Train Type

• Maglev Train
• Shinkansen
• TGV
• CRH
• ICE

By Speed

• 300-350 km/h
• 350-400 km/h
• 400-450 km/h
• 450-500 km/h
• Above 500 km/h

By Application

• Passenger Transportation
• Freight Transportation

By Technology

• Wheel on Rail
• Maglev

By Region

• Asia Pacific
• Europe
• North America
• Latin America
• Middle East & Africa

Key Players

• Siemens AG
• Alstom SA
• Bombardier Inc.
• CRRC Corporation Limited
• Hitachi Rail Limited
• Thales Group
• Japan Railway Construction, Transport and Technology Agency
• Talgo S.A.
• Kawasaki Heavy Industries, Ltd.
• GE Transportation
• Lockheed Martin Corporation
• Stadler Rail AG
• Northrop Grumman Corporation
• CAF (Construcciones y Auxiliar de Ferrocarriles)
• Patentes Talgo, S.A.
• Talgo