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Subway Car

Selected research

Market Analysis & Forecast

Global Subway Car Market Analysis and Forecast 2026-2032

Market perspective

The global Subway Car market is projected to grow from US$ million in 2026 to US$ million by 2032, at a Compound Annual Growth Rate (CAGR) of % during the forecast period.

Subway Car's global sales reached XX (units) with a value of US$ XX Million, marking an change of XX% compared to the previous year. This performance has positioned Alstom Transport as the global sales leader, a title it has maintained for several consecutive years. Notably, Alstom Transport's performance in primary markets is also remarkable. In the Chinese market, sales were XX (units), a change of XX% from the previous year. In Europe, sales were XX (units), showing a year-on-year of XX%. In the US, sales were XX (units), a year-on-year change of XX%.

The major global manufacturers in the Subway Car market include Alstom Transport, Hitachi Rail Italy, Bombardier Transportation, CAF USA, Hyundai Rotem, Kawasaki, Kinkisharyo, Nippon Sharyo and Siemens Mobility, etc. In 2025, the top three vendors accounted for approximately % of the revenue.

Read the full market overview

In terms of production side, this report researches the Subway Car production, growth rate, market share by manufacturers and by region (region level and country level), from 2021 to 2026, and forecast to 2032.

In terms of consumption side, this report focuses on the sales of Subway Car by region (region level and country level), by Company, by Type and by Application. from 2021 to 2026 and forecast to 2032.

This report presents an overview of global market for Subway Car, capacity, output, revenue and price. Analyses of the global market trends, with historic market revenue or sales data for 2021 - 2025, estimates for 2026, and projections of CAGR through 2032.

This report researches the key producers of Subway Car, also provides the consumption of main regions and countries. Of the upcoming market potential for Subway Car, and key regions or countries of focus to forecast this market into various segments and sub-segments. Country specific data and market value analysis for the U.S., Canada, Mexico, Brazil, China, Japan, South Korea, Southeast Asia, India, Germany, the U.K., Italy, Middle East, Africa, and Other Countries.

This report focuses on the Subway Car sales, revenue, market share and industry ranking of main manufacturers, data from 2021 to 2026. Identification of the major stakeholders in the global Subway Car market, and analysis of their competitive landscape and market positioning based on recent developments and segmental revenues. This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way.

This report analyzes the segments data by Type and by Application, sales, revenue, and price, from 2021 to 2032. Evaluation and forecast the market size for Subway Car sales, projected growth trends, production technology, application and end-user industry.

Subway Car Segment by Company

Alstom Transport

Hitachi Rail Italy

Bombardier Transportation

CAF USA

Hyundai Rotem

Kawasaki

Kinkisharyo

Nippon Sharyo

Siemens Mobility

CJSC Transmashholding

Stadler Rail

CRRC

Beijing Subway Rolling Stock Equipment

TRCS

Subway Car Segment by Type

Medium Volume System

High Volume System

Subway Car Segment by Application

Commercial Use

Military Use

Subway Car Segment by Region

North America

United States

Canada

Mexico

Europe

Germany

France

U.K.

Italy

Russia

Spain

Netherlands

Switzerland

Sweden

Poland

Asia-Pacific

China

Japan

South Korea

India

Australia

Taiwan

Southeast Asia

South America

Brazil

Argentina

Chile

Middle East & Africa

Egypt

South Africa

Israel

Türkiye

GCC Countries

Study Objectives

1. To analyze and research the global status and future forecast, involving, production, value, consumption, growth rate (CAGR), market share, historical and forecast.

2. To present the key manufacturers, capacity, production, revenue, market share, and Recent Developments.

3. To split the breakdown data by regions, type, manufacturers, and Application.

4. To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints, and risks.

5. To identify significant trends, drivers, influence factors in global and regions.

6. To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.

Reasons to Buy This Report

1. This report will help the readers to understand the competition within the industries and strategies for the competitive environment to enhance the potential profit. The report also focuses on the competitive landscape of the global Subway Car market, and introduces in detail the market share, industry ranking, competitor ecosystem, market performance, new product development, operation situation, expansion, and acquisition. etc. of the main players, which helps the readers to identify the main competitors and deeply understand the competition pattern of the market.

2. This report will help stakeholders to understand the global industry status and trends of Subway Car and provides them with information on key market drivers, restraints, challenges, and opportunities.

3. This report will help stakeholders to understand competitors better and gain more insights to strengthen their position in their businesses. The competitive landscape section includes the market share and rank (in volume and value), competitor ecosystem, new product development, expansion, and acquisition.

4. This report stays updated with novel technology integration, features, and the latest developments in the market.

5. This report helps stakeholders to gain insights into which regions to target globally.

6. This report helps stakeholders to gain insights into the end-user perception concerning the adoption of Subway Car.

7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.

Chapter Outline

Chapter 1: Introduces the report scope of the report, executive summary of different market segments (by type and by application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.

Chapter 2: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.

Chapter 3: Subway Car production/output of global and key producers (regions/countries). It provides a quantitative analysis of the production, and development potential of each producer in the next six years.

Chapter 4: Sales (consumption), revenue of Subway Car in global, regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space of each country in the world.

Chapter 5: Detailed analysis of Subway Car manufacturers competitive landscape, price, sales, revenue, market share and industry ranking, latest development plan, merger, and acquisition information, etc.

Chapter 6: Provides the analysis of various market segments by type, covering the sales, revenue, average price, and development potential of each market segment, to help readers find the blue ocean market in different market segments.

Chapter 7: Provides the analysis of various market segments by application, covering the sales, revenue, average price, and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.

Chapter 8: Provides profiles of key manufacturers, introducing the basic situation of the main companies in the market in detail, including product descriptions and specifications, Subway Car sales, revenue, price, gross margin, and recent development, etc.

Chapter 9: North America by type, by application and by country, sales, and revenue for each segment.

Chapter 10: Europe by type, by application and by country, sales, and revenue for each segment.

Chapter 11: China by type, by application, sales, and revenue for each segment.

Chapter 12: Asia (Excluding China) by type, by application and by region, sales, and revenue for each segment.

Chapter 13: South America, Middle East and Africa by type, by application and by country, sales, and revenue for each segment.

Chapter 14: Analysis of industrial chain, sales channel, key raw materials, distributors and customers.

Chapter 15: The main concluding insights of the report.

More report detail

Tables and figures
List of Tables Table 1. Global Subway Car Market Size Growth Rate by Type (US$ Million), 2021 VS 2025 VS 2032 Table 2. Medium Volume System Major Manufacturers Table 3. High Volume System Major Manufacturers Table 4. Global Subway Car Market Size Growth Rate by Application (US$ Million), 2021 VS 2025 VS 2032 Table 5. Commercial Use Major Manufacturers Table 6. Military Use Major Manufacturers Table 7. Subway Car Industry Trends Table 8. Subway Car Industry Drivers Table 9. Subway Car Industry Opportunities and Challenges Table 10. Subway Car Industry Restraints Table 11. Global Subway Car Production Growth Rate (CAGR) by Region: 2021 VS 2025 VS 2032 (units) Table 12. Global Subway Car Production by Region (2021-2026) & (units) Table 13. Global Subway Car Production by Region (2027-2032) & (units) Table 14. Global Subway Car Production Market Share by Region (2021-2026) Table 15. Global Subway Car Production Market Share by Region (2027-2032) Table 16. Global Subway Car Revenue Grow Rate (CAGR) by Region: 2021 VS 2025 VS 2032 (US$ Million) Table 17. Global Subway Car Revenue by Region (2021-2026) & (US$ Million) Table 18. Global Subway Car Revenue by Region (2027-2032) & (US$ Million) Table 19. Global Subway Car Revenue Market Share by Region (2021-2026) Table 20. Global Subway Car Revenue Market Share by Region (2027-2032) Table 21. Global Subway Car Sales Grow Rate (CAGR) by Region: 2021 VS 2025 VS 2032 (units) Table 22. Global Subway Car Sales by Region (2021-2026) & (units) Table 23. Global Subway Car Sales by Region (2027-2032) & (units) Table 24. Global Subway Car Sales Market Share by Region (2021-2026) Table 25. Global Subway Car Sales Market Share by Region (2027-2032) Table 26. Global Subway Car Revenue by Manufacturers (US$ Million) & (2021-2026) Table 27. Global Subway Car Revenue Market Share by Manufacturers (2021-2026) Table 28. Global Subway Car Sales by Manufacturers (US$ Million) & (2021-2026) Table 29. Global Subway Car Sales Market Share by Manufacturers (2021-2026) Table 30. Global Subway Car Sales Price (k USD/unit) of Manufacturers (2021-2026) Table 31. Global Subway Car Key Manufacturers Ranking, 2024 VS 2025 VS 2026 Table 32. Global Subway Car Key Manufacturers Manufacturing Sites & Headquarters Table 33. Global Subway Car Manufacturers, Product Type & Application Table 34. Global Subway Car Manufacturers Commercialization Time Table 35. Global Manufacturers Market Concentration Ratio (CR5 and HHI) Table 36. Global Subway Car by Manufacturers Type (Tier 1, Tier 2, and Tier 3) & (based on the Revenue of 2025) Table 37. Global Subway Car Revenue by Type (2021-2026) & (US$ Million) Table 38. Global Subway Car Revenue by Type (2027-2032) & (US$ Million) Table 39. Global Subway Car Revenue Market Share by Type (2021-2026) Table 40. Global Subway Car Revenue Market Share by Type (2027-2032) Table 41. Global Subway Car Sales by Type (2021-2026) & (units) Table 42. Global Subway Car Sales by Type (2027-2032) & (units) Table 43. Global Subway Car Sales Market Share by Type (2021-2026) Table 44. Global Subway Car Sales Market Share by Type (2027-2032) Table 45. Global Subway Car Price by Type (2021-2026) & (k USD/unit) Table 46. Global Subway Car Price by Type (2027-2032) & (k USD/unit) Table 47. Global Subway Car Revenue by Application (2021-2026) & (US$ Million) Table 48. Global Subway Car Revenue by Application (2027-2032) & (US$ Million) Table 49. Global Subway Car Revenue Market Share by Application (2021-2026) Table 50. Global Subway Car Revenue Market Share by Application (2027-2032) Table 51. Global Subway Car Sales by Application (2021-2026) & (units) Table 52. Global Subway Car Sales by Application (2027-2032) & (units) Table 53. Global Subway Car Sales Market Share by Application (2021-2026) Table 54. Global Subway Car Sales Market Share by Application (2027-2032) Table 55. Global Subway Car Price by Application (2021-2026) & (k USD/unit) Table 56. Global Subway Car Price by Application (2027-2032) & (k USD/unit) Table 57. Alstom Transport Company Information Table 58. Alstom Transport Business Overview Table 59. Alstom Transport Subway Car Sales (units), Revenue (US$ Million), Price (k USD/unit) and Gross Margin (2021-2026) Table 60. Alstom Transport Subway Car Product Portfolio Table 61. Alstom Transport Recent Development Table 62. Hitachi Rail Italy Company Information Table 63. Hitachi Rail Italy Business Overview Table 64. Hitachi Rail Italy Subway Car Sales (units), Revenue (US$ Million), Price (k USD/unit) and Gross Margin (2021-2026) Table 65. Hitachi Rail Italy Subway Car Product Portfolio Table 66. Hitachi Rail Italy Recent Development Table 67. Bombardier Transportation Company Information Table 68. Bombardier Transportation Business Overview Table 69. Bombardier Transportation Subway Car Sales (units), Revenue (US$ Million), Price (k USD/unit) and Gross Margin (2021-2026) Table 70. Bombardier Transportation Subway Car Product Portfolio Table 71. Bombardier Transportation Recent Development Table 72. CAF USA Company Information Table 73. CAF USA Business Overview Table 74. CAF USA Subway Car Sales (units), Revenue (US$ Million), Price (k USD/unit) and Gross Margin (2021-2026) Table 75. CAF USA Subway Car Product Portfolio Table 76. CAF USA Recent Development Table 77. Hyundai Rotem Company Information Table 78. Hyundai Rotem Business Overview Table 79. Hyundai Rotem Subway Car Sales (units), Revenue (US$ Million), Price (k USD/unit) and Gross Margin (2021-2026) Table 80. Hyundai Rotem Subway Car Product Portfolio Table 81. Hyundai Rotem Recent Development Table 82. Kawasaki Company Information Table 83. Kawasaki Business Overview Table 84. Kawasaki Subway Car Sales (units), Revenue (US$ Million), Price (k USD/unit) and Gross Margin (2021-2026) Table 85. Kawasaki Subway Car Product Portfolio Table 86. Kawasaki Recent Development Table 87. Kinkisharyo Company Information Table 88. Kinkisharyo Business Overview Table 89. Kinkisharyo Subway Car Sales (units), Revenue (US$ Million), Price (k USD/unit) and Gross Margin (2021-2026) Table 90. Kinkisharyo Subway Car Product Portfolio Table 91. Kinkisharyo Recent Development Table 92. Nippon Sharyo Company Information Table 93. Nippon Sharyo Business Overview Table 94. Nippon Sharyo Subway Car Sales (units), Revenue (US$ Million), Price (k USD/unit) and Gross Margin (2021-2026) Table 95. Nippon Sharyo Subway Car Product Portfolio Table 96. Nippon Sharyo Recent Development Table 97. Siemens Mobility Company Information Table 98. Siemens Mobility Business Overview Table 99. Siemens Mobility Subway Car Sales (units), Revenue (US$ Million), Price (k USD/unit) and Gross Margin (2021-2026) Table 100. Siemens Mobility Subway Car Product Portfolio Table 101. Siemens Mobility Recent Development Table 102. CJSC Transmashholding Company Information Table 103. CJSC Transmashholding Business Overview Table 104. CJSC Transmashholding Subway Car Sales (units), Revenue (US$ Million), Price (k USD/unit) and Gross Margin (2021-2026) Table 105. CJSC Transmashholding Subway Car Product Portfolio Table 106. CJSC Transmashholding Recent Development Table 107. Stadler Rail Company Information Table 108. Stadler Rail Business Overview Table 109. Stadler Rail Subway Car Sales (units), Revenue (US$ Million), Price (k USD/unit) and Gross Margin (2021-2026) Table 110. Stadler Rail Subway Car Product Portfolio Table 111. Stadler Rail Recent Development Table 112. CRRC Company Information Table 113. CRRC Business Overview Table 114. CRRC Subway Car Sales (units), Revenue (US$ Million), Price (k USD/unit) and Gross Margin (2021-2026) Table 115. CRRC Subway Car Product Portfolio Table 116. CRRC Recent Development Table 117. Beijing Subway Rolling Stock Equipment Company Information Table 118. Beijing Subway Rolling Stock Equipment Business Overview Table 119. Beijing Subway Rolling Stock Equipment Subway Car Sales (units), Revenue (US$ Million), Price (k USD/unit) and Gross Margin (2021-2026) Table 120. Beijing Subway Rolling Stock Equipment Subway Car Product Portfolio Table 121. Beijing Subway Rolling Stock Equipment Recent Development Table 122. TRCS Company Information Table 123. TRCS Business Overview Table 124. TRCS Subway Car Sales (units), Revenue (US$ Million), Price (k USD/unit) and Gross Margin (2021-2026) Table 125. TRCS Subway Car Product Portfolio Table 126. TRCS Recent Development Table 127. North America Subway Car Revenue by Type (2021-2026) & (US$ Million) Table 128. North America Subway Car Revenue by Type (2027-2032) & (US$ Million) Table 129. North America Subway Car Sales by Type (2021-2026) & (units) Table 130. North America Subway Car Sales by Type (2027-2032) & (units) Table 131. North America Subway Car Sales Price by Type (2021-2026) & (k USD/unit) Table 132. North America Subway Car Sales Price by Type (2027-2032) & (k USD/unit) Table 133. North America Subway Car Revenue by Application (2021-2026) & (US$ Million) Table 134. North America Subway Car Revenue by Application (2027-2032) & (US$ Million) Table 135. North America Subway Car Sales by Application (2021-2026) & (units) Table 136. North America Subway Car Sales by Application (2027-2032) & (units) Table 137. North America Subway Car Sales Price by Application (2021-2026) & (k USD/unit) Table 138. North America Subway Car Sales Price by Application (2027-2032) & (k USD/unit) Table 139. North America Subway Car Revenue Grow Rate by Country (2021 VS 2025 VS 2032) & (US$ Million) Table 140. North America Subway Car Revenue Grow Rate by Country (2021-2026) & (US$ Million) Table 141. North America Subway Car Revenue Grow Rate by Country (2027-2032) & (US$ Million) Table 142. North America Subway Car Sales by Country (2021 VS 2025 VS 2032) & (units) Table 143. North America Subway Car Sales by Country (2021-2026) & (units) Table 144. North America Subway Car Sales by Country (2027-2032) & (units) Table 145. North America Subway Car Sales Price by Country (2021-2026) & (k USD/unit) Table 146. North America Subway Car Sales Price by Country (2027-2032) & (k USD/unit) Table 147. United States Subway Car Revenue (2021-2032) & (US$ Million) Table 148. Canada Subway Car Revenue (2021-2032) & (US$ Million) Table 149. Mexico Subway Car Revenue (2021-2032) & (US$ Million) Table 150. Europe Subway Car Revenue by Type (2021-2026) & (US$ Million) Table 151. Europe Subway Car Revenue by Type (2027-2032) & (US$ Million) Table 152. Europe Subway Car Sales by Type (2021-2026) & (units) Table 153. Europe Subway Car Sales by Type (2027-2032) & (units) Table 154. Europe Subway Car Sales Price by Type (2021-2026) & (k USD/unit) Table 155. Europe Subway Car Sales Price by Type (2027-2032) & (k USD/unit) Table 156. Europe Subway Car Revenue by Application (2021-2026) & (US$ Million) Table 157. Europe Subway Car Revenue by Application (2027-2032) & (US$ Million) Table 158. Europe Subway Car Sales by Application (2021-2026) & (units) Table 159. Europe Subway Car Sales by Application (2027-2032) & (units) Table 160. Europe Subway Car Sales Price by Application (2021-2026) & (k USD/unit) Table 161. Europe Subway Car Sales Price by Application (2027-2032) & (k USD/unit) Table 162. Europe Subway Car Revenue Grow Rate by Country (2021 VS 2025 VS 2032) & (US$ Million) Table 163. Europe Subway Car Revenue Grow Rate by Country (2021-2026) & (US$ Million) Table 164. Europe Subway Car Revenue Grow Rate by Country (2027-2032) & (US$ Million) Table 165. Europe Subway Car Sales by Country (2021 VS 2025 VS 2032) & (units) Table 166. Europe Subway Car Sales by Country (2021-2026) & (units) Table 167. Europe Subway Car Sales by Country (2027-2032) & (units) Table 168. Europe Subway Car Sales Price by Country (2021-2026) & (k USD/unit) Table 169. Europe Subway Car Sales Price by Country (2027-2032) & (k USD/unit) Table 170. Germany Subway Car Revenue (2021-2032) & (US$ Million) Table 171. France Subway Car Revenue (2021-2032) & (US$ Million) Table 172. U.K. Subway Car Revenue (2021-2032) & (US$ Million) Table 173. Italy Subway Car Revenue (2021-2032) & (US$ Million) Table 174. Russia Subway Car Revenue (2021-2032) & (US$ Million) Table 175. Spain Subway Car Revenue (2021-2032) & (US$ Million) Table 176. Netherlands Subway Car Revenue (2021-2032) & (US$ Million) Table 177. Switzerland Subway Car Revenue (2021-2032) & (US$ Million) Table 178. Sweden Subway Car Revenue (2021-2032) & (US$ Million) Table 179. Poland Subway Car Revenue (2021-2032) & (US$ Million) Table 180. China Subway Car Revenue by Type (2021-2026) & (US$ Million) Table 181. China Subway Car Revenue by Type (2027-2032) & (US$ Million) Table 182. China Subway Car Sales by Type (2021-2026) & (units) Table 183. China Subway Car Sales by Type (2027-2032) & (units) Table 184. China Subway Car Sales Price by Type (2021-2026) & (k USD/unit) Table 185. China Subway Car Sales Price by Type (2027-2032) & (k USD/unit) Table 186. China Subway Car Revenue by Application (2021-2026) & (US$ Million) Table 187. China Subway Car Revenue by Application (2027-2032) & (US$ Million) Table 188. China Subway Car Sales by Application (2021-2026) & (units) Table 189. China Subway Car Sales by Application (2027-2032) & (units) Table 190. China Subway Car Sales Price by Application (2021-2026) & (k USD/unit) Table 191. China Subway Car Sales Price by Application (2027-2032) & (k USD/unit) Table 192. Asia Subway Car Revenue by Type (2021-2026) & (US$ Million) Table 193. Asia Subway Car Revenue by Type (2027-2032) & (US$ Million) Table 194. Asia Subway Car Sales by Type (2021-2026) & (units) Table 195. Asia Subway Car Sales by Type (2027-2032) & (units) Table 196. Asia Subway Car Sales Price by Type (2021-2026) & (k USD/unit) Table 197. Asia Subway Car Sales Price by Type (2027-2032) & (k USD/unit) Table 198. Asia Subway Car Revenue by Application (2021-2026) & (US$ Million) Table 199. Asia Subway Car Revenue by Application (2027-2032) & (US$ Million) Table 200. Asia Subway Car Sales by Application (2021-2026) & (units) Table 201. Asia Subway Car Sales by Application (2027-2032) & (units) Table 202. Asia Subway Car Sales Price by Application (2021-2026) & (k USD/unit) Table 203. Asia Subway Car Sales Price by Application (2027-2032) & (k USD/unit) Table 204. Asia Subway Car Revenue Grow Rate by Country (2021 VS 2025 VS 2032) & (US$ Million) Table 205. Asia Subway Car Revenue Grow Rate by Country (2021-2026) & (US$ Million) Table 206. Asia Subway Car Revenue Grow Rate by Country (2027-2032) & (US$ Million) Table 207. Asia Subway Car Sales by Country (2021 VS 2025 VS 2032) & (units) Table 208. Asia Subway Car Sales by Country (2021-2026) & (units) Table 209. Asia Subway Car Sales by Country (2027-2032) & (units) Table 210. Asia Subway Car Sales Price by Country (2021-2026) & (k USD/unit) Table 211. Asia Subway Car Sales Price by Country (2027-2032) & (k USD/unit) Table 212. Japan Subway Car Revenue (2021-2032) & (US$ Million) Table 213. South Korea Subway Car Revenue (2021-2032) & (US$ Million) Table 214. India Subway Car Revenue (2021-2032) & (US$ Million) Table 215. Australia Subway Car Revenue (2021-2032) & (US$ Million) Table 216. Taiwan Subway Car Revenue (2021-2032) & (US$ Million) Table 217. Southeast Asia Subway Car Revenue (2021-2032) & (US$ Million) Table 218. SAMEA Subway Car Revenue by Type (2021-2026) & (US$ Million) Table 219. SAMEA Subway Car Revenue by Type (2027-2032) & (US$ Million) Table 220. SAMEA Subway Car Sales by Type (2021-2026) & (units) Table 221. SAMEA Subway Car Sales by Type (2027-2032) & (units) Table 222. SAMEA Subway Car Sales Price by Type (2021-2026) & (k USD/unit) Table 223. SAMEA Subway Car Sales Price by Type (2027-2032) & (k USD/unit) Table 224. SAMEA Subway Car Revenue by Application (2021-2026) & (US$ Million) Table 225. SAMEA Subway Car Revenue by Application (2027-2032) & (US$ Million) Table 226. SAMEA Subway Car Sales by Application (2021-2026) & (units) Table 227. SAMEA Subway Car Sales by Application (2027-2032) & (units) Table 228. SAMEA Subway Car Sales Price by Application (2021-2026) & (k USD/unit) Table 229. SAMEA Subway Car Sales Price by Application (2027-2032) & (k USD/unit) Table 230. SAMEA Subway Car Revenue Grow Rate by Country (2021 VS 2025 VS 2032) & (US$ Million) Table 231. SAMEA Subway Car Revenue Grow Rate by Country (2021-2026) & (US$ Million) Table 232. SAMEA Subway Car Revenue Grow Rate by Country (2027-2032) & (US$ Million) Table 233. SAMEA Subway Car Sales by Country (2021 VS 2025 VS 2032) & (units) Table 234. SAMEA Subway Car Sales by Country (2021-2026) & (units) Table 235. SAMEA Subway Car Sales by Country (2027-2032) & (units) Table 236. SAMEA Subway Car Sales Price by Country (2021-2026) & (k USD/unit) Table 237. SAMEA Subway Car Sales Price by Country (2027-2032) & (k USD/unit) Table 238. Brazil Subway Car Revenue (2021-2032) & (US$ Million) Table 239. Argentina Subway Car Revenue (2021-2032) & (US$ Million) Table 240. Chile Subway Car Revenue (2021-2032) & (US$ Million) Table 241. Colombia Subway Car Revenue (2021-2032) & (US$ Million) Table 242. Peru Subway Car Revenue (2021-2032) & (US$ Million) Table 243. Saudi Arabia Subway Car Revenue (2021-2032) & (US$ Million) Table 244. Israel Subway Car Revenue (2021-2032) & (US$ Million) Table 245. UAE Subway Car Revenue (2021-2032) & (US$ Million) Table 246. Turkey Subway Car Revenue (2021-2032) & (US$ Million) Table 247. Iran Subway Car Revenue (2021-2032) & (US$ Million) Table 248. Egypt Subway Car Revenue (2021-2032) & (US$ Million) Table 249. Key Raw Materials Table 250. Raw Materials Key Suppliers Table 251. Subway Car Distributors List Table 252. Subway Car Customers List Table 253. Research Programs/Design for This Report Table 254. Authors List of This Report Table 255. Secondary Sources Table 256. Primary Sources List of Figures Figure 1. Subway Car Product Image Figure 2. Global Subway Car Market Size Growth Rate by Type (US$ Million), 2021 VS 2025 VS 2032 Figure 3. Global Subway Car Market Size Share 2021 VS 2025 VS 2032 Figure . Medium Volume System Image Figure 1. High Volume System Image Figure 2. Global Subway Car Market Size Growth Rate by Application (US$ Million), 2021 VS 2025 VS 2032 Figure 3. Global Subway Car Market Size Share 2021 VS 2025 VS 2032 Figure 4. Commercial Use Image Figure 5. Military Use Image Figure 6. Global Subway Car Capacity, Capacity Utilization (2021-2032) & (units) Figure 7. Global Subway Car Production by Region: 2021 VS 2025 VS 2032 (units) Figure 8. Global Subway Car Production Market Share by Region: 2025 Versus 2032 Figure 9. Global Subway Car Production Market Share by Region (2021-2032) Figure 10. North America Subway Car Production Growth Rate (2021-2032) & (units) Figure 11. Europe Subway Car Production Growth Rate (2021-2032) & (units) Figure 12. China Subway Car Production Growth Rate (2021-2032) & (units) Figure 13. Japan Subway Car Production Growth Rate (2021-2032) & (units) Figure 14. South Korea Subway Car Production Growth Rate (2021-2032) & (units) Figure 15. India Subway Car Production Growth Rate (2021-2032) & (units) Figure 16. Global Subway Car Revenue (US$ Million), 2021 VS 2025 VS 2032 Figure 17. Global Subway Car Revenue (2021-2032) & (US$ Million) Figure 18. Global Subway Car Revenue (CAGR) by Region: 2021 VS 2025 VS 2032 (US$ Million) Figure 19. Global Subway Car Revenue Market Share by Region: 2025 Versus 2032 Figure 20. Global Subway Car Revenue Market Share by Region (2021-2032) Figure 21. Global Subway Car Sales (2021-2032) & (units) Figure 22. Global Subway Car Sales by Region: 2021 VS 2025 VS 2032 (units) Figure 23. Global Subway Car Sales Market Share by Region (2021-2032) Figure 24. North America Subway Car Sales YoY (2021-2032) & (units) Figure 25. Europe Subway Car Sales YoY (2021-2032) & (units) Figure 26. China Subway Car Sales YoY (2021-2032) & (units) Figure 27. Asia (Excluding China) Subway Car Sales YoY (2021-2032) & (units) Figure 28. South America, Middle East and Africa Subway Car Sales YoY (2021-2032) & (units) Figure 29. Global Subway Car Manufacturers Revenue Share Top 10 and Top 5 in 2025 Figure 30. Global Subway Car Manufacturers Sales Share Top 10 and Top 5 in 2025 Figure 31. Manufacturers Type (Tier 1, Tier 2, and Tier 3): 2021 VS 2025 Figure 32. Global Subway Car Revenue Market Share by Type (2021-2032) Figure 33. Global Subway Car Sales Market Share by Type (2021-2032) Figure 34. Global Subway Car Revenue Market Share by Application (2021-2032) Figure 35. Global Subway Car Sales Market Share by Application (2021-2032) Figure 36. North America Subway Car Revenue Share by Type (2021-2032) Figure 37. North America Subway Car Sales Share by Type (2021-2032) Figure 38. North America Subway Car Revenue Share by Application (2021-2032) Figure 39. North America Subway Car Sales Share by Application (2021-2032) Figure 40. North America Subway Car Revenue Share by Country (2021-2032) Figure 41. North America Subway Car Sales Share by Country (2021-2032) Figure 42. Europe Subway Car Revenue Share by Type (2021-2032) Figure 43. Europe Subway Car Sales Share by Type (2021-2032) Figure 44. Europe Subway Car Revenue Share by Application (2021-2032) Figure 45. Europe Subway Car Sales Share by Application (2021-2032) Figure 46. Europe Subway Car Revenue Share by Country (2021-2032) Figure 47. Europe Subway Car Sales Share by Country (2021-2032) Figure 48. China Subway Car Revenue Share by Type (2021-2032) Figure 49. China Subway Car Sales Share by Type (2021-2032) Figure 50. China Subway Car Revenue Share by Application (2021-2032) Figure 51. China Subway Car Sales Share by Application (2021-2032) Figure 52. Asia Subway Car Revenue Share by Type (2021-2032) Figure 53. Asia Subway Car Sales Share by Type (2021-2032) Figure 54. Asia Subway Car Revenue Share by Application (2021-2032) Figure 55. Asia Subway Car Sales Share by Application (2021-2032) Figure 56. Asia Subway Car Revenue Share by Country (2021-2032) Figure 57. Asia Subway Car Sales Share by Country (2021-2032) Figure 58. SAMEA Subway Car Revenue Share by Type (2021-2032) Figure 59. SAMEA Subway Car Sales Share by Type (2021-2032) Figure 60. SAMEA Subway Car Revenue Share by Application (2021-2032) Figure 61. SAMEA Subway Car Sales Share by Application (2021-2032) Figure 62. SAMEA Subway Car Revenue Share by Country (2021-2032) Figure 63. SAMEA Subway Car Sales Share by Country (2021-2032) Figure 64. Subway Car Value Chain Figure 65. Manufacturing Cost Structure Figure 66. Subway Car Production Mode & Process Figure 67. Direct Comparison with Distribution Share Figure 68. Distributors Profiles Figure 69. Years Considered Figure 70. Research Process Figure 71. Key Executives Interviewed

Scope & coverage.

Types
  • Medium Volume System
  • High Volume System
Applications
  • Commercial Use
  • Military Use
Companies covered
  • Alstom Transport
  • Hitachi Rail Italy
  • Bombardier Transportation
  • CAF USA
  • Hyundai Rotem
  • Kawasaki
  • Kinkisharyo
  • Nippon Sharyo
  • Siemens Mobility
  • CJSC Transmashholding
  • Stadler Rail
  • CRRC
  • Beijing Subway Rolling Stock Equipment
  • TRCS

Inside the report.

1 Market Overview
  1. 1.1 Product Definition
  2. 1.2 Subway Car Market by Type
  3. 1.2.1 Global Subway Car Market Size by Type, 2021 VS 2025 VS 2032
  4. 1.2.2 Medium Volume System
  5. 1.2.3 High Volume System
  6. 1.3 Subway Car Market by Application
  7. 1.3.1 Global Subway Car Market Size by Application, 2021 VS 2025 VS 2032
  8. 1.3.2 Commercial Use
  9. 1.3.3 Military Use
  10. 1.4 Assumptions and Limitations
  11. 1.5 Study Goals and Objectives
2 Subway Car Market Dynamics
  1. 2.1 Subway Car Industry Trends
  2. 2.2 Subway Car Industry Drivers
  3. 2.3 Subway Car Industry Opportunities and Challenges
  4. 2.4 Subway Car Industry Restraints
3 Global Subway Car Production Overview
  1. 3.1 Global Subway Car Production Capacity (2021-2032)
  2. 3.2 Global Subway Car Production by Region: 2021 VS 2025 VS 2032
  3. 3.3 Global Subway Car Production by Region
  4. 3.3.1 Global Subway Car Production by Region (2021-2026)
  5. 3.3.2 Global Subway Car Production by Region (2027-2032)
  6. 3.3.3 Global Subway Car Production Market Share by Region (2021-2032)
  7. 3.4 North America
  8. 3.5 Europe
  9. 3.6 China
  10. 3.7 Japan
  11. 3.8 South Korea
  12. 3.9 India
4 Global Market Growth Prospects
  1. 4.1 Global Subway Car Revenue Estimates and Forecasts (2021-2032)
  2. 4.2 Global Subway Car Revenue by Region
  3. 4.2.1 Global Subway Car Revenue by Region: 2021 VS 2025 VS 2032
  4. 4.2.2 Global Subway Car Revenue by Region (2021-2026)
  5. 4.2.3 Global Subway Car Revenue by Region (2027-2032)
  6. 4.2.4 Global Subway Car Revenue Market Share by Region (2021-2032)
  7. 4.3 Global Subway Car Sales Estimates and Forecasts 2021-2032
  8. 4.4 Global Subway Car Sales by Region
  9. 4.4.1 Global Subway Car Sales by Region: 2021 VS 2025 VS 2032
  10. 4.4.2 Global Subway Car Sales by Region (2021-2026)
  11. 4.4.3 Global Subway Car Sales by Region (2027-2032)
  12. 4.4.4 Global Subway Car Sales Market Share by Region (2021-2032)
  13. 4.5 North America
  14. 4.6 Europe
  15. 4.7 China
  16. 4.8 Asia (Excluding China)
  17. 4.9 South America, Middle East and Africa
5 Market Competitive Landscape by Manufacturers
  1. 5.1 Global Subway Car Revenue by Manufacturers
  2. 5.1.1 Global Subway Car Revenue by Manufacturers (2021-2026)
  3. 5.1.2 Global Subway Car Revenue Market Share by Manufacturers (2021-2026)
  4. 5.1.3 Global Subway Car Manufacturers Revenue Share Top 10 and Top 5 in 2025
  5. 5.2 Global Subway Car Sales by Manufacturers
  6. 5.2.1 Global Subway Car Sales by Manufacturers (2021-2026)
  7. 5.2.2 Global Subway Car Sales Market Share by Manufacturers (2021-2026)
  8. 5.2.3 Global Subway Car Manufacturers Sales Share Top 10 and Top 5 in 2025
  9. 5.3 Global Subway Car Sales Price by Manufacturers (2021-2026)
  10. 5.4 Global Subway Car Key Manufacturers Ranking, 2024 VS 2025 VS 2026
  11. 5.5 Global Subway Car Key Manufacturers Manufacturing Sites & Headquarters
  12. 5.6 Global Subway Car Manufacturers, Product Type & Application
  13. 5.7 Global Subway Car Manufacturers Commercialization Time
  14. 5.8 Market Competitive Analysis
  15. 5.8.1 Global Subway Car Market CR5 and HHI
  16. 5.8.2 2025 Subway Car Tier 1, Tier 2, and Tier 3
6 Subway Car Market by Type
  1. 6.1 Global Subway Car Revenue by Type
  2. 6.1.1 Global Subway Car Revenue by Type (2021-2032) & (US$ Million)
  3. 6.1.2 Global Subway Car Revenue Market Share by Type (2021-2032)
  4. 6.2 Global Subway Car Sales by Type
  5. 6.2.1 Global Subway Car Sales by Type (2021-2032) & (units)
  6. 6.2.2 Global Subway Car Sales Market Share by Type (2021-2032)
  7. 6.3 Global Subway Car Price by Type
7 Subway Car Market by Application
  1. 7.1 Global Subway Car Revenue by Application
  2. 7.1.1 Global Subway Car Revenue by Application (2021-2032) & (US$ Million)
  3. 7.1.2 Global Subway Car Revenue Market Share by Application (2021-2032)
  4. 7.2 Global Subway Car Sales by Application
  5. 7.2.1 Global Subway Car Sales by Application (2021-2032) & (units)
  6. 7.2.2 Global Subway Car Sales Market Share by Application (2021-2032)
  7. 7.3 Global Subway Car Price by Application
8 Company Profiles
  1. 8.1 Alstom Transport
  2. 8.1.1 Alstom Transport Company Information
  3. 8.1.2 Alstom Transport Business Overview
  4. 8.1.3 Alstom Transport Subway Car Sales, Revenue, Price and Gross Margin (2021-2026)
  5. 8.1.4 Alstom Transport Subway Car Product Portfolio
  6. 8.1.5 Alstom Transport Recent Developments
  7. 8.2 Hitachi Rail Italy
  8. 8.2.1 Hitachi Rail Italy Company Information
  9. 8.2.2 Hitachi Rail Italy Business Overview
  10. 8.2.3 Hitachi Rail Italy Subway Car Sales, Revenue, Price and Gross Margin (2021-2026)
  11. 8.2.4 Hitachi Rail Italy Subway Car Product Portfolio
  12. 8.2.5 Hitachi Rail Italy Recent Developments
  13. 8.3 Bombardier Transportation
  14. 8.3.1 Bombardier Transportation Company Information
  15. 8.3.2 Bombardier Transportation Business Overview
  16. 8.3.3 Bombardier Transportation Subway Car Sales, Revenue, Price and Gross Margin (2021-2026)
  17. 8.3.4 Bombardier Transportation Subway Car Product Portfolio
  18. 8.3.5 Bombardier Transportation Recent Developments
  19. 8.4 CAF USA
  20. 8.4.1 CAF USA Company Information
  21. 8.4.2 CAF USA Business Overview
  22. 8.4.3 CAF USA Subway Car Sales, Revenue, Price and Gross Margin (2021-2026)
  23. 8.4.4 CAF USA Subway Car Product Portfolio
  24. 8.4.5 CAF USA Recent Developments
  25. 8.5 Hyundai Rotem
  26. 8.5.1 Hyundai Rotem Company Information
  27. 8.5.2 Hyundai Rotem Business Overview
  28. 8.5.3 Hyundai Rotem Subway Car Sales, Revenue, Price and Gross Margin (2021-2026)
  29. 8.5.4 Hyundai Rotem Subway Car Product Portfolio
  30. 8.5.5 Hyundai Rotem Recent Developments
  31. 8.6 Kawasaki
  32. 8.6.1 Kawasaki Company Information
  33. 8.6.2 Kawasaki Business Overview
  34. 8.6.3 Kawasaki Subway Car Sales, Revenue, Price and Gross Margin (2021-2026)
  35. 8.6.4 Kawasaki Subway Car Product Portfolio
  36. 8.6.5 Kawasaki Recent Developments
  37. 8.7 Kinkisharyo
  38. 8.7.1 Kinkisharyo Company Information
  39. 8.7.2 Kinkisharyo Business Overview
  40. 8.7.3 Kinkisharyo Subway Car Sales, Revenue, Price and Gross Margin (2021-2026)
  41. 8.7.4 Kinkisharyo Subway Car Product Portfolio
  42. 8.7.5 Kinkisharyo Recent Developments
  43. 8.8 Nippon Sharyo
  44. 8.8.1 Nippon Sharyo Company Information
  45. 8.8.2 Nippon Sharyo Business Overview
  46. 8.8.3 Nippon Sharyo Subway Car Sales, Revenue, Price and Gross Margin (2021-2026)
  47. 8.8.4 Nippon Sharyo Subway Car Product Portfolio
  48. 8.8.5 Nippon Sharyo Recent Developments
  49. 8.9 Siemens Mobility
  50. 8.9.1 Siemens Mobility Company Information
  51. 8.9.2 Siemens Mobility Business Overview
  52. 8.9.3 Siemens Mobility Subway Car Sales, Revenue, Price and Gross Margin (2021-2026)
  53. 8.9.4 Siemens Mobility Subway Car Product Portfolio
  54. 8.9.5 Siemens Mobility Recent Developments
  55. 8.10 CJSC Transmashholding
  56. 8.10.1 CJSC Transmashholding Company Information
  57. 8.10.2 CJSC Transmashholding Business Overview
  58. 8.10.3 CJSC Transmashholding Subway Car Sales, Revenue, Price and Gross Margin (2021-2026)
  59. 8.10.4 CJSC Transmashholding Subway Car Product Portfolio
  60. 8.10.5 CJSC Transmashholding Recent Developments
  61. 8.11 Stadler Rail
  62. 8.11.1 Stadler Rail Company Information
  63. 8.11.2 Stadler Rail Business Overview
  64. 8.11.3 Stadler Rail Subway Car Sales, Revenue, Price and Gross Margin (2021-2026)
  65. 8.11.4 Stadler Rail Subway Car Product Portfolio
  66. 8.11.5 Stadler Rail Recent Developments
  67. 8.12 CRRC
  68. 8.12.1 CRRC Company Information
  69. 8.12.2 CRRC Business Overview
  70. 8.12.3 CRRC Subway Car Sales, Revenue, Price and Gross Margin (2021-2026)
  71. 8.12.4 CRRC Subway Car Product Portfolio
  72. 8.12.5 CRRC Recent Developments
  73. 8.13 Beijing Subway Rolling Stock Equipment
  74. 8.13.1 Beijing Subway Rolling Stock Equipment Company Information
  75. 8.13.2 Beijing Subway Rolling Stock Equipment Business Overview
  76. 8.13.3 Beijing Subway Rolling Stock Equipment Subway Car Sales, Revenue, Price and Gross Margin (2021-2026)
  77. 8.13.4 Beijing Subway Rolling Stock Equipment Subway Car Product Portfolio
  78. 8.13.5 Beijing Subway Rolling Stock Equipment Recent Developments
  79. 8.14 TRCS
  80. 8.14.1 TRCS Company Information
  81. 8.14.2 TRCS Business Overview
  82. 8.14.3 TRCS Subway Car Sales, Revenue, Price and Gross Margin (2021-2026)
  83. 8.14.4 TRCS Subway Car Product Portfolio
  84. 8.14.5 TRCS Recent Developments
9 North America
  1. 9.1 North America Subway Car Market Size by Type
  2. 9.1.1 North America Subway Car Revenue by Type (2021-2032)
  3. 9.1.2 North America Subway Car Sales by Type (2021-2032)
  4. 9.1.3 North America Subway Car Price by Type (2021-2032)
  5. 9.2 North America Subway Car Market Size by Application
  6. 9.2.1 North America Subway Car Revenue by Application (2021-2032)
  7. 9.2.2 North America Subway Car Sales by Application (2021-2032)
  8. 9.2.3 North America Subway Car Price by Application (2021-2032)
  9. 9.3 North America Subway Car Market Size by Country
  10. 9.3.1 North America Subway Car Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
  11. 9.3.2 North America Subway Car Sales by Country (2021 VS 2025 VS 2032)
  12. 9.3.3 North America Subway Car Price by Country (2021-2032)
  13. 9.3.4 United States
  14. 9.3.5 Canada
  15. 9.3.6 Mexico
10 Europe
  1. 10.1 Europe Subway Car Market Size by Type
  2. 10.1.1 Europe Subway Car Revenue by Type (2021-2032)
  3. 10.1.2 Europe Subway Car Sales by Type (2021-2032)
  4. 10.1.3 Europe Subway Car Price by Type (2021-2032)
  5. 10.2 Europe Subway Car Market Size by Application
  6. 10.2.1 Europe Subway Car Revenue by Application (2021-2032)
  7. 10.2.2 Europe Subway Car Sales by Application (2021-2032)
  8. 10.2.3 Europe Subway Car Price by Application (2021-2032)
  9. 10.3 Europe Subway Car Market Size by Country
  10. 10.3.1 Europe Subway Car Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
  11. 10.3.2 Europe Subway Car Sales by Country (2021 VS 2025 VS 2032)
  12. 10.3.3 Europe Subway Car Price by Country (2021-2032)
  13. 10.3.4 Germany
  14. 10.3.5 France
  15. 10.3.6 U.K.
  16. 10.3.7 Italy
  17. 10.3.8 Russia
  18. 10.3.9 Spain
  19. 10.3.10 Netherlands
  20. 10.3.11 Switzerland
  21. 10.3.12 Sweden
11 China
  1. 11.1 China Subway Car Market Size by Type
  2. 11.1.1 China Subway Car Revenue by Type (2021-2032)
  3. 11.1.2 China Subway Car Sales by Type (2021-2032)
  4. 11.1.3 China Subway Car Price by Type (2021-2032)
  5. 11.2 China Subway Car Market Size by Application
  6. 11.2.1 China Subway Car Revenue by Application (2021-2032)
  7. 11.2.2 China Subway Car Sales by Application (2021-2032)
  8. 11.2.3 China Subway Car Price by Application (2021-2032)
12 Asia (Excluding China)
  1. 12.1 Asia Subway Car Market Size by Type
  2. 12.1.1 Asia Subway Car Revenue by Type (2021-2032)
  3. 12.1.2 Asia Subway Car Sales by Type (2021-2032)
  4. 12.1.3 Asia Subway Car Price by Type (2021-2032)
  5. 12.2 Asia Subway Car Market Size by Application
  6. 12.2.1 Asia Subway Car Revenue by Application (2021-2032)
  7. 12.2.2 Asia Subway Car Sales by Application (2021-2032)
  8. 12.2.3 Asia Subway Car Price by Application (2021-2032)
  9. 12.3 Asia Subway Car Market Size by Country
  10. 12.3.1 Asia Subway Car Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
  11. 12.3.2 Asia Subway Car Sales by Country (2021 VS 2025 VS 2032)
  12. 12.3.3 Asia Subway Car Price by Country (2021-2032)
  13. 12.3.4 Japan
  14. 12.3.5 South Korea
  15. 12.3.6 India
  16. 12.3.7 Australia
  17. 12.3.8 Taiwan
  18. 12.3.9 Southeast Asia
13 South America, Middle East and Africa
  1. 13.1 SAMEA Subway Car Market Size by Type
  2. 13.1.1 SAMEA Subway Car Revenue by Type (2021-2032)
  3. 13.1.2 SAMEA Subway Car Sales by Type (2021-2032)
  4. 13.1.3 SAMEA Subway Car Price by Type (2021-2032)
  5. 13.2 SAMEA Subway Car Market Size by Application
  6. 13.2.1 SAMEA Subway Car Revenue by Application (2021-2032)
  7. 13.2.2 SAMEA Subway Car Sales by Application (2021-2032)
  8. 13.2.3 SAMEA Subway Car Price by Application (2021-2032)
  9. 13.3 SAMEA Subway Car Market Size by Country
  10. 13.3.1 SAMEA Subway Car Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
  11. 13.3.2 SAMEA Subway Car Sales by Country (2021 VS 2025 VS 2032)
  12. 13.3.3 SAMEA Subway Car Price by Country (2021-2032)
  13. 13.3.4 Brazil
  14. 13.3.5 Argentina
  15. 13.3.6 Chile
  16. 13.3.7 Colombia
  17. 13.3.8 Peru
  18. 13.3.9 Saudi Arabia
  19. 13.3.10 Israel
  20. 13.3.11 UAE
  21. 13.3.12 Turkey
  22. 13.3.13 Iran
  23. 13.3.14 Egypt
14 Value Chain and Sales Channels Analysis
  1. 14.1 Subway Car Value Chain Analysis
  2. 14.1.1 Subway Car Key Raw Materials
  3. 14.1.2 Raw Materials Key Suppliers
  4. 14.1.3 Manufacturing Cost Structure
  5. 14.1.4 Subway Car Production Mode & Process
  6. 14.2 Subway Car Sales Channels Analysis
  7. 14.2.1 Direct Comparison with Distribution Share
  8. 14.2.2 Subway Car Distributors
  9. 14.2.3 Subway Car Customers
15 Concluding Insights
    16 Appendix
    1. 16.1 Reasons for Doing This Study
    2. 16.2 Research Methodology
    3. 16.3 Research Process
    4. 16.4 Authors List of This Report
    5. 16.5 Data Source
    6. 16.5.1 Secondary Sources
    7. 16.5.2 Primary Sources
    8. 16.6 Disclaimer

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