Transportation electrification is growing, but the available figures do not establish a boom in total transport spending or prove that all five companies named in the original headline are increasing investment. The clearest market forecast is for rail: UNIFE estimates an accessible rail market of €119.2 billion a year in 2021–2023 and forecasts €139.4 billion a year in 2027–2029. That is not a forecast for all transport electrification, and Siemens Mobility’s €52 billion order backlog is contracted business—not industry spending.
What the figures say—and what they do not
“Transportation electrification spending” can refer to several different things: the total market available to suppliers, a company’s orders, its capital investment, or money spent by transport operators and consumers. Those figures answer different questions. The evidence available here supports a measured view of electrification’s growth, but it does not provide one comparable spending forecast covering road, rail, aviation and shipping, or a reliable investment ranking for Thales Group, Bombardier Inc., Siemens AG, Continental AG and General Electric.
| Measure | Figure | What it represents |
|---|---|---|
| Accessible rail market | €119.2 billion per year, average for 2021–2023 | UNIFE’s estimated annual accessible rail market, as cited in Alstom’s 2025/26 Universal Registration Document. It includes rolling stock, services, rail control, infrastructure, and turnkey/system integration. |
| Accessible rail market | €139.4 billion per year, forecast average for 2027–2029 | UNIFE’s forecast, cited in the same Alstom document. It is a rail-market estimate, not a measure of transport electrification spending across all modes. |
| Accessible rail market growth | 2.6% average annual growth rate | The rate reported for the comparison between the 2021–2023 and 2027–2029 periods; it is not a company growth rate. |
| Siemens Mobility order backlog | €52 billion at the end of fiscal 2025 | Siemens AG’s reported backlog for Mobility. It represents orders on hand, not market size, capital expenditure, or revenue already earned. |
The market figures come from the UNIFE World Rail Market Study 2024 as reproduced by Alstom; the backlog comes from Siemens AG’s Annual Report 2025. They should not be added together or treated as interchangeable. Nor does a larger addressable market automatically mean a supplier will win more orders, convert them into revenue on schedule, or earn higher profits.
Why rising EV sales do not mean transport is already electrified
The International Energy Agency’s report “Electrification,” published on 22 September 2026, puts the distinction between new sales and the whole transport system in sharp relief. Nearly 25% of new car sales in 2025 were electric, up from less than 1% in 2015. Yet electricity supplied only nearly 2% of transport energy consumption in 2025, compared with 1% in 2015.
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New-car sales are a flow: they show what buyers purchased during a period. The vehicle fleet is a stock that takes time to turn over, and transport energy use also includes modes beyond cars. The IEA points to the size of the existing vehicle fleet and the difficulty of electrifying long-distance aviation and shipping as factors behind the gap. So fast growth in electric-car sales is important, but it is not evidence that a similar share of all transport energy—or spending—has shifted to electricity.
Rail is the clearest quantified infrastructure opportunity
Rail electrification is not just a matter of purchasing trains. It can involve traction power supply, contact lines, network control, system planning, engineering, installation and continuing maintenance. Siemens Mobility’s official portfolio describes work across these areas, including AC and DC traction power systems. This makes the rail opportunity relevant to large infrastructure programmes as well as rolling-stock purchases.
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Siemens AG’s Annual Report 2025 said Mobility markets grew moderately in fiscal 2025 and discussed demand for track electrification. Its €52 billion year-end backlog is a sign of contracted business within the Mobility division, but it does not isolate electrification projects or show the amount spent in the wider market. Order intake and backlog also differ from realized sales and from a company’s own capital expenditure.
Alstom’s document provides a broader rail-market measure than any single supplier’s backlog. The UNIFE accessible-market estimate covers multiple parts of the rail supply chain, so it should not be read as a dedicated electrification budget. It indicates a forecast expansion in the accessible rail market between the stated periods, not a guaranteed outcome for every rail supplier.
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Aviation and shipping follow a different path
Road and rail can use direct electricity in ways that are harder to apply to long-distance flights and ocean-going ships. The IEA identifies those harder-to-electrify modes as part of the reason electricity remains a small share of transport energy overall. Decarbonization in aviation and maritime therefore also depends on low-carbon fuels and other approaches, rather than simply extending the same electrification model used for cars or rail.
The European Commission’s COM/2025/664 final policy document says aviation and maritime account for about 8.4% of total EU greenhouse gas emissions and can benefit only marginally from electrification. That is EU-specific policy context, not a global emissions figure or a market forecast. It reinforces why a rail-market forecast cannot stand in for a forecast covering all transportation.
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What can be said about the five named companies
The available company evidence is not sufficiently comparable to rank these firms by transportation-electrification spending. A company’s presence in transport or infrastructure does not establish how much it invests in electrification, and the absence of a comparable figure here does not prove that a company has no relevant activity.
- Siemens AG: The strongest current company-level evidence among the five is Siemens Mobility’s rail infrastructure portfolio, Siemens AG’s fiscal 2025 commentary on Mobility and track-electrification demand, and the division’s €52 billion order backlog at the end of fiscal 2025. The backlog is not a spending forecast.
- Thales Group: No comparable current transportation-electrification spending figure was established in the available company evidence. That is a limit on comparison, not evidence that Thales has no relevant business.
- Continental AG: No comparable current transportation-electrification spending figure was established for Continental. A company-level investment comparison would require a defined metric and current disclosures.
- General Electric: No comparable current transportation-electrification spending figure was established. “General Electric” also needs a defined corporate scope—present entity or legacy business—before its figures can be compared consistently with the other names.
- Bombardier Inc.: Do not treat Bombardier Transportation’s former rail operation as a current, independent Bombardier Inc. peer. Alstom’s FY 2024/25 results report says the Bombardier Transportation integration process had ended. Historical rail activity under that name does not by itself describe Bombardier Inc.’s current business.
For a meaningful company comparison, an investor would need to choose one common measure—such as disclosed capital expenditure tied specifically to electrification, relevant segment revenue, or orders in hand—and use the same reporting period and corporate scope for every company. The figures above do not provide that like-for-like dataset.
How to interpret the “boom” claim as an investor
The figures support a narrower conclusion: electric-car sales have risen substantially, and UNIFE’s cited accessible rail market is forecast to grow between its stated periods. They do not show that total transportation-electrification spending is about to boom, that each named company is increasing its spending, or that a larger market will translate into higher shareholder returns.
Quick Recap
- Check the measure: A market estimate, company backlog, order intake, capital expenditure and revenue are not substitutes for one another.
- Check the scope: A rail forecast does not cover road vehicles, aviation and shipping as one combined market.
- Check the period: The IEA’s 2015 and 2025 figures describe observed transport indicators; the rail market’s 2027–2029 figure is a forecast.
- Check the corporate identity: Historical business units and present-day companies may not be comparable peers.
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