The development of a new generation of running gear is pivotal to the achievement of the ambitious goals set by Shift2Rail for future European trains, encompassing the substantial reduction of Life Cycle Costs, improved reliability and energy efficiency, the reduction of noise emissions and of other externalities and the achievement of full interoperability of the rolling stock. NEXTGEAR will implement a coordinated set of research activities to develop Running Gear Innovations and the Wheel Set of the Future. The Universal Cost Model (UCM) will be developed as part of the project to better support the modelling of the overall system cost implications of different technologies. This work will have wider benefits beyond the current project.