Locomotive Market Size to Grow Worth USD 25.48 Billion at a CAGR of 8.8% for 2021-2028 | Fortune Business Insights
Fortune Business Insights
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The locomotive market size is expected to grow from USD 14.16 billion in 2021 to USD 25.48 billion by 2028; it is estimated to grow at a CAGR of 8.8% from 2021 to 2028.
Pune, India., Feb. 15, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global locomotive market to grow at a CAGR of 8.8% and reach USD 25.48 billion during forecast period of 2021-2028. The market was valued USD 12.34 billion in 2020. The market growth is attributed to factors such as the expansion of rail networks worldwide due to the ever-increasing population and rapid urbanization are projected to boost the growth of the market. Fortune Business Insights™ has presented this information in its report titled, “Locomotive Market, 2021-2028”.
The swift digitization and technological advancements are likely to intensify the growth of the market. The rising adoption of autonomous locomotive and automated transit systems is expected to boost the market's growth.
Increase in Digitalization Post Pandemic to Accelerate Market Growth
Rising Demand for Fuel Efficient Products Coupled with Increasing Environmental Concerns to Aid Market Growth
Rapid Growth in Population and Rising Traffic Congestion on Road to Boost Market Growth
Capital Intensive Rolling Stock and High Cost of Maintenance to Hamper Market Growth
Diesel Segment Holds Largest Locomotive Market Share in Global Market
Drivers & Restraints-
Swift Urbanization & Surging Population Rate to Propel Market Growth
The ever-increasing population and swift urbanization are anticipated to be the key propellants to the global locomotive market growth. The increasing road traffic congestion issues are also expected to stimulate the growth of the market. Electric locomotives offer better performance, require lesser maintenance and energy costs, and also reduce pollution levels. The increasing concerns for environmental sustainability are likely to augment the adoption of electric engines and foster market growth. Additionally, the growing adoption of autonomous engines is anticipated to bolster the growth of the market. The technological advancements in the industry are also projected to stimulate market growth in the coming years. However, the high maintenance costs and capital-intensive rolling stock are likely to hinder the growth of the market.
On the basis of technology type, the market is trifurcated into SiC module, GTO thyristor, and IGBT module. On the basis of propulsion type, the market is bifurcated into electric and diesel. Geographically, the market is classified into North America, Asia Pacific, Europe, and the Rest of the World.
Segmentation
By Technology Type
IGBT Module
GTO Thyristor
SiC Module
By Propulsion Type
Diesel
Electric
Competitive Landscape-
Key Players Emphasize Developing Efficient Engines to Garner Growth in the Market
The key players in the market emphasize developing advanced electronic and electric equipment to increase efficiency and power-delivery of locomotives. The businesses operating in the market are devising innovative growth strategies such as new product launches, technological developments, mergers, partnerships, acquisitions, and collaborations to gain growth impetus. For instance, Siemens Mobility partnered with Helmholtz Institute Erlangen-Nuremberg in May 2021 to develop liquid organic hydrogen carrier technology for rail transport.
Expansion of Rail Network to Boost Growth in Asia Pacific
Asia Pacific is expected to hold the largest portion of the global locomotive market share. The expansion of the rail network, increasing urbanization, and the high population rate are likely to be the key growth propellants for the market. The governments of developed and developing nations such as India, Japan, and China are investing in infrastructural development. They are developing and acquiring high-speed trains and enhancing the safety and comfort levels. These factors are anticipated to bolster the market growth in the coming years. Additionally, the high levels of road traffic congestion have resulted in massive adoption of public transportation, which is likely to complement the market’s growth.
Europe is anticipated to witness steady growth in the upcoming years due to several rail material manufacturers present in the region.
North America is projected to gain considerable growth due to the robust manufacturing base present in the region, particularly for diesel locomotives.
Report Coverage:
Showcases a comprehensive assessment of the market.
Highlights the latest industry developments of the market.
Assimilates various drivers, threats, and opportunities for the market.
Highlights the impact of the COVID-19 pandemic.
Provides crucial information on the market’s competitive landscape.
A list of prominent Locomotives manufacturers operating in the global market:
Bombardier Transportation (Canada)
Alstom (France)
Hitachi Ltd (U.K.)
AEG Power Solutions (Netherlands)
Siemens Mobility (Germany)
Wabtec Corporation (U.S.)
Toshiba International Corporation (U.S.)
CZ LOKO, A.S. (Czech Republic)
CRRC Corporation Limited (China)
Hyundai Corporation (South Korea)
Notable Industry Development:
June 2021: Wabtec Corporation collaborated with General Motors to develop and commercialize the HYDROTEC hydrogen fuel cell systems and Ultium battery technology of General Motors for Wabtec locomotives.
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