The ‘Global Locomotive Market Size, Share, Analysis, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global locomotive market, assessing the market based on its segments like propulsion types, technologies, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Locomotive Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): Around USD 15.04 Billion
• Forecast CAGR (2023-2028): 9.1%
• Forecast Market Size (2028): Nearly USD 25.36 Billion
A locomotive, variously known as an engine or a rail transport vehicle, is a vehicle that delivers the motive power for a train. The usage of such self-driven vehicles has become more common for passenger trains; however, it is rare for freight. Oil and electricity are the two important sources of power for locomotives.
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During the upcoming years, the rise in urbanisation, sustainability trend, a wide range of future rail ventures, the development in the demand for energy-competent moving stock, and an expanding infrastructure of rail networks are anticipated to drive the global locomotive market. Also, the expansion of rail networks across the globe is supporting the utilisation of electric locomotives to fulfill the demand as a method of public transport.
Technological advancements like the introduction of the Sic module, IGBT module, and auxiliary power units are expected to fuel the demand for locomotive engines. This development is anticipated to decrease emissions, heighten the efficiency of fuel, reduce the overall weight of locomotives, and lower the loss of power.
The growing number of sustainable locomotive ventures in several countries globally is likely to provide lucrative opportunities to the expansion of the locomotive market. Moreover, the introduction of favourable initiatives by governments and private organisations to advance and deploy electricity-powered locomotives is expected to further encourage the development of the market in the forecast period.
Locomotive Industry Definition and Major Segments
A locomotive can be defined as a railway vehicle that delivers the motive power to a train and does not have payload capability of its own. The main purpose of locomotive is to drive the train alongside the tracks. In contrast, certain trains have self-driven, freight-hauling vehicles. These are generally not taken as locomotives and can be described as several units or railcars. The utilisation of such self-driven vehicles is more common for passenger trains.
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Based on propulsion type, the global locomotive market can be segmented into:
By technologies, the market is classified into:
• IGBT Module
• GTO Thyristor
• SIC Module
The major regional markets of locomotive include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Locomotive Market Trends
Owing to the increasing urbanisation and expanding population, advancing economies of emerging countries, and expanding rail networks, the global locomotive market is flourishing.
With the growing demand for public transportation, investments in locomotive technology by large rail networks are likely to increase. Such technologies are expected to bolster fuel productivity, reduce pollution, and lower the overall weight of trains while decreasing the power loss.
The increasing number of environment-friendly locomotive ventures in countries across the globe is expected to augment the locomotive market demand. Moreover, technological advancements and innovations, such as e-mobility technologies and data-propelled maintenance services, are anticipated to boost the demand for locomotives in the forecast period.
Region-wise, the Asia Pacific is expected to hold a significant share in the market due to the presence of key market players, the flourishing transportation sector, and the increasing number of rail passengers and train travel.
Key Market Players
The major players in the global locomotive market are Alstom, Siemens Mobility, Wabtec Corporation, Toshiba Infrastructure Systems & Solutions Corporation, CZ LOKO, A.S., Hyundai Corporation, and American Locomotive Company, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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