The locomotive market size is projected to reach USD 20.86 Billion by 2028 from an estimated USD 16.61 Billion in 2021, growing at a CAGR of 3.87% globally.
A locomotive is a powered rail transport vehicle that only has enough power to draw a train along railroad rails and has no payload capacity. The engine is a rail transport vehicle that provides the power to the train for its movements. There are two types of rail transport one is a passenger and another is freight, this locomotive system is generally preferred in passenger rail transport systems rather than freight rail transport. When there is an engine running on a railway track without coaches attached behind, that is not a train. That is a locomotive or engine traveling on its own. The only engine has power for moving from one place to another. However, when the engine is used to pull the coaches, the whole unit is known as a train. It was first used in 1814 to distinguish between stationary steam and self-propelled engines. Railways are the most common, popular, and preferred transportation service in the world which may driving the growth of the locomotive market.
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Major Key Players for Locomotive Market:
- AEG Power Solutions B.V.
- TOSHIBA CORPORATION
- Hitachi Ltd.
- Bharat Heavy Electricals Limited
- Wabtec Corporation
- Metso Corporation
- Brookville Equipment Corporation
Market Dynamics and Factors:
Railway transport is a cost-effective and environmentally friendly mode of transportation. Urbanization brings development in many ways but also shows the harmful effect on the environment. Locomotion is an alternative way of transportation that has a lesser adverse effect on nature. High emissions from roads and air transport affect the environment which propels the growth of the locomotive market during the forecast period. Most of the countries with the largest rail network are managed by private stakeholders, but at the same time, the government is involved in these operations that help in the direct revenue generation for the country. The UK`s government has announced around USD 50 billion investment in the rail network. Also, increasing technical advancements like using hybrid technology of electric locomotives and electric multiple units (EMUs) that convert the kinetic energy of the train during its braking into power reduces the utility of electricity. All these factors are helping in the growth of the locomotive market in the projected period.
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Locomotive Market Report Highlight:
- By type, the diesel segment is expected to have the maximum market share in the locomotive market during the projected period. Diesel-powered engines are used for long-haul routes for both passenger and freight purposes and it is a commonly used engine in the world.
- By technology, the IGBT power module segment is predicted to expand the most in the locomotive market during the forecast year. IGBTs have a 3 to 4 times higher switching frequency than the GTOs which gives smoothens the acceleration process and reduce the traction noise these factors are propelling the growth of the locomotive market.
- By region, Asia Pacific is expected to dominate the locomotive market, during the projection period. In the major Asian economies such as China, India, and Japan railways are the preferred mode of transport among the population which boosts the growth of the locomotive market in this region.
Key Industry Development:
- In March 2020, Alstom has signed a Memorandum of Understanding (MOU) for the acquisition of Bombardier Transportation with Bombardier Inc. and the Caisse de dépôt et placement du Québec (“CDPQ”). The total cost of acquiring all of Bombardier Transportation’s shares is expected to be roughly €6 billion.
- In May 2022, Wabtec Corporation and Deutsche Bahn (DB) signed an agreement to optimize the maintenance and operation of Wabtec equipment on board Deutsche Bahn trains. The agreement provides strength to their longstanding partnership and helps both companies drive meaningful progress against their sustainable transportation goals.
Locomotive Market Segmentation:
- IGBT Power Module
- GTO Thyristor Module
- SIC Power Module
For this report, Introspective Market Research has segmented the Locomotive Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM
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Scope of the Report:
The report encompasses the entire analysis of market size in previous years for major segments and countries, as well as future estimates. Locomotive Market study looks deeply into the worldwide market’s competitive landscape. The study also provides the names of key market players and the methods they used to gain a dominant position in the industry. It also includes useful market insights, dynamics and factors, and market analysis techniques such as PESTEL analysis, PORTER’s Five Forces analysis, value chain analysis, SWOT analysis, BCG matrix, and Ansoff matrix.
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