Locomotive Market Key Players Studied in this Report are Bombardier Transportation, Alstom, Hitachi Ltd, AEG Power Solutions, Siemens Mobility, Wabtec Corporation, Toshiba International Corporation, CZ LOKO, CRRC Corporation Limited, Hyundai Corporation.
Pune, India, Feb. 18, 2021 (GLOBE NEWSWIRE) — According to the report, Locomotive market size is projected to reach $23.83 Billion by 2027. Locomotive Market was worth USD 18.16 billion in 2019 and will exhibit a CAGR of 10.3% during the forecast period.
The global locomotives market size is projected to reach USD 23.83 billion by the end of 2027. The high investment in the development of sustainable products will emerge in favor of market growth.
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Increasing Number of Electric Locomotive Projects Will Bode Well for Market Growth
Locomotives are powered engines that are used to pull trains. The ability of a locomotive to carry a payload is what separates it from low-power engines. The force required to pull trains is much higher than normal vehicles and thus, large scale investments are a necessity and not a benefit.
The recent technological advances in design as well as structures of locomotives have allowed applications with higher pulling capacities and lower fuel consumption. The massive investment in the railway sector is consequential to the large amount of passengers it can carry. The extensive of railways in densely populated countries such as India will create several growth opportunities for the companies operating in the market. The presence of several large scale companies will emerge in favor of market growth.
Among all factors, the increasing number of sustainable locomotive projects in major countries across the world will open up a huge potential for rapid growth. The efforts taken to develop and deploy electricity-powered locomotives by governments as well as private companies will emerge in favor of market growth. In March 2018, Alstom announced completion of its all-electric locomotive in Madhepura, Bihar.
The company was working on this contract, supposedly worth USD 75 million, since the past few years. This step was initiated by the Indian government, with the rising demand for sustainable energy. This step was consequential to the massive fuel consumption and carbon emission in the densely populated country of India.
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Asia Pacific to Emerge Dominant; Rising Urbanization and Expansion of Rail Network Will Aid Growth
Asia Pacific holds the largest market share. The rising urbanization has created the need for sustainable engines. The massive transport industry and the constantly rising railway passengers and train travels will create several opportunities for the companies operating in the regional market. As of 2019, the market in Asia Pacific was worth USD __ (value to be included after update in RD) billion and this value is projected to increase at a considerable pace in the coming years.
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The market in Europe is expected to exhibit a steady CAGR in the coming years. The growth of the market in this region is attributable to the presence of several large scale manufacturers in several countries across this region.
- Bombardier Transportation
- Hitachi Ltd
- AEG Power Solutions
- Siemens Mobility
- Wabtec Corporation
- Toshiba International Corporation
- CZ LOKO, a.s.
- CRRC Corporation Limited
- Hyundai Corporation
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Global Locomotive Market Segmentation:
By Technology Type:
- IGBT Module
- GTO Thyristor
- SiC Module
By Propulsion Type:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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