New York, United States , Dec. 12, 2023 (GLOBE NEWSWIRE) -- The Global Locomotive Market Size to Grow from USD 22.71 Billion in 2022 to USD 55.2 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 9.3% during the forecast period. The rising expenditure on rail transportation networks slated by both public and private participants, as well as increasing infrastructure projects in major cities due to growing populations, are major drivers driving the global locomotive market growth.
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A locomotive, often known as an engine, is the driving power that propels trains across railroad rails. Multiple units, railcars, or power cars are some self-propelled variants capable of hauling payloads. They are becoming popular for passenger trains, although they are less prevalent for freight trains. As global rail infrastructure has grown, driven by a growing preference for public transit and a push for greater connectivity, demand for a wide range of locomotives, including freight, passenger, and repowered engines, has increased. To accommodate this demand, manufacturers are being pushed to develop and produce contemporary locomotives. The incorporation of modern technologies, including as backup power units and IGBT modules, which improve fuel efficiency, reduce emissions, and optimize power use, is also fueling the market's expansion. The worldwide locomotive industry is poised for significant expansion in the coming years as investments pour into developing rail lines for transportation and transit trains.
Browse key industry insights spread across 210 pages with 110 market data tables and figures & charts from the report on the "Global Locomotive Market Size, By Engine Type (Diesel, Electric, Hybrid-Electric, Others), By Technology (IGBT Module, GTO Thyristor, SiC Power Module, Others), By Component (Rectifier, Inverter, Traction Motor, Alternator, Auxiliary Power Unit [APU], Others), By Application (Freight, Passengers, Switcher), By Geographic Scope and Forecast, 2023 – 2032."
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Locomotive Market Price Analysis
Research on the changing patterns of locomotive market prices reveals a complex setting influenced by several elements. This market is characterized by a balance of diesel and electric locomotives, with electric categories gaining popularity due to environmental and economic benefits. Fuel prices, environmental regulations, and technological advancements all have a substantial impact on locomotive pricing. While electric locomotives have greater startup costs, they are typically more cost-effective in the long run due to lower operational expenses. Furthermore, old locomotives are in high demand among cost-conscious customers, particularly in developing nations or cities with low population density and limited finances.
Locomotive Market Distribution Analysis
According to the locomotive market distribution analysis, the worldwide market is diverse, with multiple outlets and a global reach. The most common distribution channels for locomotives were manufacturers, dealers, and leasing companies. Geographically, North America and Asia Pacific dominated the sector due to their extensive railway infrastructure. Emerging economies in Latin America and Africa, on the other hand, have shown signs of prospective growth. A noteworthy development was an increase in leasing arrangements, which provide flexibility and cost-efficiency to operators. Online portals that allowed easy access to locomotive listings also played a larger role in procuring locomotives and their services.
Insights by Engine Type
The electric segment accounted for the largest market share over the forecast period 2023 to 2032. The growing emphasis of governments and commercial manufacturers on sustainable development is helping to propel this industry forward. Electric locomotives release fewer pollutants, reducing air pollution and greenhouse gas emissions. Furthermore, governments and regulatory agencies are expanding their endeavors to increase the usage of electric locomotives as part of their climate change mitigation efforts, which has aided the locomotive sector's effectiveness.
Insights by Technology
The IGBT module segment accounted for the largest market share over the forecast period 2023 to 2032. IGBT modules are power electronics used in electric and diesel electric train transaction systems to reduce power consumption during operation. The growing demand for long-lasting and robust power electronics solutions for traction, propulsion, and control systems in modernized rail transportation is propelling this industry forward.
Insights by Component
The rectifier segment accounted for the largest market share over the forecast period 2023 to 2032. A rectifier in an electric locomotive converts alternating current into direct current to power the traction motors. This is essential for the locomotive to operate properly. The rising need for electricity-powered locomotives to convert AC to DC power for DC traction motors is helping to drive the segment's growth.
Insights by Application
The freight segment accounted for the largest market share over the forecast period 2023 to 2032. The expansion of logistics as a result of the rise of e-commerce has created a profitable market requirement for freight transportation. As global trade expands and the need for efficient supply networks grows, locomotives will become a stable and scalable choice for moving freight. Significant countries growing rail transportation activity is driving the market growth.
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North America Market Statistics
North America is anticipated to dominate the locomotive market from 2023 to 2032. Adoption of electric and self-driving locomotives is increasing throughout North America, particularly in the United States and Canada, spurred by environmental concerns over greenhouse gas emissions. Using battery electric power helps to reduce pollutants and improve air quality. As a response, governments are investing in improved electric locomotives; one significant example is Progress Rail's demonstration of battery-electric locomotives in Los Angeles and Long Beach ports in 2021. The region has a solid railway system, a solid manufacturing background, and high locomotive demand. Key firms such as General Electric Company (GE) and Wabtec Corporation have long had a presence here. Furthermore, North America's enormous freight transportation network, which relies on locomotives for long-distance commodities transit, emphasizes its commercial importance.
Asia Pacific is witnessing the fastest market growth between 2023 to 2032. The Asia Pacific region is experiencing an upsurge in demand for dependable transportation as a result of fast economic growth, urbanization, and infrastructure development. China stands out for its extensive rail network and significance as a major locomotive manufacturing base, led by behemoths such as CRRC Corporation Limited. India's railway expansion, including programs such as the Dedicated Freight Corridor and infrastructure upgrading, enhances locomotive demand even further. To demonstrate its commitment, the Indian government planned a large INR 2.45 trillion investment in infrastructure and rolling stock development in February 2022.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the, Companies Covered: Caterpillar Inc., Hitachi Ltd., Wabtec Corporation, CRRC Corporation Limited, AEG Power Solutions, Bharat Heavy Electricals Limited, Mitsubishi Heavy Industries Ltd., GE Transportation, Kawasaki Heavy Industries, Hyundai Corporation, Turbo Power Systems, Alstom S.A., Toshiba Corporation, Strukton, Siemens AG, Bombardier, and other key players.
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Recent Market Developments
- On July 2023, Vale announced a collaboration with Wabtec Corporation to accelerate the decarbonization of its rail operations. The agreement includes a purchase of three Wabtec FLXdrive battery locomotives as well as a collaboration to investigate ammonia as a potential clean, alternative fuel to diesel. Wabtec will manufacture the FLXdrive locomotives at its Contagem (Minas Gerais) factory. The locomotives are expected to arrive in 2026.
Market Size Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2032.
Locomotive Market, Engine Type Analysis
- Diesel
- Electric
- Hybrid-Electric
- Others
Locomotive Market, Technology Analysis
- IGBT Module
- GTO Thyristor
- SiC Power Module
- Others
Locomotive Market, Component Analysis
- Rectifier
- Inverter
- Traction Motor
- Alternator
- Auxiliary Power Unit [APU]
- Others
Locomotive Market, Application Analysis
- Freight
- Passengers
- Switcher
Locomotive Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
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