Pune, India, November 25, 2021 (GLOBE NEWSWIRE) – According to the report, the Locomotive market size to reach $ 25.48 billion by 2028; Increasing urbanization and increasing population are causing a growth spurt for the market. The expansion of rail networks around the world due to the constant increase in population and rapid urbanization is expected to drive the growth of the market. Fortune Business Insights ™ presented this information in its report titled “Locomotive Market, 2021-2028”. The market size was $ 12.34 billion in 2020.
Based on technology type, the market is divided into SiC module, GTO thyristor, and IGBT module. Based on the type of propulsion, the market is divided into electric and diesel. Geographically, the market is categorized as North America, Asia Pacific, Europe, and Rest of the World.
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Rapid urbanization and increasing population rate to propel market growth
The ever growing population and rapid urbanization are expected to be the main drivers for the growth of the global locomotive market. Growing road traffic congestion issues are also expected to drive the market growth.
Electric locomotives perform better, require less maintenance and energy, and also reduce pollution levels. Growing concerns for environmental sustainability are likely to increase adoption of electric motors and drive market growth. Moreover, the increasing adoption of autonomous motors is expected to drive the market growth.
Technological advancements in the industry are also expected to drive the growth of the market in the coming years.
However, high maintenance costs and capital intensive rolling stock are likely to hamper the growth of the market.
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Asia-Pacific is expected to hold the largest share of the global locomotive market. Expansion of the rail network, increasing urbanization and high population rate are likely to be the main growth drivers of the market. Governments of developed and developing countries like India, Japan and China are investing in infrastructure development. They develop and acquire high speed trains and improve levels of safety and comfort. These factors are expected to support the growth of the market in the coming years.
In addition, the high levels of road traffic congestion has resulted in a massive adoption of public transport, which is likely to complement the growth of the market.
Europe is expected to experience steady growth in the coming years due to the presence of several manufacturers of railway equipment in the region.
North America is expected to experience tremendous growth due to the strong manufacturing base present in the region, especially for diesel locomotives.
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Major players focus on developing efficient drivers to ensure market growth
Major market players are emphasizing the development of advanced electronic and electrical equipment to increase the efficiency and delivery power of locomotives. Companies operating in the market design innovative growth strategies such as new product launches, technology developments, mergers, partnerships, acquisitions and collaborations to drive growth. For example, Siemens Mobility partnered with the Helmholtz Institute Erlangen-Nuremberg in May 2021 to develop liquid organic hydrogen transport technology for rail transport.
List of companies operating in the market:
- Bombardier Transportation (Canada)
- Alstom (France)
- Hitachi Ltd (UK)
- AEG Power Solutions (Netherlands)
- Siemens Mobility (Germany)
- Wabtec Corporation (United States)
- Toshiba International Corporation (United States)
- CZ LOKO, AS (Czech Republic)
- CRRC Corporation Limited (China)
- Hyundai Corporation (South Korea)
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Global locomotive market segmentation:
By type of technology:
- IGBT module
- Thyristor GTO,
- SiC module
By type of propulsion:
- North America (United States, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and rest of Europe)
- Asia-Pacific (Japan, China, India, Australia, Southeast Asia and the rest of Asia-Pacific)
- Latin America (Brazil, Mexico, rest of Latin America)
- Middle East and Africa (South Africa, GCC and rest of Middle East and Africa)
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