Global Locomotives Market - WishTree Insight

Global Locomotives Market by Operational Engine (Banking Engine, Station Pilot, Pilot Engine), Technology (GTO Thyristor Module, Sic Power Module, IGBT Power Module), Motive Power (Steam Diesel, Hybrid Diesel, Fuel cell Electronic, and Others), Application (Freight, Switcher Locomotives, Passenger), and Regions, The Asia Pacific, Middle East Africa, Europe, North America, and Latin America) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2021 – 2031

The Locomotives market size was valued at USD 22.1 billion in 2021 and is expected to surpass USD 48.6 billion by 2031, expanding at a CAGR of 10.78 % during the forecast period, 2021–2031. The market's growth is attributed to the increase in urbanization.

INTRODUCTION

Locomotives are railway engines that provide a power source for the movement of railway vehicles. The primary function of the locomotive is to move the train along the track, it provides motive power to rail-driven vehicles. These engines use oil and electricity as power. Rectifiers, alternators, traction, and others are the components of locomotives. They are capable of carrying the payload by themselves. These systems are preferred in passenger rail transport.

Market Trends, Drivers, Restraints, and Opportunities

• Rise in demand for fuel efficiency among growing environmental concerns is a key factor in driving the market.
• Rising demand for advanced power components and modernization in the market leading to lower-weight locomotives is expected to drive the market.
• Rise in demand for rolling stock that is energy-efficient is expected to propel the market.
• Increasing the requirement of capital funding for the integration and establishment as well as maintenance of railway services is expected to boost the global locomotive market.
• Rising population, enhancing economies of developing countries, rising growth in industrial and mining activities, and technological upgradation is expected to create new opportunities in the market.

Scope of the Report

Market Segment Insights

Based on the operational engine, the locomotives market is divided into banking engine, station pilot, pilot engine.

Based on technology, the locomotive market is divided into GTO thyristor modules, SiC power modules, and IGBT power modules.

On the basis of motive power, the locomotive market is segregated into steam diesel, hybrid diesel, fuel cell electronics, and others.

Based on application, the locomotive market is divided into freight, switcher locomotives, and passenger.

The Asia Pacific region is anticipated to constitute a key market share

In terms of regions, the locomotive market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of the Asia Pacific region is expected to constitute a key share of the market during the projected period owing to the massive transport industry and the constantly rising passenger and train travel. However, the market of Latin America is anticipated to expand at a rapid pace during the forecast period.

Competitive Landscape

Key players competing in the Locomotives market are Siemens AG (Germany); China Railway Rolling Stock Corporation Limited (CRRC) (China); Hyundai Rotem (South Korea); Alstom SA (France); Mitsubishi Heavy Industries, Ltd. (Japan).

FAQs

How much is the market worth?

The Locomotives market size was valued at USD 22.1 billion in 2021 and is expected to surpass USD 48.6 billion by 2031.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 10.78.

What are the key drivers of the market?

The market's growth is attributed to the increase in urbanization.

What segments are covered in the Locomotives report?

The segments covered in the report are the operational engine (banking engine, station pilot, pilot engine), technology (GTO thyristor module, SiC power module, IGBT power module), motive power (steam diesel, hybrid diesel, fuel cell electronic, and others), application (freight, switcher locomotives, passenger)..

Mention which region is expected to hold the highest share of the Locomotives market.

The Asia Pacific region is expected to hold the highest share of the Dichlorobenzene market.

Mention the key players in the market.

Siemens AG (Germany); China Railway Rolling Stock Corporation Limited (CRRC) (China); Hyundai Rotem (South Korea); Alstom SA (France); Mitsubishi Heavy Industries, Ltd. (Japan)