Locomotive Market Size, Industry Share and Forecast, 2032

Posted 2024-04-10 12:27:53

Locomotive Market

The global Locomotive market size accrued earnings worth approximately USD 11.25 Billion in 2023 and is predicted to gain revenue of about USD 20.67 Billion by 2032, is set to record a CAGR of nearly 7.00% over the period from 2024 to 2032.

Global Locomotive Market: Overview

A locomotive is an engine used in a rail transport vehicle that moves the train along the track while providing motive power for the train without having any capacity for cargo. Certain trains are equipped with autonomous payload-carrying vehicles. Trains might have locomotives at the front, back, or both ends. Due to their great performance, lower energy costs, lower pollution levels, and easier maintenance, electric locomotives are commonly chosen.

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Global Locomotive Market: Growth Factors

Urbanization, the expansion of rail networks, and the growing demand for energy-efficient rolling stock are the main drivers propelling the growth of the worldwide locomotives market. In the foreseeable future, a wide range of anticipated rail projects and environmental sustainability will promote market expansion. The market for locomotives is supported by extensive rail networks, which help to meet the rising demand for public transportation. The rise of cutting-edge technologies like SiC modules, IGBT modules, and auxiliary power units is a factor in the global market share that is largest. By increasing fuel economy, lowering emissions, and decreasing total weight, these technologies may minimize power loss when changing the existing condition. However, expensive upkeep and repairs, as well as huge capital investment in rolling stocks are the major restraining factors of the global locomotives market.

Global Locomotive Market: Segmentation

The motive power, end use, operational engine, and technology segments the worldwide locomotive market. The market is divided into three segments based on technology: GTO thyristor module, SiC power module, and IGBT power module. Gas turbine electric, steam diesel hybrid, diesel, atomic electric, steam, fuel cell electric, electric, gasoline, and hybrid make up the motive power section. The locomotive market is divided into switcher locomotives, freight, and passenger categories according on the final usage. Station pilot, train engine, light engine, banking engine, and pilot engine comprise the two halves of the operating engine segment.

Global Locomotive Market: Regional Analysis

Asia Pacific region contributed for the largest market share due to the increasing population growth, expanding rail network, and rising urbanization. Developing countries in Asia-Pacific such as India, China, and Japan will witness strong growth in the near future. Increasing number of rail infrastructural projects in the Latin American region is anticipated to fuel the locomotives market growth. The government of North America and Europe is largely investing in the expansion and modernization of the rail network. Robust economic growth and rise in the demand for power and conversion systems in the Middle East and Africa will develop the locomotives market growth in future.

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