Locomotive Market worth USD 25.7 billion by 2027, registering a CAGR of 11.61% - Report by Market Research Future (MRFR)
New York, July 16, 2021 (GLOBE NEWSWIRE) -- Locomotive Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Locomotive Market Research Report, Type, Technology, Component and Region - Forecast till 2027” the market is projected to be worth USD 25.7 billion by 2027, registering a CAGR of 11.61% during the forecast period (2021 - 2027), The market was valued at USD 18.9 billion in 2020.
Transport of Bulk Goods to Steer Global Locomotive Market Revenues
Locomotives are rail transport vehicles designed to tow gauges of different bogeys such as diesel, steam, and electric. Governments looking for plans to beautify and modernize cities are likely to be the biggest purveyors of locomotives. Single locomotives are being procured owing to their low impact on the rail lines and low operational costs. The global locomotive market report by Market Research Future (MRFR) identifies new trends in locomotives and its future applications through in-depth research for the forecast period (2020-2027). The COVID-19 pandemic and its effects also make up a large portion of the report.
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Competitive Analysis
Prominent players of the global Locomotive Market are-
- CRRC Corporation Limited (China)
- AEG Power Solutions (Germany)
- Siemens AG (Germany)
- Alstom S.A (France)
- GE Transportation (US)
- Transmashholding (Russia)
- EMD Caterpillar (US)
- Kawasaki Heavy Industries (Japan)
- Stadler Rail (Switzerland)
- Bombardier Transportation (Canada)
Mergers and acquisitions are major strategies of players looking to dominate in the marketspace. Recently, CRRC Zhuzhou Locomotive acquired Vossloh Locomotives for making its mark in the Europe market. Investments in drivetrain and fuel efficiency technologies can characterize the market landscape in the coming years.
Industry Update
The SL Abt-kun, a steam locomotive running in the Usuitouge Railway Heritage Park, has gained funding for its restoration through crowdfunding efforts. The locomotive was restored at a factory and will provide runs to visitors thronging the park after relaxation of norms.
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Expansion of Rail Road Network to be a Major Driver
Nations aiming to connect the large populace of cities with rural areas can lead to heave investments in rail infrastructure. Expansions of rail road projects to serve as a reliable backup for trade and being integral to logistics and supply chains can drive the locomotive market. Bids and auctions invited by governments to modernize the railways can serve as an incentive to locomotive manufacturers.
Fuel Burn Penalty to Motivate Railroad Operators
The fuel burn penalty for locomotives emitting nitrogen oxide can motivate railroad operators to opt for engines with alternative fuels such as diesel, LNG, and electric. Replacement of gasoline engines with diesel and encouragement of brake thermal efficiency can bode well for the market. Investments in fuel injection technology to improve the performance of locomotive engines has high potential in the market.
Hybrid Locomotives to Disrupt the Locomotive Market
Hybrid locomotives are estimated to gain precedence slowly in the market as nations look to introduce sustainable development goals in their budget. Benefits of low fuel consumption and noise reduction compared to its conventional counterpart can drive its demand. Modernization initiatives by nations to rapidly upgrade its railroad infrastructure and connect citizens to faraway routes can bode well for the market. This is exemplified by the agreement between Hyundai Rotem and the Tanzania Railway Corporation for electric locomotives and electric multiple units.
COVID-19 Impact
The COVID-19 outbreak is likely to act as a catalyst for the locomotive market. This is attributed to the use of renewable technologies to counter the effect of emissions. Switch to diesel and electric locomotive engines can lead to high interest by investors looking for investing in green energy. Rise of leasing equipment dealing agencies owing to rampant international trade can drive the market demand significantly. Recently, European Loc Pool has procured locomotives from Stadler Rail to enhance its freight services plans.
Moreover, locomotive operated trains have been pivotal in transporting passengers during the pandemic in densely populated areas. A special bogey has been reserved to operate as a hospital to cater to any new cases.
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Segmentation
Electric Locomotives to Charge through by Type
Electric locomotives are expected to gain massive demand in the locomotive market owing to sustainable goals by nations and electrification of infrastructure and modes of travel. The higher mileage covered by electric trains and integration of new units for easier shunting and operation can bode well for the segment.
Rectifiers to Gain Huge Demand by Part
The rectifier section can exhibit a huge growth rate over the estimated period. This is due to its capacity to switch between direct and alternate current and control the voltage volume.
IGBT to Capture Major Share by Technology
The IGBT segment is bound to capture a major market share. This is due to its application in diesel and electric locomotive trains.
Regional Analysis
APAC to Lead Global Locomotive Market
APAC is touted to be highly lucrative for the market owing to a large customer base and the potential for railroad networks. Rapid industrialization and transport of goods through freight carriers can drive the regional locomotive market growth. Huge production of rolling stock and investments in railroad connectivity projects can influence the market. According to IBEF, investments in production of railway components stood at USD 1.12 billion from April to September 2020.
Segmentation of Market covered in the research:
Information by Type (Diesel, Electric and others), Technology (IGBT Module, GTO Thyristor and SiC Module), Component (Rectifier, Inverter, Traction Motor, Alternator and others) and Region (North America, Europe, Asia-Pacific and the Rest of the World)
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