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Locomotive Market Report Scope and Market Overview:

The locomotive Market size was valued at USD 22.45 billion in 2023 and is expected to reach at USD 44.73 billion by 2031, and grow at a CAGR of 9% over the forecast period of 2024-2031.

The locomotive Market are basically used for the freight routs where there is an advanced railway network. There has been a continues innovation for locomotive in terms of operating system and so forth, the main purpose behind using electric locomotives over diesel locomotives is to reduce the maintenance cost also to reduce the pollution, there has been increase in the urbanization also there is increase in the traffic because of which locomotive get a boom. There has been immense growth in technological advancement in the railway sector which contributes to the growth of the locomotive. These were the basic and the most important aspect which will drive the locomotive market during the forecasted period, the rising initiatives  taken by every nation all-round the world and the key players regarding the zero net emission is contributing to the growth of the locomotive market, we would also like to mention some of the beneficial facts which will make you wonder why the growth is obvious, carrying more passengers and also carrying goods and services at the same time, electric locomotive is been operated with the help of the overhead line which passes the energy or electricity or buy the batteries, the current is been transferred by the means of AC or DC charging methodologies and is stored in the batteries which can make the electric locomotive vehicle to cover more distances when we mention the functionality of the electric locomotive another factor or another benefit we can say is because of the risein the environment sustainability program in almost every nation.

Locomotive Market Revenue Analysis

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There are restraining and challenging factors for every market locomotive market also has one, regarding the high initial cost and the infrastructure availability required for the development of the electric locomotive mainly this restraining factor will be experience in the emerging and the undeveloped countries, another factor which can be the major influencing factor is the high cost of the diesel locomotives according the statement given the engineers the amount used for the diesel locomotivescan be saved if the use of battery is been done in the locomotives. If we consider U.S. more than half of the locomotives are diesel electric locomotives,but the continuous effort of making it fully electric and autonomous and the initiatives taken for the same can be considered as the factors which will be a key element for the future growth of the locomotive market during the forecasted period. 

Impact of covid 19

Covid 19 had a great impact on the locomotive market in terms of development as it was a great chance for the industry to improvise the services due to the lockdown rules locomotives focused more on digitalization also the expansion of routes done by the government for the railways, which gave boom to the industry to expand their services, as autonomous products can transport a good number of passengers compared to the road transportation services which was the driving factor. Post covid further relaxation in rules and the revised digitalization made it possible for the locomotives to gain a positive outcome which overall gave a positive result to the locomotives market. The expansion and the need of the locomotives in the international and the domestic market has led to the rise of the investment post covid as the pandemic subsided. Covid 19 affected the key players as the supply chain management disruption led to lack of availably of the resources delaying in the production also the fact that the pandemic affected the demand of the locomotive all around the world, there was a rise in the raw material and logistics which affected the key players in terms of doing business in the international market. Also, the shortage of semiconductor chip for the production affected the key players negatively.     

Market Dynamics

Drivers 

  • The rise in the traffic and population which rises the demand for the freight transport.

  • Rise in the demand for fuel-efficient autonomous products.

  • The low switching cost and the benefits associated with the electric locomotive.

  • The dual carbon goal or the zero net carbon emission goal of the nations all around the globe.

The goal of the net zero carbon emission will drive the market in all the developed and the emerging countries, the initiative taken by the government to increase the budget and to take initiative to support the activities related to the zero-carbon emission explains the driving factor of the Electric locomotive Market, the rise in the budget allocation of the nations for the motive of  environmental sustainability will be a key factor, according to the World Bank air pollution is to be considered as the major reason for the illness and premature death and the fact which cannot be denied is that approx.. 95% of the deaths have tend to happen in the developing countries, for electric locomotive use of lithium-ion batteries will be done also the utilization of the green hydrogen in trains can help achieve this goal but the infrastructure regarding the hydro fuels can create barrier whereas the high production of lithium-ion batteries will impact the electric locomotive market positively in the present scenario.

Restrain 

  • The lack of infrastructure in the undeveloped regions and also the rise in the energy and raw material prices.

Opportunities 

  • The expansion of routes for the railways initiated by the government.

  • Rapid growth in traffic and a growing population all around the globe.

The use of the electric locomotives is done on a large scale specially for the transportation of the freights in the developed countries most of the people use locomotives as a mode of transportation, the number is increasing if we compared it with the historical data, the another important data which we would like po mention is the rising traffic in the developed and the undeveloped countries of several regions, rising traffic is caused  by the rise in the sale of the personal vehicles as the availability of the vehicles atlow price can be done which is causing rise in the traffic and that can be the precise reason people are more shifting towards the electric locomotive to save the time and low cost charges compared to the personal or different modes of transport and this what the factors are been considered by the key players and the emerging players to innovate new technologies to satisfy the need also keeping the environmental sustainability factor in mind.

Challenges 

  • The requirement of the high capital for the development and the production of the electric locomotive as the global disruptions has disturbed the economic conditions of the nations and the effect will be prolonged as it will depend on the approach of the nation’s recovery process.

Impact of Russia Ukraine War

The Russia-Ukraine war had a negative impact on the locomotive market because of the uncertainties for international companies doing business there.The Russia-Ukraine war also caused the disruption of supply chain management which further had a negative effect on the production level. The war also had a negative impact on the infrastructure which caused several issues like  displacement of the OEMs, Almost every key players have stated that the invasion of Russia and Ukraine war has led to several disruption of the manufacturing goals as the shortage of the semiconductor chips contributed to the delay of the manufacturing process.  

Market segmentation

By Propulsion Type:

  • Diesel

  • Electric

By End Use:

  • Passengers

  • Freight

By Technology:

  • IGBT Module

  • GTO Module

  • SiC Module

By Component:

  • Rectifiers

  • Inverter

  • Motor

  • Others

Regional Analysis.

Europe is the region with the highest share in the total marketestimation of the locomotive market because of theinitiative taken by the government to support the growth of the electric locomotives also the rising adaptability of the electric locomotives in the developed and the emerging countries of the European country is contributing to the growth of the market in Europe.

APAC is expected to be the region with the second highest share to the market estimation of the market because of the countries like China, Indian and Japan the continuous infrastructural development and the rising demand for the freight transportation.

Locomotive-Market-By-Region

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REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

Key Players

The major key players are TMH, CRRC, Wabtec Corporation, Alstom, Siemens Mobility, Sinara, Stadler, Hitachi, Hyundai, Toshiba International Corporation.

Wabtec Corporation-Company Financial Analysis

Company Landscape Analysis

Recent developments:

1. CRRC Corporation :The development of the first High -Temperature Superconducting system (HTS) completed its first suspension operation in China, the basic objective of the development is to improves the transportation channels in the mega cities.

2.Alstom SA :  The partnership between the Export Development Canada (EDC) and Alstom SA of worth $3.5 Billion for sustainable mobility financing, as we mentioned earlier that every organization is taking initiative to achieve the goal of zero carbon emission this is the facts to support the statements.

3. Siemens Mobility : Siemens mobility has secured order of 3 billion and it is the first largest contract ever, the order is to provide 1200 electric freight locomotives to Indian railways.  

4. Stadler Rail AG :The company has increased the contracts for the bi mode locomotives, one of the major contracts include the framework agreement between Sadler and Trenitalia for the supply of 50 bi-mode locomotives.

Locomotive Market Report Scope:
Report Attributes Details
Market Size in 2023  US$  22.45 Bn
Market Size by 2031  US$ 44.73 Bn
CAGR   CAGR of 9% From 2024 to 2031
Base Year 2023
Forecast Period  2024-2031
Historical Data  2020-2022
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Propulsion Type(Diesel, Electric)
• By Technology (IGBT Module, GTO Thyristor, SiC Module)
• By Component (Rectifiers, Inverter, Motor, Others)
• By End User(Passenger Transport, Freight Transport)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles TMH, CRRC, Wabtec Corporation, Alstom, Siemens Mobility, Sinara, Stadler, Hitachi, Hyundai, Toshiba International Corporation.
Key Drivers • The rise in the traffic and population which rises the demand for the freight transport.
• Rise in the demand for fuel-efficient autonomous products.
Market Opportunities • The expansion of routes for the railways initiated by the government.
• Rapid growth in traffic and a growing population all around the globe.

 

Frequently Asked Questions

The Locomotive Market size was valued at USD 22.45 billion in 2023 and is expected to reach at USD 44.73 billion by 2031, and grow at a CAGR of 9% over the forecast period of 2024-2031.

  • The rise in the traffic and population which rises the demand for the freight transport.
  • Rise in the demand for fuel-efficient autonomous products.
  • The low switching cost and the benefits associated with the electric locomotive.
  • The dual carbon goal or the zero net carbon emission goal of the nations all around the globe.

Covid 19 had a positive impact on the locomotive market but affected the key players in a negative manner because of the disruption of supply chain management.

The Russia-Ukraine war had a negative impact on the locomotive market.

The lack of infrastructure in the undeveloped regions and also the rise in the energy and raw material prices.

Table of Contents

1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges

4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of the Ukraine- Russia war

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Global Electric Locomotive Market By Propulsion Type
8.1 Diesel
8.2 Electric

9. Global Electric Locomotive Market By Technology
9.1 IGBT Module
9.2 GTO Thyristor
9.3 SiC Module

10. Global Electric Locomotive Market By Component
10.1 Rectifiers
10.2 Inverter
10.3 Motor
10.4 Others

11. Global Electric Locomotive Market By End User
11.1 Passenger Transport
11.2 Freight Transport

12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 North America Global Electric Locomotive Market by country
12.2.2North America Global Electric Locomotive Market by Propulsion Type
12.2.3 North America Global Electric Locomotive Market by Technology
12.2.4 North America Global Electric Locomotive Market by Component
12.2.5 North America Global Electric Locomotive Market by End User
12.2.6 USA
12.2.6.1 USA Global Electric Locomotive Market by Propulsion Type
12.2.6.2 USA Global Electric Locomotive Market by Technology
12.2.6.3 USA Global Electric Locomotive Market by Component
12.2.6.4 USA Global Electric Locomotive Market by End User
12.2.7 Canada
12.2.7.1 Canada Global Electric Locomotive Market by Propulsion Type
12.2.7.2 Canada Global Electric Locomotive Market by Technology
12.2.7.3 Canada Global Electric Locomotive Market by Component
12.2.7.4 Canada Global Electric Locomotive Market by End User
12.2.8 Mexico
12.2.8.1 Mexico Global Electric Locomotive Market by Propulsion Type
12.2.8.2 Mexico Global Electric Locomotive Market by Technology
12.2.8.3 Mexico Global Electric Locomotive Market by Component
12.2.8.4 Mexico Global Electric Locomotive Market by End User
12.3 Europe
12.3.1 Europe Global Electric Locomotive Market by country
12.3.3.2 Europe Global Electric Locomotive Market by Propulsion Type
12.3.3 Europe Global Electric Locomotive Market by Technology
12.3.4 Europe Global Electric Locomotive Market by Component
12.3.5 Europe Global Electric Locomotive Market by End User
12.3.6 Germany
12.3.6.1 Germany Global Electric Locomotive Market by Propulsion Type
12.3.6.2 Germany Global Electric Locomotive Market by Technology
12.3.6.3 Germany Global Electric Locomotive Market by Component
12.3.6.4 Germany Global Electric Locomotive Market by End User
12.3.7 UK
12.3.7.1 UK Global Electric Locomotive Market by Propulsion Type
12.3.7.2 UK Global Electric Locomotive Market by Technology
12.3.7.3 UK Global Electric Locomotive Market by Component
12.3.7.4 UK Global Electric Locomotive Market by End User
12.3.8 France
12.3.8.1 France Global Electric Locomotive Market by Propulsion Type
12.3.8.2 France Global Electric Locomotive Market by Technology
12.3.8.3 France Global Electric Locomotive Market by Component
12.3.8.4 France Global Electric Locomotive Market by End User
12.3.9 Italy
12.3.9.1 Italy Global Electric Locomotive Market by Propulsion Type
12.3.9.2 Italy Global Electric Locomotive Market by Technology
12.3.9.3 Italy Global Electric Locomotive Market by Component
12.3.9.4 Italy Global Electric Locomotive Market by End User
12.3.10 Spain
12.3.10.1 Spain Global Electric Locomotive Market by Propulsion Type
12.3.10.2 Spain Global Electric Locomotive Market by Technology
12.3.10.3 Spain Global Electric Locomotive Market by Component
12.3.10.4 Spain Global Electric Locomotive Market by End User
12.3.11 The Netherlands
12.3.11.1 Netherlands Global Electric Locomotive Market by Propulsion Type
12.3.11.2 Netherlands Global Electric Locomotive Market by Technology
12.3.11.3 Netherlands Global Electric Locomotive Market by Component
12.3.11.4 Netherlands Global Electric Locomotive Market by End User
12.3.12 Rest of Europe
12.3.12.1 Rest of Europe Global Electric Locomotive Market by Propulsion Type
12.3.12.2 Rest of Europe Global Electric Locomotive Market by Technology
12.3.12.3 Rest of Europe Global Electric Locomotive Market by Component
12.3.12.4 Rest of Europe Global Electric Locomotive Market by End User
12.4 Asia-Pacific
12.4.1 Asia Pacific Global Electric Locomotive Market by country
12.4.2 Asia Pacific Global Electric Locomotive Market by Propulsion Type
12.4.3 Asia Pacific Global Electric Locomotive Market by Technology
12.4.4 Asia Pacific Global Electric Locomotive Market by Component
12.4.5 Asia Pacific Global Electric Locomotive Market by End User
12.4.6 Japan
12.4.6.1 Japan Global Electric Locomotive Market by Propulsion Type
12.4.6.2 Japan Global Electric Locomotive Market by Technology
12.4.6.3 Japan Global Electric Locomotive Market by Component
12.4.6.4 Japan Global Electric Locomotive Market by End User
12.4.7 South Korea
12.4.7.1 South Korea Global Electric Locomotive Market by Propulsion Type
12.4.7.2 South Korea Global Electric Locomotive Market by Technology
12.4.7.3 South Korea Global Electric Locomotive Market by Component
12.4.7.4 South Korea Global Electric Locomotive Market by End User
12.4.8 China
12.4.8.1 China Global Electric Locomotive Market by Propulsion Type
12.4.8.2 China Global Electric Locomotive Market by Technology
12.4.8.3 China Global Electric Locomotive Market by Component
12.4.8.4 China Global Electric Locomotive Market by End User
12.4.9 India
12.4.9.1 India Global Electric Locomotive Market by Propulsion Type
12.4.9.2 India Global Electric Locomotive Market by Technology
12.4.9.3 India Global Electric Locomotive Market by Component
12.4.9.4 India Global Electric Locomotive Market by End User
12.4.10 Australia
12.4.10.1 Australia Global Electric Locomotive Market by Propulsion Type
12.4.10.2 Australia Global Electric Locomotive Market by Technology
12.4.10.3 Australia Global Electric Locomotive Market by Component
12.4.10.4 Australia Global Electric Locomotive Market by End User
12.4.11 Rest of Asia-Pacific
12.4.11.1 APAC Global Electric Locomotive Market by Propulsion Type
12.4.11.2 APAC Global Electric Locomotive Market by Technology
12.4.11.3 APAC Global Electric Locomotive Market by Component
12.4.11.4 APAC Global Electric Locomotive Market by End User
12.5 The Middle East & Africa
12.5.1 The Middle East & Africa Global Electric Locomotive Market by country
12.5.2 The Middle East & Africa Global Electric Locomotive Market by Propulsion Type
12.5.3 The Middle East & Africa Global Electric Locomotive Market by Technology
12.5.4The Middle East & Africa Global Electric Locomotive Market by Component
12.5.5 The Middle East & Africa Global Electric Locomotive Market by End User
12.5.6 Israel
12.5.6.1 Israel Global Electric Locomotive Market by Propulsion Type
12.5.6.2 Israel Global Electric Locomotive Market by Technology
12.5.6.3 Israel Global Electric Locomotive Market by Component
12.5.6.4 Israel Global Electric Locomotive Market by End User
12.5.7 UAE
12.5.7.1 UAE Global Electric Locomotive Market by Propulsion Type
12.5.7.2 UAE Global Electric Locomotive Market by Technology
12.5.7.3 UAE Global Electric Locomotive Market by Component
12.5.7.4 UAE Global Electric Locomotive Market by End User
12.5.8 South Africa
12.5.8.1 South Africa Global Electric Locomotive Market by Propulsion Type
12.5.8.2 South Africa Global Electric Locomotive Market by Technology
12.5.8.3 South Africa Global Electric Locomotive Market by Component
12.5.8.4 South Africa Global Electric Locomotive Market by End User
12.5.9 Rest of Middle East & Africa
12.5.9.1 Rest of Middle East & Asia Global Electric Locomotive Market by Propulsion Type
12.5.9.2 Rest of Middle East & Asia Global Electric Locomotive Market by Technology
12.5.9.3 Rest of Middle East & Asia Global Electric Locomotive Market Component
12.5.9.4 Rest of Middle East & Asia Global Electric Locomotive Market by End User
12.6 Latin America
12.6.1 Latin America Global Electric Locomotive Market by country
12.6.2 Latin America Global Electric Locomotive Market by Propulsion Type
12.6.3 Latin America Global Electric Locomotive Market by Technology
12.6.4 Latin America Global Electric Locomotive Market by Component
12.6.5  Latin America Global Electric Locomotive Market by End User
12.6.6 Brazil
12.6.6.1 Brazil Global Electric Locomotive Market by Propulsion Type
12.6.6.2 Brazil Africa Global Electric Locomotive Market by Technology
12.6.6.3Brazil Global Electric Locomotive Market by Component
12.6.6.4 Brazil Global Electric Locomotive Market by End User
12.6.7 Argentina
12.6.7.1 Argentina Global Electric Locomotive Market by Propulsion Type
12.6.7.2 Argentina Global Electric Locomotive Market by Technology
12.6.7.3 Argentina Global Electric Locomotive Market by Component
12.6.7.4 Argentina Global Electric Locomotive Market by End User
12.6.8 Rest of Latin America
12.6.8.1 Rest of Latin America Global Electric Locomotive Market by Propulsion Type
12.6.8.2 Rest of Latin America Global Electric Locomotive Market by Technology
12.6.8.3 Rest of Latin America Global Electric Locomotive Market by Component
12.6.8.4 Rest of Latin America Global Electric Locomotive Market by End User

13 Company Profile
13.1 CRRC Corporation Limited
13.1.1 Market Overview
13.1.2 Financials
13.1.3 Product/Services/Offerings
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 TMH
13.2.1 Market Overview
13.2.2 Financials
13.2.3 Product/Services/Offerings
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 Alstom SA
13.3.1 Market Overview
13.3.2 Financials
13.3.3 Product/Services/Offerings
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 Siemens Mobility
13.4.1 Market Overview
13.4.2 Financials
13.4.3 Product/Services/Offerings
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 Wabtec
13.5.1 Market Overview
13.5.2 Financials
13.5.3 Product/Services/Offerings
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 Hyundai
13.6.1 Market Overview
13.6.2 Financials
13.6.3 Product/Services/Offerings
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 Toshiba International Corporation
13.7.1 Market Overview
13.7.2 Financials
13.7.3 Product/Services/Offerings
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 Stadler Rail AG,
13.8.1 Market Overview
13.8.2 Financials
13.8.3 Product/Services/Offerings
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 Hitachi Ltd
13.9.1 Market Overview
13.9.2 Financials
13.9.3 Product/Services/Offerings
13.9.4 SWOT Analysis
13.9.5 The SNS View
13.10 Sinara
13.10.1 Market Overview
13.10.2 Financials
13.10.3 Product/Services/Offerings
13.10.4 SWOT Analysis
13.10.5 The SNS View

14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share analysis
14.3 Recent Developments

15. Used Cases and Best Practices

16. Conclusion

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Secondary Research

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Primary Research

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Data Bank Validation

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