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The global locomotive market size is projected to exhibit immense growth by reaching USD 25.48 billion by 2028. Fortune Business Insights™, in its report, titled, “Locomotive Market Size, Share & COVID-19 Impact Analysis, By Technology Type (IGBT Module, GTO Thyristor, and SiC Module), By Propulsion Type (Diesel and Electric), and Regional Forecasts, 2021-2028”, and observes that the market size stood at USD 12.34 billion in 2020 and USD 14.16 billion in 2021. It is further projected to exhibit a CAGR of 8.8% between 2021 and 2028. The expansion of rail networks worldwide due to the ever-increasing population and rapid urbanization are projected to boost the growth of the market. Additionally, swift digitization and technological advancements are likely to intensify the growth of the market.
GM to Develop and Deliver its HYDROTEC Hydrogen Fuel Cell Systems and Ultium Battery to Wabtec Corporation
In June 2021, Wabtec Corporation and General Motors collaborated to develop and commercialize the HYDROTEC hydrogen fuel cell systems and Ultium battery technology of General Motors. Wabtec Corporation is a global leader and provider of systems, equipment, value-added services, and digital solutions for the transit and freight rail industries and industrial, mining, and marine markets. The collaboration will help the companies to achieve a shared vision of zero emissions in future transportation. Wabtec will provide system optimization and energy management expertise to develop solutions for heavy haul locomotives that fully utilize GM’s advanced technologies.
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Swift Urbanization & Surging Population Rate to Propel Market Growth
Electric locomotives offer better performance, require lesser maintenance and energy costs, and also reduce pollution levels. The increasing concerns for environmental sustainability are likely to augment the adoption of electric engines and foster market growth. Additionally, the growing adoption of autonomous engines is anticipated to bolster the growth of the market. The ever-increasing population and swift urbanization are anticipated to be the key propellants to the global locomotive market growth. The increasing road traffic congestion issues are also expected to stimulate the growth of the market.
Key Players in this Market are:
Further Report Findings-
Table of Segmentation:
Value (USD billion) & Volume (thousand units)
By Technology Type
By Propulsion Type