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Locomotive Market to Grow at a CAGR of 8.93% during the Forecast Period; Growing Focus on Green Energy Transportation to Propel Market Development

November 17, 2023 | Automotive & Transportation

The global locomotive market size stood at USD 10.55 billion in 2022. The market is anticipated to rise from USD 11.72 billion in 2023 to USD 21.32 billion by 2030, recording a CAGR of 8.93% from 2023 to 2030.


Fortune Business Insights™ presents this information in its report titled, Locomotive Market Size, Share & COVID-19 Impact Analysis, By Propulsion Type (Diesel and Electric), By End User (Passenger and Freight), By Technology (IGBT Module, GTO Module, and SiC Module), By Component (Rectifier, Alternator, Motor, and Others), and Regional Forecast, 2023-2030. The locomotive is a major component of the train system, operating the entire train set. It is a self-propelled train car that either burns fuel or runs on electricity. Increasing concern about carbon emissions and degradation in air quality is pushing governments to concentrate on decreasing their carbon footprint. Increasing adoption of sustainable mobility by governments to lower fossil fuel dependency and encourage green energy transportation is driving market expansion.


Increase in Project Initiatives in the Rail Industry Post-Pandemic to Support Market Expansion


The implementation of lockdowns by governments and the economic downturn caused by the COVID-19 pandemic had several effects, including a decrease in mobility. Almost all production units planned to introduce new models or increase their production capacity to meet the demand.


But in 2021, the industry bounced back quickly as key market participants started their production facilities and development on their terms. Moreover, an increase in project initiatives in the rail industry is expected to boost market expansion in the coming years.


CARB Passed its New Bill for its In-use Locomotive to Lower Emissions within the State


In April 2023, to decrease emissions from locomotives operating within the State, the California Air Resources Board (CARB) secured its new bill for its in-use locomotive. According to recently passed laws, operators must now deposit funds into a spending account, and the punishment amount will be based on the emissions of the specific locomotives operating in the State.


Growing Emphasis on Green Energy and Environmental Sustainability in Freight Transportation to Propel Market Progress


A rise in obstacles in transportation due to population growth results in traffic problems and pollution emitted by vehicles on the road. As a result, railway transit is gaining traction as a key mode of transport for daily commutes within or across cities. Rail-based mass transit makes it possible for people to travel quickly and affordably. To lower the carbon footprint of the freight industry and encourage sustainable mobility, key countries, such as India, the U.S., and China, are transporting cargo through rails instead of on roads. Increasing emphasis on green energy and environmental sustainability in freight transportation is driving the locomotive market growth.


On the other hand, the high cost of locomotives is hampering market expansion.


Key Market Players Focus on Diverse Product Portfolios to Boost their Revenues


The existence of well-established companies is expected to fuel market expansion in the coming years. Top rail companies are engaged in the development of a strong network of supply to leading railway ministries globally. International and local market players are offering diverse product portfolios to boost their business expansion.


Notable Industry Development


September 2023 – The national rail network of Ireland collaborated with Latvia on the creation of a hydrogen locomotive and started testing them for shorter-distance freight transit.


List of the Companies Profiled in the Report:



  • TMH (Russia)

  • CRCC Corporation (China)

  • Wabtec Corporation (U.S.)

  • Alstom (France)

  • Siemens AG (Germany)

  • CAF (Spain)

  • Stadler (Switzerland)

  • Kawasaki Heavy Industries Ltd. (Japan)

  • Hyundai Corporation (South Korea)

  • Titagarh Wagons (India)


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/locomotive-market-103285


Further Report Findings-



  • The market in Asia Pacific was valued at USD 5.01 Billion in 2022. A rise in passenger as well as freight activities is driving market growth in the region.

  • The rest of the world is set to rise at the highest growth rate over the forecast period. Market growth is driven by the growing focus from African and Latin American regions to renew and broaden their existing and new railroad lines using electrification technologies.

  • On the basis of propulsion type, the electric segment accounted for the largest locomotive market share. The rapid shift toward green energy usage by major rail economies is driving the segment growth.

  • Based on component, the others segment led the global market due to the growing usage of components to improve the efficiency of the machine.


Table of Segmentation













































ATTRIBUTE



DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of  8.93 %  from 2023 to 2030



Unit



Value (USD billion) & Volume (Units)



Segmentation



Propulsion Type



  • Diesel

  • Electric


By Component



  • Rectifier

  • Alternator

  • Motor

  • Others


By Technology



  • IGBT Module

  • GTO Module

  • SiC Module


By End User



  • Passenger

  • Freight



By Geography



  • North America (Propulsion Type, By Component, By Propulsion Type, By Technology)

    • U.S. (By  Propulsion Type)

    • Canada (By   Propulsion Type )

    • Mexico (By   Propulsion Type )



  • Europe (Propulsion Type, By Component, By Propulsion Type, By Technology)

    • U.K. (By Propulsion Type)

    • Germany (By Propulsion Type)

    • France (By Propulsion Type)

    • Russia (By Propulsion Type)

    • Rest of Europe (By Propulsion Type)



  • Asia Pacific (Propulsion Type, By Component, By Propulsion Type, By Technology)

    • China (By  Propulsion Type )

    • India (By  Propulsion Type )

    • Japan (By Propulsion Type )

    • Rest of Asia Pacific (By Propulsion Type)



  • Rest of the World (Propulsion Type, By Component, By Propulsion Type &  By Technology)



 

Global Locomotives Market
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  • 2023
  • 2019-2022
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