The global locomotive market size was USD 14.31 Billion in 2021 and is expected to register a revenue CAGR of 7.7% during the forecast period, according to latest analysis by Emergen Research. Rising adoption of autonomous locomotive engines is a key factor driving market revenue growth.
Rapid improvement of microprocessors, Artificial Intelligence, and miniaturization of laser and optical spatial scanning systems has enabled widespread use of autonomous vehicles on roads and railways. Automakers have long desired to harness power of autonomous electric mobility.
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Railway systems already include seeds of autonomous driving, as well as safety advantages over open-road driving. Various companies are now testing, developing, and introducing autonomous locomotives , for instance, in April 2022, Alstom, a French multinational rolling stock manufacturer successfully carried out ODS testing at Oosterhout, close to Dutch city of Breda.
The ODS installed on locomotive is capable of detecting obstructions up to 1,000 meters distant in any weather and circumstances. It can be used as both a driver assistance system and fully automated system when combined with Alstom’s AutoPilot component. Autonomous locomotives are also used in mining sectors. For example, Rio Tinto Limited, which is a worldwide mining company operates an autonomous fleet of 221 heavy haul locomotives along its 1,700 km route 24 hours a day, collecting iron ore from mines in the south and carrying it across rugged Pilbara area to ports 300 kilometers away overlooking the Indian Ocean.
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Key Highlights From the Report
The passengers segment revenue is expected to increase at a steady rate over the forecast period due to rising adoption of locomotives in passenger railway transport.
For instance, in February 2022, Alstom, a French multinational rolling stock manufacturer signed a deal for delivery of up to 50 electric Traxx locomotives to Belgium’s Société Nationale des Chemins de Fer Belges (SNCB). These new locomotives will be utilized for cross-border and domestic travel in the Netherlands, Belgium, Germany, and Luxembourg.
The electro-diesel segment is expected to register a steady revenue growth rate over the forecast period. An electro-diesel locomotive is a kind of locomotive that could be powered by either electricity or an onboard diesel engine. Dual power facility of electro-diesel locomotives creates a high demand in the market. In September 2020, Siemens received an order from Deutsche Bahn, a German railroad company for up to 400 electro-diesel hybrid locomotives for its cargo fleet.
The Asia Pacific market accounted for largest revenue share in the global locomotive market in 2021 due to increasing development of railway infrastructure and rising demand for electric locomotives in countries across the region, especially in China, Japan, and India.
The Global Locomotive Market is highly consolidated due to the presence of a large number of companies across this industry. The report discusses the current market standing of these companies, their past performances, demand and supply graph, production and consumption patterns, sales network, distribution channels, and growth opportunities in the market at length. The report scrutinizes the strategic approach of key market players towards expanding their product offerings and fortifying their market foothold.
Some major companies in the global market report include Strukton, Alstom SA., Hitachi Ltd., Bombardier Inc., Bharat Heavy Electricals Limited, Brookville Equipment Corporation, CRRC Corporation Limited, AEG Power Solutions, Toshiba Corporation, Siemens AG., Mitsubishi Heavy Industries, Ltd., and Wabtec Corporation.
The report further divides the Locomotive market into key segments such as types, applications, end-user industries, technologies, and key regions of the market. The report also sheds light on the segment and region exhibiting promising growth in the Locomotive market.
Emergen Research has segmented the global locomotive market based on technology, type, component, end-use, and region:
Technology Outlook (Revenue, USD Billion; 2019-2030)
Gate Turn-Off (GTO) Thyristor
Insulated-Gate Bipolar Transistor (IGBT) Module
Silicon Carbide (SiC) Module
Type Outlook (Revenue, USD Billion; 2019-2030)
Component Outlook (Revenue, USD Billion; 2019-2030)
Auxiliary Power Conversion Unit
End-Use Outlook (Revenue, USD Billion; 2019-2030)
The report also offers regional level analysis and market estimation for the regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Regional Outlook of Locomotive Market:
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of MEA
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Key Questions Answered by the Report:
Which region is expected to dominate the market in the coming years?
What are the recent technological and product advancements occurring in the market?
What are the key strategies adopted by the prominent players in the Locomotive market?
What are the key product types and applications of the Locomotive industry?
What is the outcome of SWOT analysis and Porter’s Five Forces analysis?
How is the competitive landscape of the Locomotive market?
Who are the key players in the industry?
What is the growth rate of the industry over the coming years?
What will be the valuation of the Locomotive Market by 2030?
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