Global Locomotive Market Overview 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Locomotive Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global locomotive market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global locomotive market size reached US$ 20.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 35.6 Billion by 2028, exhibiting a growth rate (CAGR) of 9.5% during 2023-2028.
A locomotive serves as a robust railway vehicle, furnishing the driving force for trains. Essentially an engine, it either pulls or pushes the train along the tracks. Not only is it remarkably fuel-efficient, but it also stands out as an environmentally friendly option. Its efficiency becomes evident when transporting substantial quantities of goods or passengers, consuming comparatively low energy. Its versatility shines through as it navigates various tracks and terrains, making it suitable for both urban and rural transport needs. Additionally, it adapts effortlessly to diverse cargo, accommodating everything from bulk goods to specialized freight. Especially cost-effective for long-distance hauling, it alleviates road congestion and minimizes maintenance costs associated with truck transportation. With multiple braking systems and a lower susceptibility to accidents than other transport forms, the global demand for locomotives is on the rise.
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Global Locomotive Market Trends and Drivers:
The market is experiencing significant growth, driven by the expansion of international trade activities. Locomotives play a pivotal role in efficiently transporting goods over long distances, fostering trade and economic development. This surge is further propelled by a growing environmental consciousness and regulatory measures encouraging a shift towards eco-friendly transportation. Consequently, there’s an increased demand for locomotives due to their energy efficiency and lower greenhouse gas emissions compared to alternative transport modes. Technological progress, including the creation of cleaner and more fuel-efficient locomotives, is a contributing factor to market growth. Automation and digitalization are enhancing the operational efficiency and safety of locomotives on a global scale.
Furthermore, the market is boosted by the rising demand for commuter rail services powered by locomotives, addressing traffic congestion and reducing commuting times. Additionally, governmental agencies in various countries are investing in railway infrastructure, undertaking projects such as track upgrades and electrification. These efforts aim to facilitate higher-speed rail services and improve operational efficiency, thereby fostering the growth of the market.
Global Locomotive Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are:
Alstom SA, Brookville Equipment Corporation, CJSC Transmashholding, CRRC Corp Ltd., CZ LOKO, A.S., Hyundai Rotem Company (Hyundai Motor Group), Siemens Mobility GmbH (Siemens AG), Stadler Rail AG, Strukton Rail B.V. (Strukton Groep n.v.), Toshiba Infrastructure Systems & Solutions Corporation, Wabtec Corporation, etc.
The report segmented the market on the basis of region, component, type, technology, and end use.
Breakup by Component:
- Traction Motor
Breakup by Type:
Breakup by Technology:
- IGBT Module
- GTO Thyristor
- SiC Module
Breakup by End Use:
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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