The Electric Locomotives by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Electric Locomotives, The electric locomotives market size has grown rapidly in recent years. It will grow from $8.29 billion in 2023 to $9.39 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth in the historic period can be attributed to increasing preference for non-polluting and energy-efficient transport, an increase in demand for freight services, strong economic growth in emerging markets, and increased investment from different sectors in electric locomotive.
The electric locomotives market size is expected to see rapid growth in the next few years. It will grow to $14.8 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to the growing preference for pollution free efficient systems, an increase in digitalization, and increasing number of advanced electric locomotive projects. Major trends in the forecast period include advances in power supply, strategic partnerships, research, and development, developing the dual mode of electric locomotive trains, and ai-based locomotive driver assistance systems.
Increasing preference for non-polluting and energy-efficient transport is contributing to the growth of the electric locomotives market. According to the UK Department of Transport, besides highly efficient electric motors in electric locomotives that regularly have an efficiency of around 90% due to advancements such as regenerative braking, which can recover energy from braking, they emit 20%–35% less carbon per passenger mile than those enabled by diesel, which helps in a reduction in carbon emissions. Concerns regarding a greener environment have resulted in increasing demand for non-polluting and energy-efficient transport systems, thereby driving the electric locomotives market.
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The electric locomotives market covered in this report is segmented –
1) By Energy Transfer: Overhead Lines, Third Rail, On-Board Energy Storage
2) By Technology: IGBT Module, GTO Thyristor, SiC Module
3) By Traction Units: AC Traction Units, DC Traction Units, Multi System Units
4) By Application: Passenger Transport, Freight Transport
The emergence of dual-mode locomotive electric trains will be one of the major trends that will gain traction in the electric locomotives market in the forecast period. In May 2022, the Indian West Central Railways, launched Navdoot. Navdoot is a dual-mode locomotive that runs on batteries. The batteries and electricity are both used to power this engine.
The electric locomotives market report table of contents includes:
1. Executive Summary
2. Electric Locomotives Market Characteristics
3. Electric Locomotives Market Trends And Strategies
4. Electric Locomotives Market – Macro Economic Scenario
5. Global Electric Locomotives Market Size and Growth
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26. South America Electric Locomotives Market
27. Brazil Electric Locomotives Market
28. Middle East Electric Locomotives Market
29. Africa Electric Locomotives Market
30. Electric Locomotives Market Competitive Landscape And Company Profiles
Top Major Players:
- CRRC Corporation Limited
- Hitachi Ltd
- Kawasaki Heavy Industries
- Siemens AG
- Stadler Rail AG
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