According to the most recent analysis by Emergen Research, the worldwide locomotive market had a value of USD 14.31 billion in 2021 and is projected to grow at a revenue CAGR of 7.7% during the forecast period. The increasing use of autonomous locomotive engines is one of the main factors boosting market revenue.
A locomotive engine is a rail transportation device that uses electricity or diesel fuel to pull or push a train down a track. Self-propelled load-carrying vehicles are equipped with some trains. When these engines are at the front, back, or both ends of the trains, they engage in push-pull operations. Due to their great performance, lower pollution levels, and lower energy and maintenance costs, electric engines are frequently chosen over diesel ones. The main causes of the expanding popularity of these products among the general public are the growing urbanisation, population, and traffic congestion on the roadways. The market will expand as a result of the expansion of rail networks in various developed and emerging countries and the rising public awareness for environmental sustainability.
Many attempts to promote remote services, electronic linkages between customs and railroads have been created or are in the midst of implementation in many countries, notably in transit ones, in reaction to the COVID-19 outbreak and its impact on connectivity. The following are some of the trends in rail transportation that have been noticed since the pandemic: 1) Most national railway strategies have not yet taken into account the full impact of the COVID-19 pandemic in the medium and long term; 2) The pandemic has accelerated the digitization of rail transport, even in nations with a low level of digital services; and 3) New customer and service solutions, primarily digital, have been proposed in many nations.
Some Key Highlights from the Report :
The market’s highest share belongs to the diesel propelled category. A diesel engine that provides propulsion makes up a diesel locomotive. Different sorts of diesel goods are being created, and they generally vary in terms of how well they can transfer mechanical energy to the wheels that are being driven. In order to power the engine, diesel fuel is kept in the fuel tank and supplied by an electric fuel pump. Diesel fuel is highly preferred because of its low cost, wide availability, and low volatility. The diesel engine, which is coupled to the main generator and transforms mechanical energy into electrical energy in the engine, is the main part of the diesel-electric locomotive. Following that, the energy is transferred to the traction system via circuits found in numerous
Engine reliance on diesel fuel has decreased as diesel-electric goods have become more widely used. Due to its many benefits, the dual-mode product is in high demand all over the world. The electric segment is projected to show significant growth in this market. The popularity of electrical products has grown due to their high efficiency, quieter operation than diesel variations, and other advantages such regenerative braking, which can further enhance the operation. Additionally, electrical products require fewer reciprocating parts, which lowers track maintenance, and they are increasingly used for freight movement on modern rail networks. Therefore, these elements are likely to encourage the use of electrical products.
Due to the increasing use of locomotives in passenger railroad transportation, the income for the passengers segment is anticipated to grow steadily during the projection period. For instance, in February 2022, the Société Nationale des Chemins de Fer Belges in Belgium and the French multinational rolling stock manufacturer Alstom signed a contract for the delivery of up to 50 electric Traxx locomotives (SNCB). In the Netherlands, Belgium, Germany, and Luxembourg, these new locomotives will be used for both domestic and cross-border traffic.
Due to the region’s expanding rail infrastructure and growing demand for electric locomotives, particularly in China, Japan, and India, the Asia Pacific market held the biggest revenue share in the worldwide locomotive market in 2021. China is anticipated to invest over USD 154.88 billion in expanding the railway network in the Yangtze River Delta region over the 14th five-year plan period (2021-2025).
Some major companies operating in the global market 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.
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)
- Traction Motor
- Auxiliary Power Conversion Unit
- End-Use Outlook (Revenue, USD Billion; 2019-2030)