Overview and Scope
Electric locomotive is a locomotive that runs on electricity and gets its power from storage batteries, overhead wires, or third rails, or even generates it on its own.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
Western Europe was the largest region in the electric locomotives market in 2023. Asia-Pacific was the second largest region in the global electric locomotives market share. The regions covered in the electric locomotives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the electric locomotives market report are CRRC Corporation Limited, Hitachi Ltd., Kawasaki Heavy Industries, Siemens AG, Stadler Rail AG, Wabtec Corporation, Bharat Heavy Electricals Limited, Toshiba Corporation, Alstom S. A, Hyundai Rotem, Banaras Locomotive Works, EAST Japan Railway (JR East), Mass Transit Railway Hong Kong (MTR), West Japan Railway, Central Japan Railway, China Railway Corp, KiwiRail Ltd, PT Kereta Api Indonesia (Persero), CZ LOKO, ZOS Vrutky a.s, ZEPHIR, Schalke Locomotives GmbH, Vossloh Locomotives GmbH, SOFTRONIC Ltd., PESA Bydgoszcz SA, Faur SA, Newag SA, Bombardier Inc., General Electric Company, Transmash holding AG, AEG Power Solutions, CPTM, Vale SA, Companhia do Metropolitano de Sao Paulo, Perurail, Belmond Andean Explorer, Ferrovías Central Andina, Nuevos Ferrocarriles Argentinos, Trenes Metropolitanos, Ferrocarril Transandino
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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31. Electric Locomotives Market Other Major And Innovative Companies
32. Global Electric Locomotives Market Competitive Benchmarking
33. Global Electric Locomotives Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Electric Locomotives Market
35. Electric Locomotives Market Future Outlook and Potential Analysis
36.Appendix
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