Locomotive Market Size To Reach USD 47.65 Billion By 2032 | Driven By Urbanization And The Growing Demand For Efficient Transport | Research By SNS Insider

(MENAFN- GlobeNewsWire - Nasdaq) An emerging trend in the industry is that focus is being drawn to connectivity, with locomotives being fitted with advanced communication systems to enable real-time monitoring and remote control.

Austin, Aug. 22, 2024 (GLOBE NEWSWIRE) -- SNS Insider forecasts model predicts the L ocomotive M arket Share to reach USD 47.65 billion by 2032 and grow at a CAGR of 9.10% over 2024-2032. Technological advancements in the development of hybrid and electric locomotives have greatly increased the efficiency and sustenance of rail transport.

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Key Players

• TMH
• CRRC
• Wabtec Corporation
• Alstom
• Siemens Mobility
• Sinara
• Stadler
• Hitachi
• Hyundai
• Toshiba International Corporation

The rising global population and urbanization, major increases in passenger traffic rates by 40% by 2030 are eminent.

That calls for development of wider rail networks and acquisition of more locomotives to cater for this volume. Furthermore, the trend towards sustainable modes of transport has put railways in a rather promising light as alternatives to road and air transport, as a result of the very limited emission of greenhouse gases. Besides, growth in demand for effective movement of freights in e-commerce smart cities is also seen as a key booster to the locomotive market.

Most evidently, the enhancement in battery technology and charging infrastructure is the primal driver of these environmentally friendly solutions. Meanwhile, automation and artificial intelligence have taken locomotive operations to an unsurprisingly different level in terms of safety and fuel efficiency.

Inverter components have created a niche for themselves and are ruling the locomotive market with a 45% market share.
It is because of their capability of efficiently converting DC power into AC for the traction motors. On the other hand, motors come up to form about 30% of the market. There has been growth noticed in motors as well, which can be contributed to their growth with the demand for electric locomotives and advancements in motor technology. While other elements, such as controllers, transformers, and auxiliary systems, take only 25%, their importance cannot be gainsaid.

Locomotive Market Report Scope :

Report Attributes	Details
Market Size in 2023	USD 20.05 billion
Market Size by 2032	USD 47.65 billion
CAGR	9.10% CAGR by 2024-2032
Base Year	2023
Forecast Period	2024-2032
Historical Data	2020-2022
Key Growth Drivers	The low switching cost and the benefits associated with the electric locomotive. Rise in the demand for fuel-efficient autonomous products. The dual carbon goal or the zero net carbon emission goal of the nations all around the globe.
Major Regions Covered	North America Europe Eastern Europe Western Europe Middle East & Africa Middle East Africa Latin America

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The Asia-Pacific region, particularly China and India, has emerged as a dominant force in the global locomotive market.

China, with its extensive rail network and ambitious infrastructure projects, accounts for over 50% of the region's locomotive demand. India, following suit, has witnessed a surge in demand due to its focus on expanding its rail infrastructure to accommodate growing passenger and freight traffic. Electric locomotives have gained significant traction in the region, driven by government initiatives to reduce carbon emissions and improve air quality.

While diesel locomotives still hold a substantial market share, the adoption of electric technology is expected to accelerate in the coming years.

Key Trends: Macro indicators impacting locomotive market

• The locomotive industry is restructuring itself with new technology and a view toward the environment.
• Electric locomotives have gone from a niche to rocketing their market share up by 15% in the last decade.
• Much of this is owed to mounting government incentives for green transportation and betterment in battery technology, increasing range and performance of electric locomotives.
• Moreover, there is a rising interest in autonomous locomotives; 20% of new orders for locomotives include some level of automation.
• While the technology is still under development, autonomous locomotives have huge potential for efficiency and safety in freight transport.

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Key Takeaways:

• The locomotive market is experiencing a significant shift, primarily driven by technological advancements and a growing emphasis on sustainability.
• Electric locomotives are gaining traction, accounting for 75% of new locomotive orders, surpassing diesel-powered models.
• This trend is driven by government incentives, reduced operational costs, and environmental concerns.
• Furthermore, automation and digitalization are revolutionizing the industry, with 40% of locomotives now equipped with advanced technologies like remote monitoring and predictive maintenance.
• These innovations are improving efficiency, reducing downtime, and enhancing overall operational performance.

Table of Contents – Major Key Points

1. Introduction

1.1 Market Definition

1.2 Scope (Inclusion and Exclusions)

1.3 Research Assumptions

2. Executive Summary

2.1 Market Overview

2.2 Regional Synopsis

2.3 Competitive Summary

3. Research Methodology

3.1 Top-Down Approach

3.2 Bottom-up Approach

3.3. Data Validation

3.4 Primary Interviews

4. Market Dynamics Impact Analysis

4.1 Market Driving Factors Analysis

4.1.1 Drivers

4.1.2 Restraints

4.1.3 Opportunities

4.1.4 Challenges

4.2 PESTLE Analysis

4.3 Porter's Five Forces Model

5. Statistical Insights and Trends Reporting

5.1 Adoption Rates of Emerging Technologies

5.2 Network Infrastructure Expansion, By Region

5.3 Cybersecurity Incidents, By Region (2020-2023)

5.4 Cloud Services Usage, By Region

6. Competitive Landscape

6.1 List of Major Companies, By Region

6.2 Market Share Analysis, By Region

6.3 Product Benchmarking

6.3.1 Product specifications and features

6.3.2 Pricing

6.4 Strategic Initiatives

6.4.1 Marketing and promotional activities

6.4.2 Distribution and supply chain strategies

6.4.3 Expansion plans and new product launches

6.4.4 Strategic partnerships and collaborations

6.5 Technological Advancements

6.6 Market Positioning and Branding

7. Locomotive Market Segmentation, by Propulsion Type

• Diesel
• Electric

8. Locomotive Market Segmentation, b y Technology Type

• IGBT Module
• GTO Thyristor
• SiC Module

9 . Locomotive Market Segmentation, By Component Type

• Inverter
• Motor
• Others

10 . Locomotive Market Segmentation, By End User

• Passenger Transport
• Freight Transport

11. Regional Analysis

12. Company Profiles

13. Competitive Landscape

14. Use Case and Best Practices

15. Conclusion

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