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Locomotive market Report 2024 – Market Size, Trends, And Forecast 2024-2033
Locomotive Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
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LONDON, GREATER LONDON, UNITED KINGDOM, September 6, 2024 /EINPresswire / -- The locomotive market has experienced robust growth in recent years, expanding from $19.89 billion in 2023 to $21.70 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to increasing demand for efficient transportation systems, increasing rolling stock manufacturing and global rail infrastructure development, increasing investments, increasingly hybrid and battery-electric locomotive, and rising demand for advanced power components.
What Is The Estimated Market Size Of The Global Locomotive Market And Its Annual Growth Rate?
The locomotive market is projected to grow strongly, reaching $31.10 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to increasing safety concerns, increasing traffic congestion, rising demand for public transportation, increasing urbanization, and increasing demand for rail transport.
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Growth Driver Of The Locomotive Market
The increasing demand for rail transport is expected to propel the growth of the locomotive market going forward. Rail transport is the movement of passengers and goods via trains that run on fixed tracks or railways, utilizing a specialized infrastructure of tracks, bridges, tunnels, and stations to facilitate efficient and sustainable transportation over land. The demand for rail transport is due to efficiency in freight transport, infrastructure investments, government policies, and incentives. Locomotives are integral to the efficient operation of railways, enabling the movement of goods and passengers across vast distances while providing flexibility and adaptability to various operational needs.
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Which Market Players Are Driving The Locomotive Market Growth?
Key players in the locomotive market include Siemens AG, Tata Motors Limited, CRRC Corporation Limited, Mitsubishi Heavy Industries Ltd., Toshiba Corporation, Alstom SA, Kawasaki Heavy Industries Ltd., Knorr-Bremse AG, Wabtec Corporation, Transnet SOC Ltd., Stadler Rail, Progress Rail, Hyundai Rotem Co.
What Are the Key Trends That Influence The Locomotive Market Size?
Major companies operating in the locomotive market are focused on developing advanced products such as next-generation hybrid locomotives to reduce emissions, improve fuel efficiency, and enhance operational flexibility by combining the benefits of electric and diesel propulsion systems. Next-generation hybrid locomotives are advanced rail vehicles that integrate multiple propulsion systems, representing a significant step forward in the rail industry's efforts to create more sustainable and efficient transportation solutions.
How Is The Global Locomotive Market Segmented?
1) By Type: Diesel, Electric, Other Types
2) By Component: Rectifier, Inverter, Traction Motor, Alternator, Other Components
3) By Technology: IGBT Power Module, GTO Thyristor Module, SiC Power Module
4) By End-User: Freight, Passengers, Other End-User
Geographical Insights: Asia Pacific Leading The Locomotive Market
Asia Pacific was the largest region in the locomotive Market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the locomotive market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Locomotive Market Definition
A locomotive is a powerful engine used to pull trains along railway tracks. It provides the necessary traction for moving freight or passenger cars from one place to another, and it is used in transportation, logistics, industry, tourism, and emergency response.
Locomotive Global Market Report 2024 from TBRC covers the following information:
.Market size data for the forecast period: Historical and Future
.Macroeconomic factors affecting the market in the short and long run
.Analysis of the macro and micro economic factors that have affected the market in the past five years
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global locomotive market report covering trends, opportunities, strategies, and more
The Locomotive Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on locomotive market size, locomotive market drivers and trends, locomotive market major players, locomotive competitors' revenues, locomotive market positioning, and locomotive market growth across geographies. The locomotive market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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The Business Research Company
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