Locomotive Market
Locomotive Market Forecasts to 2028 - Global Analysis By Propulsion Type (Diesel, Electric, Electro-Diesel and Other Propulsion Types), Component (Rectifiers, Alternators, Traction, Motor Blowers, Inverter, Battery, Motor, Auxiliary Power Conversion Unit and Other Components), Operational Engine, Technology, End User and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $4.39 BN |
|
Projected Year Value (2028) |
US $5.21 BN |
|
CAGR (2022 - 2028) |
2.8% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global Locomotive Market is accounted for $4.39 billion in 2022 and is expected to reach $5.21 billion by 2028 growing at a CAGR of 2.8% during the forecast period. A locomotive is a self-propelled rail transport vehicle used solely to move trains along tracks. They have no cargo capacity. The locomotives on the trains might be found in the back, front, or both ends. Diesel fuel ignites, pushing pistons linked to an electric generator. Motors attached to the locomotive's wheels are propelled by the resultant electricity. Steam, diesel, or electricity are used to power many types of locomotives, including freight, passenger, and repowered locomotives.
According to the reports by the researchers from the Lawrence Berkeley National Laboratory and UCLA's Institute of Environment and Sustainability, upgrading existing diesel locomotives with battery power could save railroads USD 94 billion in fuel costs over the next 20 years.
Market Dynamics:
Driver:
Expansion of rail network
Several developed and emerging countries, including China, Japan, and India, are making investments in the development of their infrastructure. They are creating and purchasing high-speed trains while also increasing their comfort and safety features. The need for locomotives, such as freight, passenger, and repowered locomotives, has risen as the railway networks have been expanded. The market demand is being fuelled by the diversification of energy sources and the provision of more efficient transportation.
Restraint:
Requires huge infrastructure
Six enormous electric traction motors are used in a contemporary hybrid diesel electric locomotive engine, which is powered by a diesel-powered alternator. Additionally, the capital expense is increased by the cost of the infrastructure needed to operate the locomotives on the tracks. The locomotive engine is costly since this complete system has pricey components. The cost of locomotive engines alone takes up a significant portion of capital, which is hindering the market demand.
Opportunity:
Technological advancements
The need for locomotives has increased as a result of increased urbanization and rail developments. The need for power conversion components has increased as a result of technological developments including the introduction of IGBT modules, SiC modules, and auxiliary power units. These developments have reduced power loss while changing the condition of the electricity, decreased emissions, boosted fuel efficiency, and decreased total weight. The market demand is being boosted by these developments.
Threat:
High service costs
The establishment and operation of the railway network involve large capital and maintenance expenditures. A significant portion of the capital is taken up by the cost of locomotive engines alone, which also includes maintenance and repair expenses. Priced at about USD 6 million, an electric locomotive is five times more expensive than a standard diesel locomotive engine. This factor is limiting market expansion.
Covid-19 Impact
People have been impacted by the corona virus pandemic in a variety of ways, including by having less mobility and fewer possibilities for exercise. Such conditions led to the deterioration and impairment of locomotor function. Demand for the locomotives has been less than expected. The transportation and logistics sector was seriously damaged. Due to constraints, manufacture and testing of locomotives were temporarily halted as a result of the COVID-19 epidemic and the subsequent economic collapse.
The diesel segment is expected to be the largest during the forecast period
The diesel segment is estimated to have a lucrative growth. A diesel locomotive is made consisting of a diesel engine that provides propulsion. Diesel products come in a variety of forms, and they often differ in terms of how efficiently they can transmit mechanical energy to the wheels that are being driven. Diesel fuel is stored in the fuel tank and delivered by an electric fuel pump in order to power the engine.
The insulated-gate bipolar transistor (IGBT) module segment is expected to have the highest CAGR during the forecast period
The insulated-gate bipolar transistor (IGBT) module segment is anticipated to witness the fastest CAGR growth during the forecast period. IGBT modules in electrical and diesel railway systems are particularly lightweight. Long-distance freight and passenger transit commonly makes use of IGBTs. They have three terminals: a gate, an emitter, and a collector. Its protection does not require a snubber circuit. The segment is expanding because of its switching frequency and flat temperature.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to growing freight transportation. Around 40,000 kilometers of high-speed rail have been built in China. In important nations like China, Japan, and India, buyers choose locomotives over other products. In Singapore, Malaysia, Indonesia, and Bangladesh, new rail projects for urban passenger transit as well as the replacement and upkeep of the current fleet are anticipated to boost the market in this area.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period. To cut expenses and pollutants, people in this area are employing electric trains. It has the presence of key manufacturers. The Germany locomotive market was the fastest-growing market in the region. The market expansion in this area is being driven by the rising demand for electric cars as part of the decarbonization strategy, notably in Germany, France, Sweden, and the United Kingdom, as well as the growth of the railway infrastructure.
Key players in the market
Some of the key players profiled in the Locomotive Market include Siemens AG, Alstom SA, Wabtec Corporation, Union Pacific, Stadler, Hyundai Rotem, Hitachi, Mitsubishi Heavy Industries, Ltd, Sinara, Bombardier Transportation, AEG Power Solutions, Toshiba International Corporation, CZ LOKO, CRRC Corporation Limited, Bharat Heavy Electricals Limited, Strukton and Brookville Equipment Corporation.
Key Developments:
In October 2022, Union Pacific signed a partnership with ZTR to develop new hybrid-electric locomotives. Five more hybrid-electric locomotives are expected to be delivered in 2024. Union Pacific will replace one diesel locomotive with two locomotives, known as ‘mother-slug’ sets.
In September 2022, Siemens Mobility extended its partnership agreement with leasing rolling stock specialist Akiem. Under this agreement, Siemens Mobility will provide a supply of 65 Vectron AC and Vectron MS locomotives to Akiem. The trains contain a maximum power of 6.4MWs and attain a maximum speed of 200km/h or 230km/h providing fast freight and passenger services across several countries in Europe.
In July 2022, Wabtec Corp signed a contract with Union Pacific to modernize 600 locomotives. The contract was valued at USD 1 billion. The modernization of locomotives will improve fuel efficiency by up to 18%, increase reliability by more than 80%, boost haulage ability by more than 55%, and extend the life of the engines.
In April 2022, Stadler signed a contract with Becon Rail for 30 bi-mode locomotives in the U.K. Under this contract, Stadler will deliver 30 Class 99 bi-mode Co'Co' locomotives along with its spare parts to be used for its operation in the U.K. The new locomotives are designed to be compatible with British gauge, and the specification combines 25kV A.C. electric and diesel operating modes. GB Railfreight will operate these locomotives.
Propulsion Types Covered:
• Diesel
• Electric
• Electro-Diesel
• Other Propulsion Types
Components Covered:
• Rectifiers
• Alternators
• Traction
• Motor Blowers
• Inverter
• Battery
• Motor
• Auxiliary Power Conversion Unit
• Other Components
Operational Engines Covered:
• Station Pilot
• Banking Engine
• Pilot Engine
• Other Operational Engines
Technologies Covered:
• Gate Turn-Off (GTO) Thyristor
• Insulated-Gate Bipolar Transistor (IGBT) Module
• Silicon Carbide (SiC) Module
End Users Covered:
• Passengers
• Freight
• Switcher Locomotives
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Locomotive Market, By Propulsion Type
5.1 Introduction
5.2 Diesel
5.3 Electric
5.4 Electro-Diesel
5.5 Other Propulsion Types
6 Global Locomotive Market, By Component
6.1 Introduction
6.2 Rectifiers
6.3 Alternators
6.4 Traction
6.5 Motor Blowers
6.6 Inverter
6.7 Battery
6.7 Motor
6.9 Auxiliary Power Conversion Unit
6.10 Other Components
7 Global Locomotive Market, By Operational Engine
7.1 Introduction
7.2 Station Pilot
7.3 Banking Engine
7.4 Pilot Engine
7.5 Other Operational Engines
8 Global Locomotive Market, By Technology
8.1 Introduction
8.2 Gate Turn-Off (GTO) Thyristor
8.3 Insulated-Gate Bipolar Transistor (IGBT) Module
8.4 Silicon Carbide (SiC) Module
9 Global Locomotive Market, By End User
9.1 Introduction
9.2 Passengers
9.3 Freight
9.4 Switcher Locomotives
9.5 Other End Users
10 Global Locomotive Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Siemens AG
12.2 Alstom SA
12.3 Wabtec Corporation
12.4 Union Pacific
12.5 Stadler
12.6 Hyundai Rotem
12.7 Hitachi
12.8 Mitsubishi Heavy Industries, Ltd
12.9 Sinara
12.10 Bombardier Transportation
12.11 AEG Power Solutions
12.12 Toshiba International Corporation
12.13 CZ LOKO
12.14 CRRC Corporation Limited
12.15 Bharat Heavy Electricals Limited
12.16 Strukton
12.17 Brookville Equipment Corporation
List of Tables
1 Global Locomotive Market Outlook, By Region (2020-2027) ($MN)
2 Global Locomotive Market Outlook, By Propulsion Type (2020-2028) ($MN)
3 Global Locomotive Market Outlook, By Diesel (2020-2028) ($MN)
4 Global Locomotive Market Outlook, By Electric (2020-2028) ($MN)
5 Global Locomotive Market Outlook, By Electro-Diesel (2020-2028) ($MN)
6 Global Locomotive Market Outlook, By Other Propulsion Types (2020-2028) ($MN)
7 Global Locomotive Market Outlook, By Component (2020-2028) ($MN)
7 Global Locomotive Market Outlook, By Rectifiers (2020-2028) ($MN)
9 Global Locomotive Market Outlook, By Alternators (2020-2028) ($MN)
10 Global Locomotive Market Outlook, By Traction (2020-2028) ($MN)
11 Global Locomotive Market Outlook, By Motor Blowers (2020-2028) ($MN)
12 Global Locomotive Market Outlook, By Inverter (2020-2028) ($MN)
13 Global Locomotive Market Outlook, By Battery (2020-2028) ($MN)
14 Global Locomotive Market Outlook, By Motor (2020-2028) ($MN)
15 Global Locomotive Market Outlook, By Auxiliary Power Conversion Unit (2020-2028) ($MN)
16 Global Locomotive Market Outlook, By Other Components (2020-2028) ($MN)
17 Global Locomotive Market Outlook, By Operational Engine (2020-2028) ($MN)
17 Global Locomotive Market Outlook, By Station Pilot (2020-2028) ($MN)
19 Global Locomotive Market Outlook, By Banking Engine (2020-2028) ($MN)
20 Global Locomotive Market Outlook, By Pilot Engine (2020-2028) ($MN)
21 Global Locomotive Market Outlook, By Other Operational Engines (2020-2028) ($MN)
22 Global Locomotive Market Outlook, By Technology (2020-2028) ($MN)
23 Global Locomotive Market Outlook, By Gate Turn-Off (GTO) Thyristor (2020-2028) ($MN)
24 Global Locomotive Market Outlook, By Insulated-Gate Bipolar Transistor (IGBT) Module (2020-2028) ($MN)
25 Global Locomotive Market Outlook, By Silicon Carbide (SiC) Module (2020-2028) ($MN)
26 Global Locomotive Market Outlook, By End User (2020-2028) ($MN)
27 Global Locomotive Market Outlook, By Passengers (2020-2028) ($MN)
27 Global Locomotive Market Outlook, By Freight (2020-2028) ($MN)
29 Global Locomotive Market Outlook, By Switcher Locomotives (2020-2028) ($MN)
30 Global Locomotive Market Outlook, By Other End Users (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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