Pune, India, Nov. 25, 2021 (GLOBE NEWSWIRE) — According to the report, the global Locomotive market size to Reach USD 25.48 Billion by 2028; Surging Urbanization & Increasing Population to Cause a Growth Spurt for the Market. The expansion of rail networks worldwide due to the ever-increasing population and rapid urbanization are projected to boost the growth of the market. Fortune Business Insights™ has presented this information in its report titled, “Locomotive Market, 2021-2028”. The market size stood at USD 12.34 billion in 2020.
On the basis of technology type, the market is trifurcated into SiC module, GTO thyristor, and IGBT module. On the basis of propulsion type, the market is bifurcated into electric and diesel. Geographically, the market is classified into North America, Asia Pacific, Europe, and the Rest of the World.
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Swift Urbanization & Surging Population Rate to Propel Market Growth
The ever-increasing population and swift urbanization are anticipated to be the key propellants to the global locomotive market growth. The increasing road traffic congestion issues are also expected to stimulate the growth of the market.
Electric locomotives offer better performance, require lesser maintenance and energy costs, and also reduce pollution levels. The increasing concerns for environmental sustainability are likely to augment the adoption of electric engines and foster market growth. Additionally, the growing adoption of autonomous engines is anticipated to bolster the growth of the market.
The technological advancements in the industry are also projected to stimulate market growth in the coming years.
However, the high maintenance costs and capital-intensive rolling stock are likely to hinder the growth of the market.
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Asia Pacific is expected to hold the largest portion of the global locomotive market share. The expansion of the rail network, increasing urbanization, and the high population rate are likely to be the key growth propellants for the market. The governments of developed and developing nations such as India, Japan, and China are investing in infrastructural development. They are developing and acquiring high-speed trains and enhancing the safety and comfort levels. These factors are anticipated to bolster the market growth in the coming years.
Additionally, the high levels of road traffic congestion have resulted in massive adoption of public transportation, which is likely to complement the market’s growth.
Europe is anticipated to witness steady growth in the upcoming years due to several rail material manufacturers present in the region.
North America is projected to gain considerable growth due to the robust manufacturing base present in the region, particularly for diesel locomotives.
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Key Players Emphasize Developing Efficient Engines to Garner Growth in the Market
The key players in the market emphasize developing advanced electronic and electric equipment to increase efficiency and power-delivery of locomotives. The businesses operating in the market are devising innovative growth strategies such as new product launches, technological developments, mergers, partnerships, acquisitions, and collaborations to gain growth impetus. For instance, Siemens Mobility partnered with Helmholtz Institute Erlangen-Nuremberg in May 2021 to develop liquid organic hydrogen carrier technology for rail transport.
List of the Companies Operating in the Market:
- Bombardier Transportation (Canada)
- Alstom (France)
- Hitachi Ltd (U.K.)
- AEG Power Solutions (Netherlands)
- Siemens Mobility (Germany)
- Wabtec Corporation (U.S.)
- Toshiba International Corporation (U.S.)
- CZ LOKO, A.S. (Czech Republic)
- CRRC Corporation Limited (China)
- Hyundai Corporation (South Korea)
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Global Locomotive Market Segmentation:
By Technology Type:
- IGBT Module
- GTO Thyristor,
- SiC Module
By Propulsion Type:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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