Global Locomotive Market - to Witness Double Digit CAGR by 2024
Global Locomotive Market: Overview
The locomotive is the engine in a rail transport vehicle, which provides the motive power to the train with no payload capacity but aims to move the train along the track. Some trains have its own self-propelled payload-carrying vehicles. Locomotives are present at the front, rear, or at both the ends of trains. Electric locomotives are widely preferred as they provide lower energy costs, high performance, reduced pollution levels, and lower maintenance cost.Request Free Sample Report @ https://www.zionmarketresearch.com/sample/locomotive-market
Global Locomotive Market: Growth Factors
Key factors that are driving the global locomotives market growth are the rise in demand for rolling stock that is energy efficient, augmenting urbanization, and expanding rail networks infrastructure. A broad spectrum of awaiting rail projects and environmental sustainability will boost the market growth in the near future. Widespread rail networks support the locomotives market in order to meet the growing demand for public transport. The emergence of the advanced technology such as auxiliary power units, SiC module, and IGBT module contribute to the largest market share in the global market. These technologies are helping to escalate the fuel efficiency, reduced emission level, and lower the overall weight may lead to lessening power loss when switching the current state. However, high maintenance & repair cost and huge capital investment in rolling stocks are the major restraining factors of the global locomotives market.
Global Locomotive Market: Segmentation
The global locomotives market is divided on the basis of technology, motive power, and use, and operational engine. Based on technology, the market is categorized into IGBT power module, SiC power module, and GTO thyristor module. The motive power segment is segmented into gas turbine electric, steam diesel hybrid, diesel, atomic electric, steam, fuel cell electric, electric, gasoline, and hybrid. On the basis of end use, the locomotives market is classified into switcher locomotives, freight, and passenger. The operational engine segment is bifurcated into station pilot, train engine, light engine, banking engine, and pilot engine.
Global Locomotive Market: Regional Analysis
Asia Pacific region contributed for the largest market share due to the increasing population growth, expanding rail network, and rising urbanization. Developing countries in Asia-Pacific such as India, China, and Japan will witness strong growth in the near future. Increasing number of rail infrastructural projects in the Latin American region is anticipated to fuel the locomotives market growth. The government of North America and Europe is largely investing in the expansion and modernization of the rail network. Robust economic growth and rise in the demand for power and conversion systems in the Middle East and Africa will develop the locomotives market growth in future.
Global Locomotive Market: Competitive Players
Major leading players in the global locomotive market are Alstom SA, CSR Corporation, Hitachi Ltd., AEG Power Solutions, Bombardier Transportation, and Siemens AG.
Locomotive Market by Geographical Analysis: North America( U.S.), Europe( UK, France, Germany), Asia-Pacific (China, Japan, India), Latin America( Brazil), Middle East and Africa
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