The global locomotive market size is anticipated to reach USD 25.48 billion by 2028 and exhibit a CAGR of 8.8% during the forecast period. 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.
The swift digitization and technological advancements are likely to intensify the growth of the market. The rising adoption of autonomous locomotive and automated transit systems is expected to boost the market's growth.
Key Players in the Locomotive Market are:
- Bombardier Transportation (Canada)
- Alstom (France)
- Hitachi Ltd (U.K.)
- AEG Power Solutions (Netherlands)
- Siemens Mobility (Germany)
- Wabtec Corporation (The 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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Report Coverage-
- Showcases a comprehensive assessment of the market.
- Highlights the latest industry developments of the market.
- Assimilates various drivers, threats, and opportunities for the market.
- Highlights the impact of the COVID-19 pandemic.
- Provides crucial information on the market’s competitive landscape.
Drivers & Restraints-
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.
Read a Detailed Summary of This Report: https://www.fortunebusinessinsights.com/temperature-sensor-market-102434
COVID-19 Impact-
The humanitarian crisis has created unprecedented challenges on the global economic structure. The market for locomotives has witnessed a positive impact of the global pandemic. The swift digitization observed during the pandemic has resulted in new solutions for services and customers. The digitization has helped railways to lower operating costs, increase energy efficiency, and improved management. The market is expected to witness immense growth post-pandemic due to the deepening digitization of railways.
Regional Insights-
Expansion of Rail Network to Boost Growth in Asia Pacific
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.
Competitive Landscape-
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.
Industry Developments-
June 2021: Wabtec Corporation collaborated with General Motors to develop and commercialize the HYDROTEC hydrogen fuel cell systems and Ultium battery technology of General Motors for Wabtec locomotives.
Read Press Release: https://www.fortunebusinessinsights.com/press-release/temperature-sensor-market-9660
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