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Electric Locomotives Market: Innovation and Demand Forecast for 2024
Electric Locomotives Market Research
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According to The Business Research Company's, The electric locomotives market size has grown rapidly in recent years. It will grow from $8.29 billion in 2023 to $9.39 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth in the historic period can be attributed to increasing preference for non-polluting and energy-efficient transport, an increase in demand for freight services, strong economic growth in emerging markets, and increased investment from different sectors in electric locomotive.
The electric locomotives market size is expected to see rapid growth in the next few years. It will grow to $14.8 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to the growing preference for pollution free efficient systems, an increase in digitalization, and increasing number of advanced electric locomotive projects. Major trends in the forecast period include advances in power supply, strategic partnerships, research, and development, developing the dual mode of electric locomotive trains, and ai-based locomotive driver assistance systems.
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Market Drivers and Trends:
Increasing preference for non-polluting and energy-efficient transport is contributing to the growth of the electric locomotives market. According to the UK Department of Transport, besides highly efficient electric motors in electric locomotives that regularly have an efficiency of around 90% due to advancements such as regenerative braking, which can recover energy from braking, they emit 20%-35% less carbon per passenger mile than those enabled by diesel, which helps in a reduction in carbon emissions. Concerns regarding a greener environment have resulted in increasing demand for non-polluting and energy-efficient transport systems, thereby driving the electric locomotives market.
The emergence of dual-mode locomotive electric trains will be one of the major trends that will gain traction in the electric locomotives market in the forecast period. In May 2022, the Indian West Central Railways, launched Navdoot. Navdoot is a dual-mode locomotive that runs on batteries. The batteries and electricity are both used to power this engine.
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Major Key Players of the Market:
CRRC Corporation Limited, Hitachi Ltd, Kawasaki Heavy Industries, Siemens AG, Stadler Rail AG, Wabtec Corporation, Bharat Heavy Electricals Limited, Toshiba Corporation, Alstom S. A, Hyundai Rotem, Banaras Locomotive Works, EAST Japan Railway (JR East), Mass Transit Railway Hong Kong (MTR), West Japan Railway, Central Japan Railway, China Railway Corp, KiwiRail Ltd , PT Kereta Api Indonesia (Persero) , CZ LOKO, ZOS Vrutky a.s, ZEPHIR, Schalke Locomotives GmbH, Vossloh Locomotives GmbH, SOFTRONIC Ltd, PESA Bydgoszcz SA, Faur SA , Newag SA , Bombardier Inc, General Electric Company, Transmash holding AG, AEG Power Solutions , CPTM, Vale SA, Companhia do Metropolitano de Sao Paulo, Perurail, Belmond Andean Explorer, Ferrovías Central Andina, Nuevos Ferrocarriles Argentinos, Trenes Metropolitanos , Ferrocarril Transandino
Electric Locomotives Market 2024 Key Insights:
• The electric locomotives market size is expected to see rapid growth in the next few years. It will grow to $14.8 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%.
• Rising Demand For Green And Energy-Efficient Transport Drives Electric Locomotives Market
• Dual-Mode Electric Locomotives Gain Momentum In The Electric Locomotives Market
• Western Europe was the largest region in the electric locomotives market in 2023
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