Press release
Comprehensive Electric Locomotives Market Insights: Forecasting Size, Growth, and Competitive Trends from 2025 to 2034
Electric Locomotives
The growth of the electric locomotives market is being fueled by a rising preference for environmentally friendly and energy-saving modes of transport. The UK Department of Transport reveals that the electric motors used in electric locomotives are often around 90% efficient, thanks to innovations like regenerative braking that allows energy to be recaptured from braking. This efficiency results in a 20%-35% lower carbon emission per passenger mile compared to diesel-powered methods, contributing to a decrease in carbon emissions. Given the growing concerns for a cleaner environment, the demand for non-polluting and energy-efficient transport systems is on the rise, thus propelling the expansion of the electric locomotives market.
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What is the future CAGR of the electric locomotives market, and how will it impact industry expansion?
Over the recent years, the market size for electric locomotives has expanded swiftly. From a value of $9.26 billion in 2024, it is predicted to reach $10.43 billion in 2025, resulting in a compound annual growth rate (CAGR) of 12.6%. The unprecedented growth during the historical period is the result of a growing affinity towards non-polluting and energy-efficient transportation, a surge in the demand for freight services, robust economic development in emerging markets, and higher investments from various sectors in the electric locomotive industry.
The market size of electric locomotives is slated for a significant surge in the coming years, expanding to reach $16.41 billion in 2029, while growing at a Compound Annual Growth Rate (CAGR) of 12.0%. This growth during the forecasted period could be linked to the rising inclination towards efficient, pollution-free systems, boosted digitalization, and the escalating number of progressive electric locomotive projects. Future trends during the forecast period might comprise advancements in power supply, forging strategic alliances, engaging in research and development, proliferation of dual-mode electric locomotive trains, and AI-powered locomotive driver assistance systems.
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What are the most significant trends transforming the electric locomotives market today?
The rise of dual-mode locomotive electric trains is predicted to be a significant trend that will impact the electric locomotives market during the projected timeframe. The Indian West Central Railways unveiled Navdoot, a dual-mode locomotive powered by batteries, in May 2022. Both the batteries and electricity are utilized to power this engine.
Which key market segments comprise the electric locomotives market and drive its revenue growth?
The electric locomotives market covered in this report is segmented -
1) By Energy Transfer: Overhead Lines, Third Rail, On-Board Energy Storage
2) By Technology: IGBT Module, GTO Thyristor, SiC Module
3) By Traction Units: AC Traction Units, DC Traction Units, Multi System Units
4) By Application: Passenger Transport, Freight Transport
Subsegments:
1) By Overhead Lines: Catenary System Locomotives, Pantograph-Equipped Electric Locomotives
2) By Third Rail: Electric Locomotives Using Third Rail Systems, Dual-Power Locomotives
3) By On-Board Energy Storage: Battery Electric Locomotives, Hybrid Locomotives with On-Board Energy Storage Systems
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What regions are at the forefront of electric locomotives market expansion?
Western Europe was the largest region in the electric locomotives market in 2024. Asia-Pacific was the second largest region in the global electric locomotives market share. The regions covered in the electric locomotives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the leading players fueling growth in the electric locomotives market?
Major companies operating in the electric locomotives market include 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, China Railway Corp, 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
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What Is Covered In The Electric Locomotives Global Market Report?
• Market Size Forecast: Examine the electric locomotives market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the electric locomotives market for a structured understanding.
• Key Players Overview: Analyze major players in the electric locomotives market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the electric locomotives market.
• Segment Contributions: Evaluate how different segments drive overall growth in the electric locomotives market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the electric locomotives market.
• Industry Challenges: Identify potential risks and obstacles affecting the electric locomotives market.
• Competitive Landscape: Review strategic developments in the electric locomotives market, including expansions, agreements, and new product launches.
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