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Rising Demand For Green And Energy-Efficient Transport Drives Electric Locomotives Market: A Key Driver Powering Electric Locomotives Market Growth In 2025
Electric Locomotives
What Is the Current Electric Locomotives Market Size and Its Estimated Growth Rate?
There has been a steadfast rise in the size of the electric locomotives market in recent times. It is projected to expand from $9.26 billion in 2024 to $10.43 billion in 2025, boasting a compound annual growth rate (CAGR) of 12.6%. Elements contributing to the growth during the historic period include a rising preference for eco-friendly and energy-saving means of transportation, a surge in demand for freight services, robust economic growth in developing markets, and heightened sector-wise investments in electric locomotives.
The market size of electric locomotives is anticipated to experience significant expansion in the coming years. It is projected to reach a value of $16.41 billion by the year 2029, with a compound annual growth rate (CAGR) of 12.0%. This growth during the forecast period can be credited to the rising inclination towards pollution-free efficient systems, the proliferation of digitalization, and an upsurge in sophisticated electric locomotive projects. Noteworthy trends during this forecast period include advancements in power supply, strategic collaborations, research and development initiatives, the evolution of dual-mode electric locomotive trains, and AI-centric locomotive driver assistance systems.
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How Are Emerging Segments Shaping the Electric Locomotives Market Landscape?
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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Which Growth Factors Are Influencing Electric Locomotives Market Expansion?
The rise in popularity for environmentally friendly and energy-saving transportation is enhancing the expansion of the electric locomotives market. The UK Department of Transport explains that the highly efficient electric motors used in these trains, often boasting an efficiency of approximately 90% due to innovations such as regenerative braking that recaptures energy from braking, generate 20%-35% fewer carbon emissions per passenger mile compared to their diesel counterparts, thus contributing to a decrease in overall emissions. The growing concern for a cleaner environment has led to a surge in the demand for non-polluting and energy-efficient transport systems, which in turn, is propelling the electric locomotives market forward.
Who Are the Dominant Players Across Different Electric Locomotives Market Segments?
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
What Are the Latest Developing Trends in the Electric Locomotives Market?
One of the notable trends that will come to the forefront in the electric locomotives market during the forecast period is the advent of dual-mode locomotive electric trains. The Navdoot, a dual-mode locomotive that operates on batteries, was launched by the Indian West Central Railways in May 2022. Both batteries and electricity serve as the power source for this engine.
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Which Geographic Regions Are Expected to Dominate the Electric Locomotives Market in the Coming Years?
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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Electric Locomotives Market?
2. What is the CAGR expected in the Electric Locomotives Market?
3. What Are the Key Innovations Transforming the Electric Locomotives Industry?
4. Which Region Is Leading the Electric Locomotives Market?
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