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Transformative Trends Impacting the Electric Locomotives Market Landscape: Dual-Mode Electric Locomotives Gain Momentum In The Electric Locomotives Market
Electric Locomotives
Electric Locomotives Market Size Growth Forecast: What to Expect by 2025?
In recent times, there has been a significant increase in the size of the electric locomotives market. From $9.26 billion in 2024, it is predicted to grow to $10.43 billion in 2025, making a compound annual growth rate (CAGR) of 12.6%. The surge during the historic period is due to a growing preference for transport options that are not polluting and are efficient in terms of energy use. Furthermore, the demand for freight services is on the rise, the economies in emerging markets are robust, and investment in the electric locomotive sector from various industries has increased.
How Will the Electric Locomotives Market Size Evolve and Grow by 2029?
In the coming years, the electric locomotives market is forecasted to experience a swift expansion. The market size is projected to reach $16.41 billion by 2029, with a compound annual growth rate (CAGR) of 12.0%. This acceleration in growth during the forecast period can be linked to an increasing inclination towards pollution-free efficient systems, a surge in digitalization, and the emergence of sophisticated electric locomotive projects. Noteworthy trends expected during this forecast period include advancements in power supply, strategic collaborations, rigorous research and development, enhancements in the dual mode of electric locomotive trains, and the introduction of AI-based locomotive driver assistance systems.
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What Drivers Are Propelling the Growth of Electric Locomotives Market Forward?
The rise in demand for eco-friendly and energy-saving transportation methods is fuelling the expansion of the electric locomotives market. As stated by the UK Department of Transport, electric locomotives typically operate with an efficiency of around 90% thanks to high-performing electric motors and technological advancements like regenerative braking, which recycles energy from the braking process. As a result of these factors, these locomotives produce 20%-35% less carbon per passenger mile compared to diesel-powered options, thus assisting in cutting down carbon emissions. The increasing importance placed on environmental preservation has spurred the desire for non-polluting and energy-saving transport solutions, thereby influencing the growth of the electric locomotives market.
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Which Emerging Trends Are Transforming the Electric Locomotives Market in 2025?
One significant trend anticipated to influence the electric locomotives market in the projected timeframe is the growing popularity of dual-mode locomotive electric trains. To illustrate, the Indian West Central Railways introduced Navdoot in May 2022, a dual-mode locomotive that operates on batteries. It utilizes both batteries and electricity for propulsion.
What Are the Key Segments in the Electric Locomotives Market?
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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Who Are the Key Players Shaping the Electric Locomotives Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Electric Locomotives Market?
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
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