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Electric Locomotives Market Size to Reach $3.23 Billion by 2029 | Growth at 7.8% CAGR Forecast
Electric Locomotives Market
What is the Projected Market Size of the Electric Locomotives Industry?
The market size for electric locomotives has seen significant growth in recent years. Expected to expand from $2.13 billion in 2024 to $2.39 billion in 2025, it predicts a compound annual growth rate (CAGR) of 11.9%. This surge during the historic period can be traced back to the escalating preference for transport options that are both energy-efficient and pollution-free, a growing demand for freight services, robust economic progress in emerging markets, and heightened sector-based investment in electric locomotives.
What Will Be the Size of the Electric Locomotives Market by 2029?
The market size for electric locomotives is anticipated to experience robust growth in the forthcoming years and is projected to reach $3.23 billion by 2029, with a compound annual growth rate (CAGR) of 7.8%. This growth in the projected period is due to a rising inclination towards efficient systems that are free from pollution, an upswing in digitalization, and an increase in the number of cutting-edge electric locomotive projects. The forecast period will see some significant trends, such as enhancements in power supply, strategic alliances, research and development, the introduction of the dual mode in electric locomotive trains, and ai-powered driver assistance systems in locomotives.
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What Are the Key Drivers Accelerating Growth in the Electric Locomotives Market?
The rise in demand for non-polluting and energy-efficient modes of transport is fueling the expansion of the electric locomotives market. As stated by the UK Department of Transport, electric locomotives often boast an efficiency of approximately 90% thanks to innovations like regenerative braking, which aids in energy conservation during braking. Moreover, compared to diesel-powered alternatives, these emit 20%-35% less per passenger mile, contributing significantly to carbon emission reduction. The concern for an eco-friendly environment is prompting the need for cleaner and more energy-efficient transport methods, consequentially propelling the growth of the electric locomotives market.
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How Is the Electric Locomotives Market Segmented by Type, Application, and Region?
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
What Are the Key Trends Driving Growth in the Electric Locomotives Market?
The increasing adoption of dual-mode locomotive electric trains is anticipated to be a significant trend propelling the growth of the electric locomotives market within the forecasted period. In May 2022, Navdoot, a dual-mode locomotive that operates on battery power, was introduced by the Indian West Central Railways. Both electricity and batteries are utilized to fuel this engine.
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Who Are the Leading Companies Driving 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
Which Is the Leading Region in the Global 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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