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Locomotive Market Size

Report ID: GMI6472
Published Date: Aug 2023
Report Format: PDF

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Locomotive Market Size

Locomotive Market size was valued at USD 8.8 billion in 2022, owing to rapid urbanization and infrastructural development, which are fueling the need for robust and agile rail networks.

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This is spurring investments in modern locomotives designed to accommodate diverse freight and passenger demands. In September 2022, Deutsche Bahn, announced plans to invest over USD 20 billion in new trains and locomotives by 2030, as part of its largest vehicle fleet modernization program. The cost-effectiveness and scalability of rail transport will also continue to appeal to industries seeking reliable and affordable shipping alternatives. Furthermore, regulatory frameworks and governmental initiatives promoting sustainable transportation will create a conducive environment for locomotive manufacturers to innovate and cater to evolving industry demands.

Locomotive Market Report Attributes
Report Attribute	Details
Base Year:	2022
Locomotive Market Size in 2022:	USD 8.8 billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	4.3%
2032 Value Projection:	USD 13.3 billion
Historical Data for:	2018 to 2022
No. of Pages:	200
Tables, Charts & Figures:	559
Segments covered:	Type, Application, Technology, Component
Growth Drivers:	Rise in adoption of greener travel Growing demand for efficient rail transportation Increasing advancements in locomotive and digital innovations in Asia Pacific Decrease in traffic congestion Surge in government funding spurs rail network expansion and modernization
Pitfalls & Challenges:	High initial investment Safety and security concerns

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Innovations in rail technologies will significantly transform the industry outlook over 2023-2032. The introduction of advanced propulsion systems like electrification, hybridization, and digital connectivity will enhance operational efficiency and reduce emissions. Additionally, the escalating need for sustainable transportation solutions in the face of environmental concerns will fuel demand for eco-friendly locomotives. In September 2022, Amtrak announced plans to achieve net-zero emissions across its Amtrak Network by 2045, by expanding efforts to minimize environmental impact from operations during transit.

However, high capital costs associated with upgrading or acquiring new locomotives present a substantial challenge to locomotive industry development. Regulatory hurdles and complex approval processes for new locomotive technologies may further hinder innovation and deployment.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

Global market size for locomotive was valued at USD 8.8 billion in 2022, owing to rapid urbanization and infrastructural development, which are fueling the need for robust and agile rail networks.

The electric segment held over 40% of the market share in 2022, owing to the environmental advantages and operational efficiency of these rails.

Asia Pacific market generated revenue of USD 764.2 million in 2022, driven by expanding urbanization, burgeoning industrialization, and the need for efficient and sustainable transportation solutions.

Wabtec Corporation, Progress Rail (a Caterpillar Company), Electro-Motive Diesel (EMD), Kawasaki Heavy Industries, Hyundai Rotem, Toshiba Railway Systems Division, Stadler Rail, Transmashholding, CAF (Construcciones y Auxiliar de Ferrocarriles), Škoda Transportation.