In 2021, the global locomotive market was valued at USD 18.16 billion and estimated to grow at a 10.3% CAGR to reach USD 23.83 billion by 2027.
Locomotives are powered rail transport vehicles that deliver motive power to trains with no payload capacity, and their only purpose is to pull the trains on tracks. Nonetheless, presently, push-pull operations have become popular, in which the trains have locomotives at the back, front, or both ends. Electric locomotives are preferred since they provide high performance, lower maintenance costs, lower energy costs, and reduce pollution levels.
The increasing rate of urbanization, expansion of rail networks in most developed and developing nations, and the growing concern among individuals regarding environmental sustainability drive the global market.
In 2020, Alstom signed an MoU with Bombardier Inc. and Caisse de dépôt et placement du Québec ("CDPQ") to procure Bombardier Transportation. The cost of the acquisition of all the Bombardier Transportation shares will be around €6 billion.
In March 2020, C.Z. Loko launched three new hybrid locomotives concepts named DualShunter 2000, EffiLiner 2000, and DualLiner 2000 in a Future of Shunting Locomotives conference. These models were planned to hit the track by 2023.
In 2020, Deutsche Bahn has awarded 50 hybrid locomotives orders to Toshiba Corporation. The estimated series assembly of the locomotives will start by 2021. This hybrid locomotive can provide annual energy savings of 30% and diesel fuel savings of 1 million litres per year.
In March 2020, Alstom S.A. rolled out its first all-electric locomotive; it is a part of a USD 3.5 billion order of 800 electric double-section locomotives signed back in 2015 with the Indian Ministry of Railways public-private partnership.
Key factors driving the global locomotives market growth are the rise in demand for rolling stock that is energy efficient, augmenting urbanization, and expanding rail network infrastructure. A broad spectrum of awaiting rail projects and environmental sustainability will boost market growth in the coming years. Widespread rail networks support the locomotives market to meet the growing demand for public transport. The development of advanced technology like auxiliary power units, SiC module, and IGBT module adds to the largest market share in the global locomotive market. These technologies assist in escalating fuel efficiency, reducing emission level, and lowering the overall weight, which may reduce power loss when switching the current state.
The capital intensiveness of rolling stock, high maintenance cost, and overhaul cost are the key restraining factors hampering the global locomotive market's growth.
Based on motive power, the market is categorized into steam, diesel, gasoline, electric, hybrid, steam diesel hybrid, fuel cell electric, atomic electric, and gas turbine electric. Motive power is a fundamental agent such as water, steam, electricity, and wind, which imparts motion to its engine. The diesel locomotives are further segmented into early oil locomotive engines, first true diesel engines, modern diesel engines, and slugs or drones.
Based on the power conversion component, the locomotive market is categorized into rectifier, traction, inverter, alternator, and auxiliary power conversion unit. Some of the power conversion components' applications include converting electric energy from one form of energy, adjusting voltage frequency, and converting alternate current to direct current.
Based on technology, the locomotive market is categorized into the GTO thyristor module, IGBT power module, and SiC power module. Gate Turn-Off Thyristor module is a high-powered semiconductor device, while IGBT power modules are found in traction inverters. SiC modules or silicon carbide modules are used as oil additives to reduce friction and emissions.
Based on the end-user, the global locomotive market is segmented into passenger, freight, and shunting or switcher locomotives.
Based on the operational engine, the locomotive market is divided into the train engine, banking engine, pilot engine, station pilot, and light engine.
Based on wheel arrangement, the locomotive market is categorized into AAR, Whyte notation systems, and UIC classification. A wheel arrangement is a system for naming the distribution of wheels of a locomotive. Since the wheels of a locomotive are optimized for a different use, they form an integral part of the locomotive system's functioning.
Geographically, the global locomotive market has been divided into four major regions: North America, Europe, Asia-Pacific, and the rest of the world. In 2018, the global market was dominated by Asia-Pacific, followed by Europe and North America. Asia-Pacific is predicted to hold the largest market share during the forecast timeframe due to its enormous potential consumer base and improving socio-economic conditions in countries such as China, India, and Japan. North America is expanding at a substantial rate over the outlook period. The factors adding to the market's growth in this region are the development of advanced technology, stable economy, heavy industrialization, and key market players such as G.E. Transportation and EMD Caterpillar region. Europe is estimated to keep the second position by market share in the global market throughout the forecast timeframe as it is one of the biggest markets for rail products.
Some of the significant players functioning in the global locomotive market are Hitachi Ltd. (Japan), CRRC Corporation Limited (China), Bombardier Inc. (Canada), Alstom S.A. (France), and ABB (Switzerland).
For instance, Hitachi Ltd. has a strong product offering, and it has invested heavily in R&D to retain its market position. They have embraced new product development and supply contracts as their primary strategy. In contrast, CRRC Corporation Limited has recently surfaced by collaborating with the subsidiaries and adopting new product development and mergers as their primary strategy to appear as the market's leading player.
Impact of COVID-19 on Locomotive Market
The global locomotive market faced a significant market slow down compared to the 2019 growth estimates due to the coronavirus pandemic's impact in the first half of 2020. Nonetheless, steady growth is expected throughout the forecast period, and the market is evaluated to grow at about a 1% CAGR.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Locomotive Market, By Motive Power
6.1.6 Steam Diesel Hybrid
6.1.7 Fuel Cell Electric
6.1.8 Atomic Electric
6.1.9 Gas Turbine Electric
6.1.10 Market Size Estimations & Forecasts (2019-2024)
6.1.11 Y-o-Y Growth Rate Analysis
6.1.12 Market Attractiveness Index
6.2 Locomotive Market, By Power Conversion Component
6.2.5 Auxiliary Power Conversion Unit
6.2.6 Market Size Estimations & Forecasts (2019-2024)
6.2.7 Y-o-Y Growth Rate Analysis
6.2.8 Market Attractiveness Index
6.3 Locomotive Market, By Technology
6.3.1 GTO Thyristor Module
6.3.2 IGBT Power Module
6.3.3 SiC Power Module
6.3.4 Market Size Estimations & Forecasts (2019-2024)
6.3.5 Y-o-Y Growth Rate Analysis
6.3.6 Market Attractiveness Index
6.4 Locomotive Market, By End-Users
6.4.3 Shunting Or Switcher Locomotives
6.4.4 Market Size Estimations & Forecasts (2019-2024)
6.4.5 Y-o-Y Growth Rate Analysis
6.4.6 Market Attractiveness Index
6.5 Locomotive Market, By Operational Engine
6.5.1 Train Engine
6.5.2 Banking Engine
6.5.3 Pilot Engine
6.5.4 Station Pilot
6.5.5 Light Engine
6.5.6 Market Size Estimations & Forecasts (2019-2024)
6.5.7 Y-o-Y Growth Rate Analysis
6.5.8 Market Attractiveness Index
6.6 Locomotive Market, By Wheel Arrangement
6.6.2 Whyte Notation Systems
6.6.3 UIC Classification
6.6.4 Market Size Estimations & Forecasts (2019-2024)
6.6.5 Y-o-Y Growth Rate Analysis
6.6.6 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Motive Power
7.2.3 By Power Conversion Component
7.2.4 By Technology
7.2.5 By End-Users
7.2.6 By Operational Engine
7.2.7 By Wheel Arrangement
7.3.1 By Country
18.104.22.168 Rest of Europe
7.3.2 By Motive Power
7.3.3 By Power Conversion Component
7.3.4 By Technology
7.3.5 By End-Users
7.3.6 By Operational Engine
7.3.7 By Wheel Arrangement
7.4 Asia Pacific
7.4.1 By Country
22.214.171.124 South Korea
126.96.36.199 South East Asia
188.8.131.52 Australia & NZ
184.108.40.206 Rest of Asia-Pacific
7.4.2 By Motive Power
7.4.3 By Power Conversion Component
7.4.4 By Technology
7.4.5 By End-Users
7.4.6 By Operational Engine
7.4.7 By Wheel Arrangement
7.5 Latin America
7.5.1 By Country
220.127.116.11 Rest of Latin America
7.5.2 By Motive Power
7.5.3 By Power Conversion Component
7.5.4 By Technology
7.5.5 By End-Users
7.5.6 By Operational Engine
7.5.7 By Wheel Arrangement
7.6 Middle East and Africa
7.6.1 By Country
18.104.22.168 Middle East
7.6.2 By Motive Power
7.6.3 By Power Conversion Component
7.6.4 By Technology
7.6.5 By End-Users
7.6.6 By Operational Engine
7.6.7 By Wheel Arrangement
8. Key Player Analysis
8.1 Alstom S.A
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Hitachi Ltd
8.3 CRRC Corporation Limited
8.4 Bombardier Inc
8.5 ABB Ltd
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures