Locomotive Market Growth Probability, Leading Vendors and Future Scenario By 2024-2031


Posted August 14, 2024 by Tan8121

Locomotive market is anticipated to grow at a CAGR of 8.2% during the forecast period (2024-2031).

 
Locomotive market is anticipated to grow at a CAGR of 8.2% during the forecast period (2024-2031). The market growth is driven by the rising demand for locomotives in developing regions due to growing investments in strengthening rail networks and infrastructure. Advancement in locomotive technology and the growing urbanization globally are other contributors to the global market growth. Additionally, the approach of shifting road traffic to the local rail network can be beneficial for market development. Further, the market is experiencing a significant boom by the rising trend of intramodal transport, the growing rail-freight industry, and the upgradation of passenger locomotives to optimize cost and time.

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The growth in the locomotive market is instigated by the rapidly growing rail networks globally aimed at increasing rail freight, reducing road congestion, developing remote railway reach, and fulfilling increasing demand for public transport. This expansion of the rail network is projected to create new opportunities and scope for the purchase of locomotives globally. For instance, in January 2023, Siemens Mobility received an order for 1,200 locomotives of 9,000 horsepower (HP) from Indian Railways, marking the single largest locomotive order in the history of Siemens Mobility and single largest order in the history of Siemens India. Deliveries are planned over eleven years, and the contract includes 35 years of full-service maintenance.

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Market Coverage
Market number available for – 2024-2031
Base year- 2024
Forecast period- 2024-2031
Segment Covered- By Source, By Product Type, By Applications
Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
, and others

Market Segmentation

Global Locomotive Market by Propulsion Type

Diesel
Electric

Global Locomotive Market by End-User

Passenger
Freight

Regional Analysis

North America
United States
Canada
Europe
UK
Germany
Italy
Spain
France
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
Latin America
Middle East and Africa

Company Profiles 

Bombardier Inc.
Bharat Heavy Electricals Ltd.
Caterpillar Inc.
Chittaranjan Locomotive Works
Construcciones y Auxiliar de Ferrocarriles, S.A.
Dampflokomotiv und Maschinenfabrik AG
Hitachi Ltd.
Kawasaki Heavy Industries Ltd.
PESA Bydgoszcz SA
Siemens AG
Sinara Group
Stadler Rail AG
Strukton Groep N.V.
Titagarh Rail Systems Ltd.
Toshiba Corp.
Transnet SOC Ltd.
Wabtec Corp.

The Report Covers 

Market value data analysis of 2023 and forecast to 2031.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global locomotive market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.

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Last Updated August 14, 2024