Global Electric Locomotives Market Size 2024, Forecast To 2033
11 Mar, 2024
The electric locomotives market has undergone rapid growth, escalating from $8.29 billion in 2023 to $9.39 billion in 2024, reflecting a compound annual growth rate (CAGR) of 13.2%. The historic period's growth is attributed to the increasing preference for non-polluting and energy-efficient transport, a rise in demand for freight services, strong economic growth in emerging markets, and increased investments from various sectors in electric locomotives. Expected to experience rapid growth in the next few years, the market is projected to reach $14.8 billion in 2028, maintaining a CAGR of 12.1%. Growth in the forecast period can be attributed to the growing preference for pollution-free and efficient systems, an increase in digitalization, and a rising number of advanced electric locomotive projects. Key trends include advances in power supply, strategic partnerships, research and development, the development of dual-mode electric locomotive trains, and AI-based locomotive driver assistance systems.
Global Electric Locomotives Market Key Driver
The rising preference for environmentally friendly and energy-efficient transportation is fueling the growth of the electric locomotives market. Electric locomotives, known for their efficiency of around 90% and innovations like regenerative braking, emit significantly less carbon per passenger mile compared to diesel counterparts. The UK Department of Transport reports a 20%-35% reduction in carbon emissions, emphasizing the environmental benefits. The global shift towards greener transport systems aligns with the increased demand for electric locomotives, further boosting the market. This eco-conscious trend is reflected in the market size in 2023, with projections for continued growth in 2024 and 2028.
Get A Free Sample Of The Global Electric Locomotives Market ReportGlobal Electric Locomotives Market Segments
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
By Geography:The regions covered in the electric locomotives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
Western Europe was the largest region in the electric locomotives market in 2023. 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
Major Electric Locomotives Industry Players
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, EAST Japan Railway (JR East), Mass Transit Railway Hong Kong (MTR), West Japan Railway, Central Japan Railway, China Railway Corp, KiwiRail Ltd, PT Kereta Api Indonesia (Persero), 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, AEG Power Solutions, CPTM, Vale SA, Companhia do Metropolitano de Sao Paulo, Perurail, Belmond Andean Explorer, Ferrovías Central Andina, Nuevos Ferrocarriles Argentinos, Trenes Metropolitanos, Ferrocarril Transandino
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Electric Locomotives Market Overview
Electric locomotive is a locomotive that runs on electricity and gets its power from storage batteries, overhead wires, or third rails, or even generates it on its own.
Electric Locomotives Global Market Report 2023 provides data on the global electric locomotives market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The electric locomotives market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.