Electric Locomotives Global Market To Reach Value Of About $7.8 Billion In 2023
The global electric locomotives market is expected to decline from $6.53 billion in 2019 to $6.4 billion in 2020 at a compound annual growth rate (CAGR) of -1.99%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and all travel and transport activities. The market is then expected to recover and reach $7.85 billion in 2023 at CAGR of 7.06%. Increasing preference for non-polluting and energy-efficient transport is contributing to the growth of the electric locomotives market.
The electric locomotives market consists of sales of electric locomotives which provide motive power to trains with no payload capacity, and their only use is to pull trains along the tracks. The sales consists of revenues generated by establishments that are primarily engaged in the manufacturing of locomotives and its components such as electric motors, transformer, inverter, and compressor.
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The global electric locomotives market is further segmented based on type and geography.
By Energy Transfer: Overhead Lines, Third Rail, On-board Energy Storage
By Technology: IGBT Module, GTO Thyristor, SiC Module
By Traction Units: AC Traction Units, DC Traction Units, Multi System Units
By Application: Passenger Transport, Freight Transport
By Geography: The global electric locomotives market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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Trends In The Electric Locomotives Market
The emergence of dual-mode locomotive electric trains will be one of the major trends that will gain traction in the forecast period.
Electric Locomotives Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides electric locomotives market overviews, analyzes and forecasts market size and growth for the global electric locomotives market, electric locomotives market share, electric locomotives market players, electric locomotives market segments and geographies, electric locomotives market’s leading competitors’ revenues, profiles and market shares. The electric locomotives market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.