Global Electric Locomotives Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
8 Oct, 2021
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 consist of revenues generated by establishments that are primarily engaged in the manufacturing of locomotives and their components such as electric motors, transformer, inverter, and compressor.
Global Electric Locomotives Market Size And Drivers:
The global electric locomotives market is expected grow from $6.08 billion in 2020 to $6.47 billion in 2021 at a compound annual growth rate (CAGR) of 6.4%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $8.96 billion in 2025 at a CAGR of 8%. Increasing preference for non-polluting and energy-efficient transport is contributing to the growth of the electric locomotives market.
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Trends In The Global Electric Locomotives Market
The emergence of dual-mode locomotive electric trains will be one of the major trends that will gain traction in the electric locomotive market in the forecast period. In November 2019, Rail systems RP GmbH and Siemens Mobility signed a contract for the supply of two Vectron Dual Mode locomotives that can be operated either as a diesel or electric unit. On electrified routes, the Vectron Dual Mode is powered by electricity to save fuel and reduce maintenance costs. Due to their reduced dependence on petrol, the coming years will witness an increased preference for dual-mode trains, which will be one of the major factors propelling the growth of this market.
Global Electric Locomotives Market Segments:
The global electric locomotives market is further segmented –
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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https://www.thebusinessresearchcompany.com/report/electric-locomotives-market-global-report-2020-30-covid-19-growth-and-changeElectric Locomotives Global Market Report 2021 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.