Selbyville, Delaware, Sept. 27, 2023 (GLOBE NEWSWIRE) -- The locomotive market valuation is projected to be worth USD 13.3 billion by 2032, as reported in a research study by Global Market Insights Inc.
The study claims that the rapid development of railway infrastructure worldwide will strengthen the market outlook between 2023 and 2032. Investments in railway infrastructure and the expansion of rail networks in various regions are driving the demand for locomotives to meet transportation needs, improve connectivity, and support economic growth.
For instance, in July 2023, Wabtec Corporation inked a multi-year parts contract with PT IMECO (PT Imeco Inter Sarana) to provide comprehensive support to PT KAI (PT Kereta Api Indonesia's) fleet of 150 locomotives. Valued at $190 million, this agreement encompasses the provision of service kits and training to PT KAI, facilitating the streamlined maintenance of their locomotive fleet in the region. This strategic technical assistance enables PT KAI to concentrate on enhancing and extending its passenger and freight transportation services.
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The locomotives market from diesel locomotive will register commendable growth through 2032. The demand for diesel locomotives is gaining traction due to their reliability, cost-effectiveness, and versatility. Diesel locomotives are well-suited for long-haul freight transportation, providing ample power and fuel efficiency. Moreover, they can operate on non-electrified rail lines, extending their utility. Notable instances include Union Pacific's recent order for 1,000 new diesel-electric locomotives to modernize their fleet, highlighting the enduring appeal of diesel technology in the railway industry.
The passenger locomotives market share will expand substantially through 2032, owing to their eco-friendliness, energy efficiency, and the growing preference for sustainable transportation. Electric and hybrid passenger locomotives are not only cleaner but also offer smoother rides, reducing environmental impact. Instances like Amtrak's introduction of new Siemens electric locomotives for its Northeast Corridor routes highlight this trend, as they prioritize electrified rail travel for a more environmentally conscious and comfortable passenger experience, further contributing to their rising popularity.
North America locomotive market is experiencing robust growth, driven by increased demand for efficient freight transportation and infrastructure investments. Instances like the Biden administration's focus on rail as part of the infrastructure plan, with a proposed $80 billion investment in Amtrak and rail networks, demonstrate a commitment to bolstering the sector. Additionally, the surge in e-commerce has led to greater reliance on rail freight, further propelling the industry's expansion in the region.
Major companies operating in the locomotives market include Bombardier Transportation, Siemens Mobility, Stadler Rail, General Electric (GE) Transportation, Wabtec Corporation, CRRC Corporation Limited, Škoda Transportation, Progress Rail (a Caterpillar Company), Transmashholding, Electro-Motive Diesel (EMD), Alstom, Hyundai Rotem, Toshiba Railway Systems Division, CAF (Construcciones y Auxiliar de Ferrocarriles), and Kawasaki Heavy Industries. These firms place a strong emphasis on strategic collaborations, the launch of innovative products, and effective commercialization strategies to broaden their market footprint.
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For instance, in July 2023, Vale partnered with Wabtec Corporation to advance the decarbonization efforts within the company's railway operations. As part of this collaboration, Vale has placed an order for three FLXdrive battery locomotives from Wabtec. Additionally, both companies will work together to explore the viability of using ammonia as a clean and sustainable alternative fuel to replace diesel. These three FLXdrive locomotives, 100% powered by battery, will be deployed on the Carajás Railroad (EFC), which handles the world's largest iron ore train, comprising 330 railcars with a capacity of transporting 45,000 tons.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Locomotive market 360º synopsis, 2019 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023-2032
2.3 Regional trends
2.4 Type trends
2.5 Application trends
2.6 Technology trends
2.7 Component trends
Chapter 3 Locomotive market Insights
3.1 Impact of COVID-19
3.2 Impact of the Russia-Ukraine war
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.8.1 Partnership/Collaboration
3.8.2 Merger/Acquisition
3.8.3 Investment
3.8.4 Launch & innovation
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Rise in adoption of greener travel
3.10.1.2 Growing demand for efficient rail transportation
3.10.1.3 Increasing advancements in locomotive and digital innovations in Asia Pacific
3.10.1.4 Decrease in traffic congestion
3.10.1.5 Surge in government funding spurs rail network expansion and modernization
3.10.2 Industry pitfalls & challenges
3.10.2.1 High initial investment
3.10.2.2 Safety and security concerns
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
