The forecast period shows a steady rate of growth for the global locomotive market. The expansion of rail networks continues to drive this growth, along with the need for energy-efficient engines. Technological advancements, such as data-driven maintenance services and e-mobility technology, as well as the upgradation of existing infrastructure, are also expected to create profitable opportunities for the market. Similarly, the increasing production of rolling stocks is expected to foster market growth. However, the high initial investment can hamper market growth during the forecast period.
The global locomotive market is segmented based on component, type, technology, operational engine, end-use, company, and region. The traction motor segment is expected to dominate the market as it increases the overall efficiency of the engine. The IGBT module is expected to dominate the market during the forecast period, which can be ascribed to the reduction in energy consumption due to the use of this technology. Regionally, North America is expected to dominate the market, while the Asia Pacific region is expected to witness significant growth.
The major players operating in the locomotive market are Hitachi Ltd, RRC Corporation Limited, AEG Power Solutions, Turbo Power Systems, Alstom S.A, Toshiba Corporation, Siemens AG, General Electric Company, Kawasaki Heavy Industries, Bombardier Transportation, and others. These companies are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.
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Objective of the Study:
- To analyze and estimate the market size of global locomotive market from 2017 to 2020.
- To estimate and forecast the market size of global locomotive market from 2021 to 2027 and growth rate until 2027.
- To classify and forecast global locomotive market based on component, type, technology, operational engine, end use, company and regional distribution.
- To identify dominant region or segment in the global locomotive market.
- To identify drivers and challenges for global locomotive market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global locomotive market.
- To identify and analyze the profile of leading players operating in global locomotive market.
- To identify key sustainable strategies adopted by market players in global locomotive market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the manufacturers, distribution channels and presence of all major players across the globe.
TechSci Research calculated the market size of global locomotive market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Locomotive manufacturers/ suppliers/ distributors
- Market research and consulting firms
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to locomotive
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
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About TechSci Research:
TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.
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