Locomotive Market Overview
Locomotive
Market Information By Type, Technology, Component, and Region - Forecast
till 2030”, The locomotive market will be increasing from
USD 15.5 billion in 2022 to USD 33.5 billion by 2030, with a CAGR of 11.61%
from 2022 to 2030.
Locomotive Market Scope
Long-term trends in urbanization,
environmental sustainability, a wide range of upcoming rail projects, growth in
demand for energy-efficient rolling equipment, and the expansion of rail
networks are anticipated to be key market drivers for locomotives. Electric
locomotive production is increasing to fulfil demand as a form of public
transport thanks in part to the world's large rail networks.
In addition, the
development of technologies like the Sic module, IGBT module, and auxiliary
power units has led to a rise in the need for locomotive engines. In addition
to increasing fuel efficiency and reducing total weight, this development has
decreased pollutants. When moving to the current condition, it has also
decreased power loss.
However, some
restraints, including the capital-intensiveness of rolling equipment, high
maintenance expenses, and overhaul prices, are preventing the expansion of the
locomotives market. The global market is anticipated to expand rapidly in the
upcoming years despite these market difficulties.
The amount of cargo
that has to be handled is increasing due to the burgeoning transportation
industry, and during the projected period, Asia-Pacific and North America may
experience significant increase.
Market Competitive Landscape:
The major vendors in the locomotive industry are
·
CRRC Corporation Limited
·
AEG Power Solutions
·
Siemens AG
·
Alstom S.A
·
GE Transportation
·
Transmashholding
·
EMD Caterpillar
·
Kawasaki Heavy Industries
Market USP
Covered:
Market Drivers:
Traffic congestion
and pollution from moving vehicles occur from the difficulties of
transportation growing as the population grows. This has led to railway transit
becoming a popular means of transportation for daily travel within or between
cities. Additionally, rail mass transit offers passengers a time- and
money-saving mode of transportation. As an illustration, 2.61 billion commuters
were estimated to be using trains in China in 2021. When compared to the
commuters who travelled in 2020, which was 2.53 billion, this amount was higher
by 18.5%. As a result, rising train ridership will fuel market expansion for
locomotives during the upcoming years.
The proliferation of
urban and metropolitan areas also generates a sizable demand for the extension
of the rail network. In order to meet diverse transportation demands, more
locomotives are needed as there are more routes available. Governments from
different states and nations are likewise focused on creating railways that
will drive the industry and investing a significant amount of money in
expanding the train networks.
The e-commerce
sector experienced an upsurge in demand during the COVID-19 epidemic as the
products an end-user needed were delivered to them without going to the stores,
reducing contact and reducing the risk. Goods trains are a more effective way
to handle the logistical aspects of e-commerce. As a result, the market share
will grow during the projection period as e-commerce logistics demand rises.
To illustrate, the
Indian Railways said in June 2022 that freight loading, including e-commerce
and other logistics, during May 2022 was 131.7 million tons (MT), which was
14.7% more than the previous year in May 2021. In order to transport a load of
logistics from one location to another, an increase in freight loading
necessitates the use of high-power and efficient locomotive trains, which in
turn stimulates the market.
Market Restraints:
The railway network
is not only a significant means of transportation, but it also comes with high
startup and ongoing maintenance expenditures. A sizable portion of the capital
is taken up by the cost of locomotive engines alone, which also includes the
cost of maintenance and repairs.
As an illustration,
the average price of a standard diesel locomotive engine is in the vicinity of
USD 0.5 million to USD 2 million. At the same time, an electric locomotive cost
more than USD 6 million. This results in market restraint caused by the
locomotive's price.
Six enormous
electric traction motors are powered by an alternator that is powered by diesel
in a modern hybrid diesel electric locomotive engine. Additionally, the
infrastructure needed to operate the locomotives on the rails adds to the
capital cost. The locomotive engine is pricey since this system as a whole has
expensive components.
COVID 19 Analysis
People were
affected by the government-enforced lockdowns and economic catastrophe brought
on by the COVID-19 epidemic in a number of ways, including limited mobility.
The transportation and logistics sector was significantly influenced by these
circumstances. Nearly every manufacturing company was either preparing to offer
or already had increased their production capacity to satisfy the demand. An
economic slowdown brought on by the COVID-19 outbreak resulted in temporary
restrictions on locomotive testing and manufacturing. For instance, the
pandemic forced the Integral Coach manufacturer to reduce its output goal from
4,402 to 1,954 coaches.
As a result of
COVID-19's initial effects, less goods were shipped through freight rail,
production was slowed, and fewer locomotives were produced each year. The
e-commerce sector, however, experienced a surge in demand that led to more
shipments as a response to the pandemic since the majority of the service
sector switched towards digitalization after the outbreak.
Market
Segmentation
By Type
Diesel, Electric, and Other are the three types
of locomotive in the market. During the forecast period, 2022–2030, the diesel
segment, which accounted for the majority of the locomotive market's revenue in
2021, is anticipated to increase at a quicker rate.
By Technology
The IGBT module, GTO thyristor, and SiC
module are the technology segments of the locomotive market segmentation.
During the projection period, 2022–2030, the IGBT module sector is expected to
increase at a faster rate than any other segment. This category dominated
market growth in 2021.
By Component
In terms of
component, Rectifier, Inverter, Traction Motor, Alternator, and others make up
the Locomotive Market. Due to the traction motor segment's rising efficiency as
a result of locomotive loss reduction, it is anticipated that the traction
motor segment will increase at the fastest rate over the projection period,
2022–2030. It is advantageous to have lower copper, harmonic, mechanical, and
iron losses.
Regional Insights
Thanks to the surge in the rolling stock
production and the rise of the rail infrastructure, especially in China, Japan,
and India, the Asia Pacific locomotive market, which touched USD 6.1 billion in
2021, will capture a fantastic CAGR of 43.90% during the study period. In addition,
the regional market is seeing increased revenue as a result of soaring
government investment on train network expansion in conjunction with the surging
road congestion.
Read more:
Automotive E Tailing Market Size
Automotive Exhaust Emission Control
Device Market Size
.png)
.png)
No comments:
Post a Comment