NEW YORK, Feb. 21, 2023 /PRNewswire/ — Major players in the electric locomotives market are CRRC Corporation Limited, Bombardier Inc, Alstom SA, Siemens AG, Kawasaki Heavy Industries Ltd, General Electric Company, Transmashholding AG, Stadler Rail AG, Hitachi Ltd, and AEG Power Solutions.
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The global electric locomotives market will grow from $1.67 billion in 2022 to $1.89 billion in 2023 at a compound annual growth rate (CAGR) of 13.2%. The Russia–Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The electric locomotives market is expected to grow to $2.90 billion in 2027 at a CAGR of 11.4%.
The electric locomotive market consists of sales of direct current (DC) and alternating current (AC) locomotives. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Electric locomotive is a locomotive that runs on electricity and gets its power from storage batteries, overhead wires, or third rails, or even generates it on its own.
Western Europe was the largest region in the electric locomotives market in 2022. Asia Pacific was the second largest region in the electric locomotives market.
The regions covered in the electric locomotives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main types of energy transfer in electric locomotives are overhead lines, third rail, and onboard energy storage. Overhead lines are a wire or cable suspended between poles that is used to distribute power or signals.
The technologies involved are technology, IGBT module, GTO thyristor, and sic module. The traction units involved are ac traction units, DC traction units, and multi-system units.
The application involved passenger transport and freight transport.
Increasing preference for non-polluting and energy-efficient transport is contributing to the growth of the electric locomotive market. According to the UK Department of Transport, besides highly efficient electric motors in electric locomotives that regularly have an efficiency of around 90% due to advancements such as regenerative braking, which can recover energy from braking, they emit 20%–35% less carbon per passenger mile than those enabled by diesel, which helps in a reduction in carbon emissions.
Concerns regarding a greener environment have resulted in increasing demand for non-polluting and energy-efficient transport systems, thereby driving the electric locomotive market.
Regular maintenance of the rolling stock is required to ensure its safety, which is very expensive, impacting the growth of the market. For example, the annual maintenance cost of the high-speed trainset is approximately $1 million.
In addition to the cost of components that need to be replaced periodically, proper maintenance is needed for facilities such as stations and berthing sites.Moreover, rolling stock requires long-term maintenance once the train has reached half of its operating life.
This involves maintenance work on electrical, mechanical, and hydraulic parts of the vehicle. A large investment is needed for such maintenance.
For example, the overhaul and electrification project of the around 100 km Nis-Dimitrovgrad railway line (Serbia) is estimated to cost around $306 million, and a Memorandum of Understanding (MoU) was signed with CRBC (China) for the overhaul of the Belgrade-Nis railway line for $701 million. Therefore, the expensive maintenance and overhaul that is needed regularly will hamper the growth of the electric locomotive market.
The emergence of dual-mode locomotive electric trains will be one of the major trends that will gain traction in the electric locomotive market in the forecast period.In May 2022, the Indian West Central Railways, launched Navdoot.
Navdoot is a dual-mode locomotive that runs on batteries. The batteries and electricity are both used to power this engine.
In February 2020, Alstom announced plans to acquire Bombardier Transportation for a price between EUR 5.8 billion and EUR 6.2 billion, which will be paid by cash and new Alstom shares. This acquisition will increase Alstom’s global reach and its ability to respond to the ever-increasing need for sustainable mobility. Bombardier Transportation will bring to Alstom a complementary geographical presence and an industrial footprint in growing markets, as well as additional technological platforms. It will significantly increase innovation capabilities and lead to smart and green innovation. Bombardier Transportation is a Canadian multinational company that manufactures business jets and trains.
The countries covered in the electric locomotives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The electric locomotives market research report is one of a series of new reports that provides electric locomotives market statistics, including electric locomotives industry global market size, regional shares, competitors with an electric locomotives market share, detailed electric locomotives market segments, market trends and opportunities, and any further data you may need to thrive in the electric locomotives industry. This electric locomotive market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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