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Locomotive Industry and Market

According to Fortune Business Insights, the global locomotive market size was USD 12.34 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with the market witnessing a negative demand shock across all regions amid the pandemic. Overall, the market is projected to grow from USD 14.16 billion in 2021 to USD 25.48 billion in 2028, growing at a CAGR of 8.8% during the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

Driving Factors

The high demographic rate, developing road infrastructures, and a surge in disposable income of people are the major reasons for the growth of automobiles. The high vehicle rate has led to traffic congestion, thus giving rise to several problems such as physical and mental health problems, accidents, and wastage of valuable time. Also, the rising traffic leads to high emissions of toxic gases leading to environmental pollution and global warming. These engines mainly run on diesel and electricity. Many government and private authorities are working towards developing fuel-efficient products to curb the rising environmental problems. Also, they are investing a large percentage in adopting sustainable sources of energy to power the engine.
The dual-mode, as well as the hydrogen-powered products, are witnessing huge demand in the railway industry. The dual-mode products can run on diesel through places that are not economical to be electrified and also make use of overhead electric cables using electric power through places with electrified rails. This feature enables to reduce the dependency on fuels, thus leading to lower fuel emissions. The hydrogen-powered locomotive does not require cables and runs on hydrogen fuel placed on the roof and generates electric energy by mixing hydrogen and oxygen. This system emits only steam and water as by-products. The development in the rail sector and the shift towards public transport are factors expected to boost the growth of the market.

Regional Insights

Asia Pacific holds the largest share of the global market and is expected to hold its dominating position during the forecast period owing to the high population rate, rising urbanization, and expansion in the rail network. Some of the developing and developed economies, including India, China, and Japan, prefer railways as the primary mode of transport to a large extent. The high volume of automobiles in these countries and the high rate of traffic congestion on the road have created a massive shift from road transport towards rail transport.
Also, the increasing health problems such as back injuries, whiplash injuries, and mental stress are compelling individuals to opt for public transport rather than traveling by private vehicles. The expansion of rail networks has linked most cities to one another and has enabled commuters to have a fast, easy, comfortable, and safe journey. Also, the governments in this region are investing heavily in infrastructure development, high-speed trains, economical fares, enhanced comfort, and safety.

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