Locomotive market is anticipated to grow at a CAGR of 8.2% during the forecast period (2024–2031). The market's growth is stimulated by advancements in locomotive technologies such as the development of hybrid locomotives, autonomous locomotives, low-emission locomotives, and battery-electric locomotives. Further, the development of novel technology for locomotives is gaining traction globally owing to government and private sector initiatives to make sustainable rail systems, optimize operations, and reduce operation costs. For instance, in October 2023, Wabtec and Roy Hill Mines introduced the most recent version of the FLXdrive heavy-haul locomotive, which is entirely powered by batteries. Roy Hill's FLXdrive battery-electric locomotive will have an energy capacity of 7 megawatt hours (MWh). Based on the route and the company's rail operations, the FLXdrive is expected to produce a double-digit percentage decrease in fuel expenditures and emissions per train.
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Moreover, the need for locomotive technology development has resulted in several collaborations across commercial, public, and private players. For instance, in October 2022, Union Pacific Railroad and ZTR, a green technology business in locomotive management systems, announced a collaboration to develop hybrid-electric locomotives. The locomotives will be produced at Union Pacific's North Little Rock, Arkansas, facility, with the prototype due in late 2023 and five more units arriving in 2024. The locomotives function similarly to modern plug-in hybrid cars, with the ability to operate in several modes and several charging methods for the locomotive batteries, including wayside and onboard charging.
Market Coverage
• The market number available for 2024–2031
• Base year: 2023
• Forecast period: 2024-2031
• Segment Covered-
o By Propulsion Type
o By End-User
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape: Alstom SA, Siemens AG, Hyundai Rotem, CRRC Corporation Ltd., and Thales Group among others.
Key questions addressed by the report
Global Locomotive Market Report Segment
By Propulsion Type
By End-User
Global Locomotive Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• The Middle East and Africa
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