The railway engine market is anticipated to thrive at an average CAGR of 4.8% between 2023 and 2033. The market is anticipated to reach a market share of US$ 41.06 billion by 2033, while it holds a revenue of US$ 25.6 billion in 2023.
The railway engine market encompasses a wide range of locomotives and related equipment used in railway transportation. Here’s an overview of key aspects of this market:
- Market Segmentation: The railway engine market can be segmented based on various factors such as locomotive type (diesel, electric, or hybrid), application (passenger or freight), and geography (region or country-specific markets).
- Market Size and Growth: The size of the railway engine market varies based on factors like economic conditions, infrastructure development, and government investments in railway projects. Globally, the market size is significant, with steady growth projected due to increasing demand for efficient and sustainable transportation solutions.
- Key Players: Major players in the railway engine market include multinational companies such as General Electric (GE), Siemens AG, Bombardier Transportation, Alstom SA, and CRRC Corporation Limited. These companies are involved in the design, manufacturing, and servicing of various types of locomotives and related technologies.
- Technological Trends: The railway engine market is witnessing technological advancements aimed at improving energy efficiency, reducing emissions, enhancing safety, and increasing operational efficiency. This includes the development of hybrid locomotives, adoption of alternative fuels, integration of digitalization and IoT technologies for predictive maintenance, and advancements in traction systems and control technologies.
- Market Drivers: Factors driving the railway engine market include the need for sustainable transportation solutions to mitigate environmental impacts, increasing urbanization leading to greater demand for mass transit systems, government initiatives for railway modernization and expansion, and growing freight transportation needs due to globalization and e-commerce growth.
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Key Points
- The U.S. market is the biggest for railway engine technology, including freights, loaders, and generators. The U.S. market holds a share of 19.7% of the global share.
- The Indian market thrives at the highest CAGR of 6.0% during the forecast period. The market thrives on technological advancements and the government’s transformation of railways.
- With its major players, Germany also fuels with a market share of 5.3% as it starts its major electric engine trials.
- Chinese market thrives on a CAGR of 5.4% between 2023 and 2033.
- The electric segment is expected to thrive in the propulsion category due to its sustainable model and cheaper operational cost. It holds a major share of 56.8% in the global market.
Competitive Landscape
Key competitors try to make their engines durable, technologically advanced, and efficient. Furthermore, the futuristic approach and digitized transmission open the gate for startups and new technology. Hydrogen-based rail hydrail is likely to expand the market size.
Key players in the market are Bombardier Transportation (Canada), Alstom (France), Hitachi Ltd (U.K.), AEG Power Solutions (Netherlands), Siemens Mobility (Germany), Wabtec Corporation (U.S.), Toshiba International Corporation (U.S.), CZ LOKO, A.S. (Czech Republic), CRRC Corporation Limited (China), and Hyundai Corporation (South Korea).
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For instance:
- In 2022, France-based locomotive co. Alstom is likely to deliver orders of 800 Electric Engines in the coming five years. The powerful electric engine WAG-12B is in applied of prominent freight tracks and shifting loads
- In 2021, Bombardier transportation tied up with Italian intermodal freight operator GTS rail to deliver an order of three TRAXX DC3 E.494 trains for its fleet.
Key Segments
By Propulsion:
- Electric
- Diesel
By Technology:
- IGBT Module,
- GTO Thyristor
- SiC Module
Power Conversion Component:
- Rectifier
- Inverter
- Traction Motor
- Alternator
End Users:
- Passengers
- Freight
- Shunting
By Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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