Locomotives Market Size  To Rise at 10.3% CAGR and Hit USD 23.83 Billion till 2027; Demand for Sustainable Products will Provide Impetus to Market Growth, says Fortune Business Insights™
April 16, 2021 at 04:34 AM EDT
Pune, India, April 16, 2021 (GLOBE NEWSWIRE) -- The global locomotives market size is projected to reach USD 23.83 billion by the end of 2027. The high investment in the development of sustainable products will emerge in favor of market growth. Among all factors, the increasing number of sustainable locomotive projects in major countries across the world will open up a huge potential for rapid growth.
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The recent technological advances in design as well as structures of locomotives have allowed applications with higher pulling capacities and lower fuel consumption. The massive investment in the railway sector is consequential to the large amount of passengers it can carry. The extensive of railways in densely populated countries such as India will create several growth opportunities for the companies operating in the market. The presence of several large scale companies will emerge in favor of market growth.
Locomotives are powered engines that are used to pull trains. The ability of a locomotive to carry a payload is what separates it from low-power engines. The force required to pull trains is much higher than normal vehicles and thus, large scale investments are a necessity and not a benefit.
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Asia Pacific to Emerge Dominant; Rising Urbanization and Expansion of Rail Network Will Aid Growth
Asia Pacific holds the largest market share. The rising urbanization has created the need for sustainable engines. The massive transport industry and the constantly rising railway passengers and train travels will create several opportunities for the companies operating in the regional market. As of 2019, the market in Asia Pacific was worth USD __ (value to be included after update in RD) billion and this value is projected to increase at a considerable pace in the coming years.
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The market in Europe is expected to exhibit a steady CAGR in the coming years. The growth of the market in this region is attributable to the presence of several large scale manufacturers in several countries across this region.
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Global Locomotive Market Segmentation:
By Technology Type:
By Propulsion Type:
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