Locomotive Market Outlook – 2027
A locomotive is a railway transport used to pull a train or to transport wagons on tracks. Locomotives are classified as freight, passenger and repowered locomotives, and are powered by diesel, electricity or steam. The increasing rate of urbanization has contributed to the growing popularity of locomotives. The expansion of rail networks in developed and developing countries and the growing concerns of individuals regarding environmental sustainability are leading to the growth of the global locomotive market. Significant investments in the development of rail infrastructure for freight and high speed trains are expected to drive the growth of the global locomotive market in the near future.
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COVID-19 SCENARIO ANALYSIS
The global locomotive market is severely affected by the outbreak of the COVID-19 pandemic.
The COVID-19 pandemic has seen a decline in economic growth in almost all major countries, affecting consumer spending habits.
Due to the lockdown put in place in various countries, domestic and international transport has been hampered, which has had a significant impact on the supply chain of many industries around the world, thus increasing the gap between supply and demand.
Thus, insufficient supply of raw materials is expected to hamper the production rate of locomotives, which will negatively impact the growth of the market.
However, this situation is expected to improve as the government has started to relax standards around the world for resuming business activities.
Main impact factors: analysis of market scenarios, trends, drivers and impact analysis
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The significant factors impacting the growth of the global locomotive market are the expansion of the railway network and the growing population of the countries. However, high initial investment and maintenance costs are hampering the growth of the global locomotive market. On the other hand, electric mobility and technological advancements provide an opportunity in the locomotive market and will develop considerably in the near future.
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Expansion of the rail network
Along with the need to improve connectivity between remote and local areas, the rail network is also expanding. To expand rail networks, the need for locomotives such as freight, passenger and re-engine locomotives has increased. Thus, the increase in locomotives has resulted in the growth of the global locomotive market.
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Growing population of countries
Since there is continuous population growth, people tend to move from one place to another for various reasons i.e. for personal and business purposes. To transport or move these people, it is necessary to increase resources. These resources increase the demand for locomotives. Thus resulting in the growth of the global locomotive market in the near future.
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