The Electric Locomotives Market Is Set To Grow At A 13% Rate Due To Increased Digitalization - By The Business Research Company

The global electric locomotives market size is expected to grow from $1.47 billion in 2021 to $1.67 billion in 2022 at a compound annual growth rate (CAGR) of 13.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The electric locomotives market is expected to grow to $2.73 billion in 2026 at a CAGR of 13.2%.

The global electric locomotives market size is expected to grow from $1.47 billion in 2021 to $1.67 billion in 2022 at a compound annual growth rate (CAGR) of 13.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The electric locomotives market is expected to grow to $2.73 billion in 2026 at a CAGR of 13.2%.

Request a free sample of the Electric Locomotives Market Report

AI-Based Locomotive Driver Assistance System – An Important Trend In the Electric Locomotives Market

The AI-based locomotive driver assistance system is a key trend in the electric locomotives market. AI- based advanced driver assistance systems (ADAS) are devices that support train operators in a variety of ways, including safety, cost savings, energy usage and improved operational management. These systems, among other things, provide automatic warning and supervisory features. Major players operating in the electric locomotives market are focused on developing the dual mode of electric locomotive trains.

CRRC Corporation Limited Held The Largest Electric Locomotives Market Share In 2021

CRRC Corporation Limited was the largest competitor in the electric locomotives market in 2021, with a 9.24% share of the market. CRRC's growth strategy focuses on developing smarter, safer, and more environmental-friendly electric locomotives through partnerships and collaborations. For instance, in August 2020, the company's subsidiary CRRC Zhuzhou Locomotive Co., Ltd. and China Energy Investment Corporation collaborated to develop a high-power electric locomotive with a single-unit power of 28,800 kW and a traction force of 2,280 kN. The locomotive in installed with smart driving technology, that allows it to start, adjust speed and stop on its own, preventing manual operating errors and relieving driver fatigue.

Electric Locomotives Market Segmentation

The global electric locomotives market is segmented -

1) By Energy Transfer: Overhead Lines, Third Rail, On-board Energy Storage

2) By Technology:  IGBT Module, GTO Thyristor, SiC Module

3) By Traction Units: AC Traction Units, DC Traction Units, Multi System Units

4) By Application: Passenger Transport, Freight Transport

See more on the Electric Locomotives Market Report

Check out similar market reports:

Electric Bikes And Scooters Global Market Report 2022 – By Product (Electric Bikes, Electric Scooters), By Battery (Lead-Acid, Lithium-Ion (Li-Ion), Nickel-Metal Hydride (NiMh), Others), By Voltage Capacity (48-59V, 60-72V, 73-96V, Above 96V), By Drive Mechanism (Hub Motor, Mid Drive, Others) – Market Size, Trends, And Global Forecast 2022-2026

Electric Vehicle Global Market Report 2022 – By Type (Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle, Fuel Cell Electric Vehicle), By Vehicle Type (Two-Wheelers, Passenger Cars, Commercial Vehicles), By Charging Type (Slow Charging, Fast Charging), By Power Output (Less Than 100 KW, 100 KW To 250 KW, More Than 250 KW), By End Use (Private, Commercial Fleets) – Market Size, Trends, And Global Forecast 2022-2026

Electric Car Charger Global Market Report 2022 – By Type (Slow AC, Fast AC, Fast DC), By Vehicle Type (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV)), By Charging Infrastructure Type (CCS, CHADEMO, Normal Charge, Tesla Super Charger, Type 2 (IEC 621196)), By Application (Home, Office, Commercial) – Market Size, Trends, And Global Forecast 2022-2026

Interested to know more about The Business Research Company?

The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally, it has strategy enablement specialists in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.

The World's Most Comprehensive Database

The Business Research Company's flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.

Contact Information

The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: [email protected]
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: http://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/

Logo: https://mma.prnewswire.com/media/947575/The_Business_Research_Company_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/the-electric-locomotives-market-is-set-to-grow-at-a-13-rate-due-to-increased-digitalization--by-the-business-research-company-301674756.html