Global Electric Locomotives Market 2020 COVID-19 Impact, Share, Trend, Segmentation and Forecast to 2026
Jun 16, 2020
WiseGuyReports.com adds “Global Electric Locomotives Market Research Report 2020 Analysis and Forecast 2030” reports to its database.
Pune, India - June 16, 2020 /MarketersMedia/ —
Electric Locomotives Market:
Executive Summary
The global electric locomotives market is expected to decline from $6.53 billion in 2019 to $6.4 billion in 2020 at a compound annual growth rate (CAGR) of -1.99%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and all travel and transport activities. The market is then expected to recover and reach $7.85 billion in 2023 at CAGR of 7.06%.
The electric locomotives market consists of sales of electric locomotives which provide motive power to trains with no payload capacity, and their only use is to pull trains along the tracks. The sales consists of revenues generated by establishments that are primarily engaged in the manufacturing of locomotives and its components such as electric motors, transformer, inverter, and compressor.
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In February 2020, Alstom announced plans to acquire Bombardier Transportation for a price between EUR 5.8 billion and EUR 6.2 billion, which will be paid by cash and new Alstom shares. This acquisition will improve Alstom's global reach and ability to respond to the ever-increasing need for sustainable mobility. Bombardier Transportation will bring to Alstom complementary geographical presence and industrial footprint in growing markets, as well as additional technological platforms. It will significantly increase innovation capabilities to lead smart and green innovation. Bombardier Transportation is Canadian multinational company that manufactures business jets and rail.
The electric locomotives market covered in this report is segmented by energy transfer into overhead lines; third rail; on-board energy storage. It is also segmented by technology into IGBT module; GTO thyristor; SIC module, by traction units into AC traction units; DC traction units; multi system units and by application into passenger transport; freight transport.
Regular maintenance of the rolling stock is required to ensure its safety, which is very expensive, impacting the growth of the market. For example, the annual maintenance cost of the high-speed trainset is approximately $1 million. In addition to the cost of components that need to be replaced periodically, proper maintenance is needed for facilities such as stations and berthing sites. Moreover, rolling stock requires long-term maintenance once the train has reached half of its operating life. This involves maintenance work on electrical, mechanical, and hydraulic parts of the vehicle. A large investment is needed for such maintenance. For example, the overhaul and electrification project of around 100 km Nis-Dimitrovgrad railway line (Serbia) is estimated to cost around $306 million, and a Memorandum of Understanding (MoU) was signed with CRBC (China) for the overhaul of Belgrade-Nis railway line for $701 million. Therefore, the expensive maintenance and overhaul that is needed regularly will hamper the growth of the electric locomotives market.
The emergence of dual-mode locomotive electric trains will be one of the major trends that will gain traction in the electric locomotive market in the forecast period. In November 2019, Rail systems RP GmbH and Siemens Mobility signed a contract for the supply of two Vectron Dual Mode locomotives that can be operated either as diesel or electric unit. On electrified routes, the Vectron Dual Mode is powered by electricity to save fuel and reduce maintenance costs. Due to their reduced dependence on petrol, the coming years will witness an increased preference for dual-mode trains, which will be one of the major factors propelling the growth of this market.
Increasing preference for non-polluting and energy-efficient transport is contributing to the growth of the electric locomotives market. According to UK Department of Transport, besides highly efficient electric motors in electric locomotives that regularly have efficiency of around 90% due to the advancements such as regenerative braking which can recover energy from braking, they emit 20%-35% less carbon per passenger mile than those enabled by diesel and helps in reduction in carbon emissions. Concerns regarding greener environment resulted in increasing demand for non-polluting and energy-efficient transport systems, thereby driving the electric locomotives market.
Major players in the electric locomotives market are CRRC Corporation Limited, Bombardier Inc., Alstom SA, Siemens AG, Kawasaki Heavy Industries Ltd., General Electric Company, Transmashholding AG, Stadler Rail AG, Hitachi Ltd., and AEG Power Solutions.
Continuous…
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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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