The Electric Locomotives Market Is Set To Grow At A 13% Rate Due To Increased Digitalization - By The Business Research Company
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LONDON, Nov. 10, 2022 /PRNewswire/ -- The increase in digitalization will be expected to propel the global electric locomotives market growth. Digitalization brings the social-economic context as a process involving a significant change in how digital and computer-based technologies can be employed by society, commercial entities in various sectors of the economy and government administrations. The use of electric locomotives offers a unique organizational shift of the enterprise, sector, and entire supply chains to improve their performance via the application of digital technology and new business models. It provides customer relationship modeling, including customer experience knowledge, cross-channel coherence, and self-service in the digital transformation of the electric locomotives market.
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%.
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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
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