Global Locomotive Market expected to grow between 2016 and 2022 due to growing urbanization

Pune, India, February,2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Locomotive Market.

Overview:

The locomotive is defined as a powered railway vehicle used for pulling trains. With vehicle market growing, the market for locomotive cannot be far behind. Market Research Future (MRFR) has published a research report about the global locomotive market that predicts growth for this market during the forecast period between 2016 and 2022.

Analyzing the market structure, this report estimates the future growth potential of the market. It observes the strategies of the key players in the market and follows the competitive developments like joint ventures, new product developments, mergers and acquisitions, research and developments (R&D) in the market.

The key factor driving the global locomotive market growth is the growing popularity of locomotive among the general public. Other factors contributing to the market growth include growing concern regarding environmental sustainability, increasing urbanization, expansion of rail networks in developed as well as developing nations, and significant investment by authorities across the globe in development of railway infrastructure for freight and high-speed trains.

The global locomotive market has been segmented on the basis of application, technology, and region. The application-based segmentation segments this market into passenger and freight. Passenger trains are for travelers whereas freight trains are meant for transferring goods from one place to another. Based on technology, the market has been segmented into the conventional locomotive, maglev, and turbocharged.

The regional segmentation of the global locomotive market segments the market into the regional markets known North America, Europe, Asia Pacific, and rest of the world (RoW). During the forecast period, the Asia Pacific region has been estimated to dominate the global market due to improving socio-economic conditions in developing countries such as China, India, Indonesia, and Thailand. The high density of population in countries like China and India has resulted in an increase in need as well as demand for public transport, which in turn results in an increase in the number of government rail projects. Another important country-specific market in this region is Japan, followed by the remaining Asia Pacific countries.

Europe is another important regional market that is growing due to the presence of some key market players, high level of industrialization, and technological advancement that is second only to North America. In this region, the vital country-specific markets are France, Germany, Italy, Spain, and the UK. The highest number of national fleets of electric locomotives are found in Russia which along with China and India forms the top 3 list in this regard. France, Germany, and Italy are the next three in the league.

North America is a crucial regional market due to technological advancement, vehicle industry, heavy industrialization, and many key market players being present in this region. The maximum  revenue in this region comes from the country-specific markets known as the USA, Canada, and Mexico.

The RoW segment covers South America and the Middle East & Africa (MEA) region. In South America, the market is growing slowly due to slow economic growth in this region. The most important country-specific markets in South America are Argentina and Brazil, followed by the remaining countries in South America. In the MEA region, the market is growing due to the demand for vehicles.  However, the market is limited in this region due to lack of necessary infrastructure, lack of technology, lack of awareness, and lack of education. In the MEA region, the major country-specific markets are Saudi Arabia, South Africa, Qatar, and the UAE, followed by the remaining countries in the MEA region.Browse Complete Report @ https://www.marketresearchfuture.com/reports/locomotive-market-1889

Key Players

The key players in the global locomotive market include Alstom Ferroviaria S.p.A (France), Berliner Maschinenbau (Germany), Bharat Heavy Electricals Limited (India), Bombardier Transportation (Canada), Brookville Equipment Corporation (USA), China Northern Rail Corporation Limited (China), GE Transportation (USA), and Lokomo (Finland).

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• Bharat Heavy Electricals Limited (BHEL) has developed India’s first ever electric locomotive with a regenerative braking system through its in-house R&D center. 11 FEB 2019