The global electric locomotive engines market to grow at a CAGR of 3.65% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global electric locomotive engines market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The report also includes a discussion of the key vendors operating in this market.
Increasing number of passengers and freight volumes drive the electric locomotive engines market in various regions. Rising concerns regarding pollution and declining air quality have pushed government bodies and private stakeholders to upgrade from diesel-electric locomotives to energy-efficient and non-polluting electric locomotives. In terms of speed and reliability, electric locomotives are more efficient than their diesel-electric counterparts.
One trend in market is emergence of dual-mode locomotive trains. Annually, about $3 billion worth fuel is used in India for powering the diesel locomotives of the country. The Indian government plans to electrify about 22,000 miles of rails and introduce electric engine locomotives to reduce the dependence on diesel engines. Since the Indian Railways has a limited borrowing capacity, raising funds for building infrastructure for rail electrification will be difficult.
Further, the report states that one challenges in market is augmented cost of rail electrification and freight volumes. Electric locomotive engines provide an economical mode of freight and passenger transport. Electric rails for freight and passenger transport require less fuel and save travel time, thereby ensuring efficiency in transportation.
Stringent emission standards for diesel locomotive engines
Increasing preference for non-polluting and energy-efficient transport
Increasing government expenditure on developing rail systems for public transport
Augmented cost of rail electrification and freight volumes
Heavy dependence on road for freight movement
Rising preference for road transport for passenger mobility
Emergence of dual-mode locomotive trains
Use of autonomous locomotive engines for long-distance transport