According to market research conducted by IndexBox, global electric locomotive market amounted to X thousand units in 2015, an increase of X% against the previous year. In value terms, it reached X million USD. From 2007, the global electric locomotive market showed an upward trend, however, it morphed into a negative trend in 2011, declining until 2013. Afterwards, the market volume stabilized through 2015.
The output of the four major producers of electric locomotives, China, the EU-X, India and Russia, represented more than X% of global electric locomotive output in physical terms. In China, production levels increased by +X% annually from 2007 to 2015, reflecting both domestic and foreign demand. The other countries showed mixed trends in electric locomotive output. While the growth rates were healthy in Russia (+X%) and India (+X%), the EU-X (-X%) faced a negative dynamic in terms of electric locomotive output over the period under review.
Significant levels of globalisation and international cooperation are typical of global locomotive production. Developing-economy countries, such as China, India and Russia are all giving impetus to the creation and establishment of joint ventures with global sector leaders (e.g. Bombardier and Alstom), to secure access to technology, the overhaul and upgrade of manufacturing facilities and the locomotive production range. Western companies participate in these projects to gain access to sales markets, particularly China (where locomotive sales are virtually impossible if they are not part of joint projects with local manufacturers) and other countries in Asia.
Overall, the upbeat positive projections with regard to the future development of rail transport will be promoted by the ongoing rates of growth in terms of demand for electric locomotives. The performance of the electric locomotive market is forecast to increase with an anticipated CAGR of +X% for the nine-year period from 2015 to X, which is expected to lead the market volume to X thousand units by the end of X.
The global economy is currently experiencing modest growth, as a result of the rapid economic expansion being seen in China and the other tangible emerging market economies. Lower commodity prices and reduced trade and capital input indicate that global economic growth is likely to be at a modest rate in the medium term. Ongoing population growth and mass urbanization should remain key fundamental factors in the expansion of the global railway industry. The process of urbanization is particularly prevalent in South-East Asia, which, along with the increase in disposable income, will further promote and generate enhanced demand for rail transportation, and as a result, for electric locomotives.
Environmental awareness is to become another impetus for the expected growth of the global locomotive market. The growing environmental concerns and problems of the large metropolis-type cities, particularly in Asia, combined with international commitments to reduce CO2 emissions, will generate increased demand for electric locomotives.
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