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Mining Locomotive Market

Market Insights on Mining Locomotive covering sales outlook, demand forecast & up-to-date key trends

Mining Locomotive Market by Capacity, Gauge Type, Locomotive Type, Material, Application & Region - Forecast 2022 - 2032

Mining Locomotive Market Outlook

The sales in the global mining locomotive market is expected to exhibit growth at a healthy CAGR of around 6% to 7% during the forecast period 2022-2032. Increasing emphasis on the development of novel multi-purpose mining locomotives is estimated to augment the demand for mining locomotive in the global market.

Report Attribute

Details

Mining Locomotive Market Projected Growth Rate (2022-2032)

6% to 7% CAGR

Mining locomotives are heavy-haul freight trains used for various applications across industries such as construction, power generation, and transportation. These equipments are used to transfer personnel and materials in and out of underground or opencast mines.

Materials commonly transported using these equipments include metal ores, coal, spoils waste, culm, tilings, and other over-burdens. Mining locomotives may be diesel-powered, run on steam power tapped from burning coal seams, or use electric power from an electrified third rail at some of the mine's sections.

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What are Key Opportunities Creating Growth Prospects in Mining Locomotive Market?

Coal continues to remain one of the most vital sources of energy globally and the demand for coal is rapidly increasing across numerous developing countries as they enjoy long-overdue economic growth. Thanks to the advancement in innovative clean coal technologies, coal is gaining immense traction across the power generation sector, resulting in further bolstering the coal demand across the globe.

For instance, according to a study by the International Energy Agency, the demand for coal totaled over 7000 million tons worldwide by 2020, in comparison to the 4700 million tons reported in the year 2000. Hence, several countries are taking numerous initiatives to increase coal mining activities to meet the growing coal and energy demand.

As mining locomotives are extensively used across the mines to increase the pace of material and personnel transfer, increasing coal mining activities is estimated to accelerate the demand in the global market.

What are the Challenges Dampening the Sales of Mining Locomotive in the Global Market?

Despite numerous advantages associated with the use of mining locomotives, high initial cost, extravagant cost of rail installation & maintenance, and presence of numerous safety standards for mining equipments hinder the sales in the global market.

Implementation of numerous stringent regulations regarding carbon emission and growing cost of petroleum derivatives such as diesel is impeding the sales of diesel mining locomotives in the market.

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What is the Demand Outlook for Mining Locomotive in the Asia Pacific Excluding Japan Market?

Future Market Insights states that Asia Pacific excluding Japan is forecast to exhibit the fastest growth in the global mining locomotives market from 2022 to 2032.

With rapidly increasing construction activities, automotive production, and industrial production across Asia Pacific, a significant rise in demand for metals and minerals such as coal, crude steel, iron, and copper, is being witnessed across the countries such as India, China, Australia, and others.

Hence, key players are increasingly focusing on expanding their mining capacity to cater to such growing demand. For instance, in 2021, JSW Steel, a multinational conglomerate based in India announced acquiring 4 iron ore mines in Odisha to expand the production of iron & steel. Such developments are expected to bolster the sales of mining locomotives in the Asia Pacific excluding Japan market.

Why are the Sales of Mining Locomotive Accelerating in North America Market?

As per FMI, North America is anticipated to account for a significant share in the global mining locomotives market during the forecast period 2022-2032.

With increasing mining activities across North America, there is a swift rise in demand for mining equipments such as mining locomotives. Hence, key companies are focusing on launching novel products to capitalize on the existing opportunities.

For instance, in 2021, Wabtec, an American provider of freight rail, transit, and mining equipment announced launching its first battery-electric locomotive, FLXdrive battery-electric locomotive with an energy capacity of 2.4-MWh. A multiplicity of such new product launches are projected to augment the sales in the North America market.

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Market Competition

Some of the leading players in the mining locomotives market are CSR Corporation Brookville, Trident, Mining Equipment Ltd., Bombardier Transportation, Irwin Car and Equipment, Alstom SA, AEG Power Solutions, Siemens AG, Hitachi Ltd., and others.

Attributed to the presence of a large number of participants and increasing investment in development and introduction of mining locomotives by leading players, the market for mining locomotives is highly competitive.

Report Scope

Report Attribute

Details

Growth Rate in Automotive Sector

CAGR of 6% to 7% from 2022 to 2032

Base Year for Estimation

2021

Historical Data

2015-2020

Forecast Period

2022-2032

Quantitative Units

Revenue in USD Million, Volume in Kilotons and CAGR from 2022-2032

Report Coverage

Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis

Segments Covered

  • Capacity
  • Gauge Type
  • Locomotive Type
  • Material
  • Application
  • Region

Countries Covered

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East and Africa

Key Companies Profiled

  • CSR Corporation Brookville
  • Trident
  • Mining Equipment Ltd.
  • Bombardier Transportation
  • Irwin Car and Equipment
  • Alstom SA
  • AEG Power Solutions
  • Siemens AG
  • Hitachi Ltd.
  • Others

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Key Segments Profiled in the Mining Locomotive Market Survey

By Capacity:

  • Less than 20 tons
  • 20 tons to 40 tons
  • More than 40 tons

By Gauge Type:

  • Narrow Gauge
  • Standard Gauge

By Locomotive Type:

  • Steam Mining Locomotive
  • Electric Mining Locomotive
  • Diesel Mining Locomotive

By Material:

  • Coal
  • Copper
  • Gold
  • Nickel
  • Iron ore
  • Others

By Application:

  • Underground Mining
  • Open-Cast Mining

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East and Africa

Frequently Asked Questions

FMI projects the demand for mining locomotive in the market is expected to rise at 6% to 7% value CAGR by 2032

The global mining locomotive market is anticipated to be dominated by Asia Pacific excluding Japan over the forecast period 2022-2032.

CSR Corporation Brookville, Trident, Mining Equipment Ltd., Bombardier Transportation, Irwin Car and Equipment, Alstom SA, AEG Power Solutions, Siemens AG, Hitachi Ltd., and others some of the leading players in the prominent mining locomotive market.

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Nikhil Kaitwade
Principal Consultant
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