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.
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.
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.
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.
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.
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 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 |
|
| Countries Covered |
|
| Key Companies Profiled |
|
| Customization | Available Upon Request |
By Capacity:
By Gauge Type:
By Locomotive Type:
By Material:
By Application:
By Region:
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.
Explore Similar Insights
Mining Locomotive Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
