Multiple factors are influencing the demand for electric rail car movers. First off, one of the major factors fueling the expansion of this market is the rising need for electric trains in both developed and emerging nations. Second, the market is being driven by factors such as rising urbanisation and expanding infrastructure investment. Last but not least, government programmes to encourage railway electrification are anticipated to open up new prospects for industry players in the upcoming years.
The major objective of electric rail car movers is shunting. Moving railroad cars, locomotives, and other rolling equipment from one track to another inside the yard without using an external power source is known as shunting. These battery-powered railcar movers have both manual and automatic controls. One of the primary drivers of this market's expansion is the rising need for electric trains in both developed and emerging nations. In addition, rising urbanisation and increased infrastructure investment are some of the other factors boosting this market's expansion.
Train cars are moved with the help of electric railcar movers. They move the train cars using a range of technologies and are either electrically or battery-powered. These innovations range from third rail systems to electromagnetic track systems and linear induction motors, among others. In comparison to their diesel-powered equivalents, electric railcar movers are quieter, produce fewer emissions, and have reduced running expenses.
During the projected period of 2021–2031, the market for electric rail car movers is expected to expand at a CAGR of 6.9%, reaching an estimated value of USD 19.68 billion by 2031.
The increased demand for electric trains in both developed and developing nations is one of the primary drivers of this market's rise. The increasing urbanisation rate and the rising infrastructure spending are additional factors promoting the growth of this industry.
One of the main factors impeding the expansion of this market is the high cost of electric rail car movers. Additionally, the lack of knowledge about these items in developing and poor nations is in some ways limiting market expansion. However, because of increased infrastructure spending and urbanization, it is envisaged that the market for electric rail car transporters would grow dramatically over the course of the forthcoming years.
COVID-19 Impact and Market Status
The market for electric rail car movers has been negatively impacted by the COVID-19 epidemic. The pandemic has caused a decline in infrastructure spending and an increase in urbanisation, which are impeding market expansion. The high cost of these goods is also in some respects restricting market growth. But throughout the course of the projection period, the market for electric rail car movers is predicted to grow significantly as a result of the economies' gradual but steady opening up and the increased government investment.
The 500-1000 T Type emerged as the Most Booming Segment
The market is split into three categories based on type: 500 T, 500-1000 T, and >1000 T. During the forecast period, it is anticipated that the 500-1000 T category will prove to be the most profitable. This is due to the fact that this particular brand of electric railcar mover can be utilised for both commercial and industrial railroads, among other uses.
The Most Prominent Application Segment is the Public Railway
Based on application, the global market for electric rail car movers is divided into two groups: public railway and industrial railway. Over the projection period of these two sectors, it is expected that the public railway will dominate the market. This is due to a rise in demand for electrified trains in both developed and developing countries. The increase in infrastructure investment and the rate of urbanisation are further factors promoting the growth of this industry.
The North American Region to render Ample Financing Opportunities
In the coming years, North America is anticipated to lead the market. The reason for this is that both developed and developing nations have an increasing demand for electric railways. In addition, the market is being driven forward by factors such as the rising urbanisation rate and the increasing investment in infrastructure.
Railpower Technologies Corp, Konecranes Oyj, NACCO Industries, Inc., Harsco Corporation, Bombardier Inc., Caterpillar Inc., Patrick J. Flynn Co., Inc., SWF Krantechnik GmbH, and Hyster-Yale Group, Inc. are the major companies active in the global market for electric rail car moversThese companies are employing strategies like mergers and acquisitions and the creation of cutting-edge products to gain a market position.
Recent Developments in the Electric Railcar Movers Market
• For the North American market, Siemens AG introduced a new electric railcar mover in 2019. The business has received a contract from the Metropolitan Transportation Authority (MTA) for the supply of 22 diesel-electric locomotives. This decision should give the business a competitive advantage in the marketplace.
• For the Japanese market, Hitachi Ltd. introduced a new electric rail car mover in 2020. The business has received a contract from the Japan Railway Construction, Transport and Technology Agency (JRTT) for the supply of 10 diesel-electric locomotives. The company hopes that by making this change, it will gain a competitive advantage over its rivals.
Electric Railcar Movers Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 19.68 billion|
|Growth Rate||CAGR of 6.9 % during 2021-2031|
|Segment Covered||by Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Railpower Technologies Corp, Konecranes Oyj, NACCO Industries, Inc., Harsco Corporation, Bombardier Inc., Caterpillar Inc., Patrick J. Flynn Co., Inc., SWF Krantechnik GmbH, and Hyster-Yale Group, Inc|
Key Segments of the Global Electric Railcar Movers Market
Type Overview (USD Billion)
• ≤500 T
• 500-1000 T
• >1000 T
Application Overview (USD Billion)
• Public Railway
• Industrial Railway
Regional Overview (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
Middle East and South Africa
• South Africa