 |
| Locomotive Leasing Market |
Locomotives are self-propelled rail vehicles that provide mobility to numerous freight and passenger trains. They play a vital role in hauling freight over long distances in a cost-effective manner. The global demand for movement of freight through rail networks has been increasing steadily, driving the need for more locomotives. The leasing of locomotives provides rail operators flexibility to meet rising freight transportation needs without huge capital investments. The global locomotive leasing Market is estimated to be valued at US$ 10.07 Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased adoption of locomotives for freight transportation across major
economies is one of the key factors propelling the growth of the locomotive
leasing market. Freight rail offers environmental and economical benefits over
road transportation. It reduces per-ton-mile CO2 emissions by 75% as compared
to trucks. Also, railroads are three to four times more fuel efficient than
trucks. Moreover, locomotive leasing helps rail operators supplement their
fleet size as per traffic demand without large capital outlays. This
flexibility provided by leasing models is driving their increased preference
among freight companies. Rail operators are able to meet rising freight
transportation needs in a cost-effective manner through lease models.
Segment Analysis
The global locomotive leasing market is dominated by the freight locomotive
leasing sub-segment. Freight locomotives account for over 60% of the market
share as they are widely used for transportation of bulk commodities such as
coal, ores, grains and other commodities over long distances. Freight
locomotives have higher traction power and can haul heavier loads as compared
to passenger locomotives. Their utilization remains high throughout the year
for transportation of goods via rail networks.
Key Takeaways
The global Locomotive
Leasing Market Growth is expected to witness high growth over the
forecast period of 2023 to 2030. The market size is projected to grow from US$
10.07 Bn in 2023 expanding at a CAGR of 8.0%.
Regional analysis
North America accounts for the largest share in the global locomotive leasing
market currently. The presence of developed rail infrastructure and growing
freight activities in the region are propelling the demand for locomotive
leasing. Emerging economies in Asia Pacific such as China and India are
expected to offer lucrative opportunities for market participants going
forward. Significant investments planned by various governments in these
countries to enhance rail connectivity will boost market growth.
Key players
Key players operating in the locomotive leasing market are GATX Corporation,
Progress Rail (A Caterpillar Company), TrinityRail, Mitsui Rail Capital LLC,
Angel Trains, Beacon Rail Leasing, Railpool, Eversholt Rail Group, Macquarie
Group, SMBC Rail Services, VTG Rail Leasing, Mitsui & Co., Ltd., Touax Rail
Ltd., CIT Group Inc., The Andersons Rail Group. GATX Corporation is currently
the dominant player with the largest fleet of locomotives globally.
For more insights, read- https://www.ukwebwire.com/locomotive-leasing-market-trends-size-and-share-analysis/
0 Comments