GCC Locomotive Market Outlook (2018 to 2032)
Synopsis
The above chart is GCC Locomotive Market Outlook (2018 to 2032)
Market Dynamics
the gulf cooperation council (gcc) region boasts of a well-developed railway network. this network is seen as a facilitative tool for increasing economic growth and furthering regional integration. libya, kuwait, qatar, saudi arabia, and the uae have leveraged the power of railways to connect the regional countries with each other, forming a single market, and thereby allowing the involved countries to benefit from their collective resources and strengths.
the gcc locomotive market is set to further expand over the next 12 years, in line with the rising demand for local and regional transportation systems. the demand for freight, passenger and metro services will increase, driven by the growing population, rising trade and tourism activities. the rapid urbanization is likely to present immense growth opportunities for the locomotives market over the forecast period.
the rising awareness concerning the safety and speed of the transportation process will also prove to be instrumental in driving the demand for locomotives. moreover, the advent of new technologies such as consumer-oriented digital platforms as well as internet-of-things (iot), artificial intelligence (ai) and automation will further lead to the growth of the market, as these technologies make the locomotives more reliable and safe for the people travelling, as well as those operating the locomotives.
the growing international trade activities between the various gcc countries, which has resulted in a significant increase in freight traffic, has further led to an increased need for improved transportation networks. with the improving economic condition in the region, the demand for locomotives is likely to increase over the forecast period.
the gcc region boasts of a well-developed network of rolling stock yards, where the locomotives are maintained. as the government promotes and supports the setting up of service stations for locomotives, this augurs very well for the market. the support of the government, through the promulgation of suitable policies is likely to benefit the locomotives market further over the coming years.
the total investment in the development of the core railway infrastructure in the region is anticipated to surge over the forecast period. this will include the upgrade of the tracks as well as stations, which will eventually lead to increased investment in the procurement of locomotives and related services. therefore, the gcc locomotive market is expected to benefit significantly from the increasing investment over the forthcoming years.