The electric locomotives market consists of sales of electric locomotives which provide motive power to trains with no payload capacity, and their only use is to pull trains along the tracks. The sales consists of revenues generated by establishments that are primarily engaged in the manufacturing of locomotives and its components such as electric motors, transformer, inverter, and compressor.
The global electric locomotives market is expected to decline from $6.53 billion in 2019 to $6.4 billion in 2020 at a compound annual growth rate (CAGR) of -1.99%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and all travel and transport activities. The market is then expected to recover and reach $7.85 billion in 2023 at CAGR of 7.06%.