The locomotive market has experienced strong growth, increasing from $19.89 billion in 2023 to $21.70 billion in 2024, reflecting a compound annual growth rate (CAGR) of 9.1%. This growth can be attributed to increasing demand for efficient transportation systems, rising rolling stock manufacturing, global rail infrastructure development, higher investments, the adoption of hybrid and battery-electric locomotives, and a growing need for advanced power components. The market is projected to reach $31.10 billion by 2028, growing at a CAGR of 9.4%. Future growth is driven by rising safety concerns, increased traffic congestion, higher demand for public transportation, ongoing urbanization, and an increased demand for rail transport. Major trends expected in the forecast period include the electrification of rail networks, growing investments in advanced locomotive technologies, the adoption of digitalization and data analytics, advancements in artificial intelligence, and improvements in railway management systems.
Global Locomotive Market Key Driver
The increasing demand for rail transport is expected to drive the growth of the locomotive market. Rail transport, known for its efficiency in moving passengers and goods, relies on specialized infrastructure such as tracks and stations. This demand is fueled by freight efficiency, infrastructure investments, and supportive government policies. For instance, Eurostat reported that passengers traveled approximately 260 billion passenger-kilometers on European railways in 2021, rising to 393.37 billion passenger-kilometers in 2022. This growing demand for rail transport is anticipated to significantly propel the locomotive market.
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Global Locomotive Market Segments
The locomotive market covered in this report is segmented –
1) By Type: Diesel, Electric, Other Types
2) By Component: Rectifier, Inverter, Traction Motor, Alternator, Other Components
3) By Technology: IGBT Power Module, GTO Thyristor Module, SiC Power Module
4) By End-User: Freight, Passengers, Other End-User
By Geography:The regions covered in the locomotive market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia Pacific was the largest region in the locomotive Market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Major Locomotive Industry Players
Siemens AG, Tata Motors Limited, CRRC Corporation Limited, Mitsubishi Heavy Industries Ltd., Toshiba Corporation, Alstom SA, Kawasaki Heavy Industries Ltd., Knorr-Bremse AG, Wabtec Corporation, Transnet SOC Ltd., Stadler Rail, Progress Rail, Hyundai Rotem Co., Strukton Rail B.V., Hitachi Rail, KONCAR – Elektroindustrija d.d., Pesa SA, Brookville Equipment Corporation, Akiem SA, Škoda Transportation a.s., PT Industri Kereta Api (Persero), Bombardier Transportation, Taiwan Rolling Stock Company
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Locomotive Market Overview
A locomotive is a powerful engine used to pull trains along railway tracks. It provides the necessary traction for moving freight or passenger cars from one place to another, and it is used in transportation, logistics, industry, tourism, and emergency response.
Locomotive Global Market Report 2023 provides data on the global locomotive market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The locomotive market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
