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Global Locomotive Major Players 2025, Forecast To 2034

25 Mar, 2025

What Fueled The Previous Growth In The Locomotive Market?

The locomotive market has seen considerable growth due to a variety of factors.
• The locomotive market has seen strong growth recently. It is expected to rise from $21.7 billion in 2024 to $23.8 billion in 2025, growing at a CAGR of 9.7%.
This is driven by rising demand for efficient transportation, an increase in rolling stock manufacturing, global rail infrastructure development, investments in hybrid and battery-electric locomotives, and a demand for advanced power components.

How Does the Forecast Look for the Locomotive Market?

The locomotive market is expected to maintain its strong growth trajectory in upcoming years.
• The locomotive market is projected to grow strongly, reaching $33.95 billion by 2029, at a CAGR of 9.3%.
This growth is driven by safety concerns, traffic congestion, increasing demand for public transportation, urbanization, and a rise in rail transport demand. Key trends include rail network electrification, investments in advanced locomotive technologies, digitalization, and the integration of AI and railway management systems.

What Are The Leading Drivers Of Growth In The Locomotive Market?

The rising demand for rail transport is set to drive the locomotive market. Rail transport is increasingly popular due to its efficiency, government policies, and environmental benefits. Locomotives play a vital role in ensuring efficient rail operations. In 2022, European railways saw an increase of 133 billion passenger-kilometers, indicating a growing need for locomotives to meet rising demand.

How Are The Segments Defined Within The Global Locomotive Market?

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 Subsegments:
1) By Diesel: Diesel-Electric Locomotives, Diesel-Hydraulic Locomotives
2) By Electric: Overhead Electric Locomotives, Third Rail Electric Locomotives
3) By Other Types: Hybrid Locomotives, Battery-Powered Locomotives

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What Trends Are Reshaping The Future Of The Locomotive Market?

Leading firms in the locomotive sector are concentrating their efforts on producing innovative products like the next-gen hybrid locomotives. The objective is to lower emissions, augment fuel efficiency, and boost operational adaptability by amalgamating the advantages of electric and diesel propulsion mechanisms. These next-gen hybrid locomotives are progressive rail transport options that consolidate various propulsion systems. They symbolize a substantial advancement in the railway industry's endeavors to design more eco-friendly and proficient transport solutions. A case in point is the May 2024 launch of the Ten six-axle FXN3B locomotives – a modern generation of hybrid locomotives – by CRRC Corporation Limited, a publicly listed rolling stock maker from China. The Ten six-axle FXN3B locomotives have commenced shunting, demonstrating significant technological progress in Beijing's railway segment. These vehicles have modular and streamlined designs that match other equipment on the Fuxing platform, thus making maintenance and repair work easier.

Who Are the Key Players In The Locomotive Market?

Major companies operating in the locomotive market are:
• 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

What Is The Most Dominant Region In The Locomotive Market?

Asia-Pacific was the largest region in the locomotive Market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the locomotive market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.