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The global locomotive market is expected to reach a value of more than USD 17.90 Billion in 2024. The industry is expected to grow at a CAGR of 9.10% during the forecast period of 2025-2034. Increasing demand for sustainable transportation solutions, particularly in freight and passenger sectors, is driving the locomotive market, thus aiding the market to attain a valuation of USD 42.77 Billion by 2034. The need for more efficient, eco-friendly rail systems in response to urbanization and infrastructure development is pushing manufacturers to innovate and expand, thus boosting the growth of the market.
Base Year
Historical Year
Forecast Year
Factors driving the locomotive market include increasing urbanization, the demand for efficient transportation, and growing environmental concerns. The leading trend is a shift towards electrification and the use of battery-powered locomotives as people look for ways to reduce carbon emissions in transport and improve sustainability in the industry.
Investments in infrastructure upgrades through modern rail systems and green technologies are also driving growth. For instance, companies are seeking innovations in automation, digitalization, and electric locomotives to meet the emerging market. The major players like Siemens and GE target products in regions with maximum freight demand and government emphasis on sustainable transport, building long-term locomotive market growth.
Other factors driving the adoption of advanced locomotives involve growing demand for high speed rail services and expansion across emerging markets like India and China. This diversified strategy is bolstering the market's growth potential.
Value in USD Billion
2025-2034
Locomotive Market Outlook
*this image is indicative*
An important locomotive growth driver for the global market is the need to find sustainable, environmentally responsive solutions. Siemens is one such company at the forefront in the development of electricity locomotives that have far fewer emissions compared to the traditional diesel models, hereby augmenting the growth of the locomotive market. Such locomotives by Siemens, Vectron, offer better fuel saving and have a lighter carbon footprint, which will help companies meet environmental regulatory requirements and lower their operational costs. The push towards electrification in the rail industry is sweeping the world as governments look to reduce emissions.
One of the companies pushing the sustainable locomotives is Alstom, which has come up with its hydrogen-powered train known as the Coradia iLint. This train has no CO2 emission as it operates, and therefore, is a greener alternative to the conventional diesel-powered trains. In 2021, the German state of Lower Saxony rolled out these hydrogen-powered trains for regional rail networks to diminish the dependence on fossil fuels and provide a clean alternative. This project also helps to meet environment objectives and meets the urgent needs of green transportation solutions.
Electrification, hydrogen trains, sustainability regulations, and technological advancements drive the locomotive market, enhancing demand for eco-friendly, efficient solutions globally.
As countries aim to reduce emissions, there is a strong push toward railway electrification. This trend is reflected in projects like the UK’s electrification of its rail network and India’s plan to electrify 100% of its tracks by 2030. Companies like Siemens and Alstom are investing heavily in electric locomotives, like Siemens’ Vectron and Alstom’s Coradia iLint hydrogen trains. Electrification makes a company less dependent on fossil fuel while making it meet sustainability requirements besides gaining operational efficiency. The electrification demand for locomotives and infrastructure will improve, thus augmenting the locomotive demand growth.
Hydrogen powered locomotives are the emerging alternatives for the diesel trains with cleaner energy. Alstom's Coradia iLint's entry in Germany, while UK committed to testing the hydrogen powered trains in 2023 is a reflection of the trend. Hydrogen trains provide zero emissions, long operational ranges, and efficiency. As the governments emphasize sustainability and clean transport, the market is expected to see growth and new opportunities through hydrogen locomotives in both domestic and international markets.
As governments get stricter on environmental regulations, the demand for eco-friendly locomotives is increasing. The European Union's Green Deal pushes for cleaner and greener transportation. Investments in sustainable infrastructure, such as electrified rail systems and battery-powered trains, would be covered by the US government through its CRISI program. The investments by Siemens and Bombardier for sustainability-based solutions would also gain in the wake of these government policies. Added regulatory thrust will thus attract more investments in clean technology, and therefore boost growth in the locomotive market, thus boosting the locomotive market revenue.
The locomotive market is transforming through technological innovations like autonomous trains, AI-based operations, and digital control systems. Companies are developing smart locomotives that can offer enhanced fuel efficiency, safety features, and predictive maintenance. For instance, with the advent of digital signaling systems and automated braking, the operations will be more efficient, and the costs will be low. With the growing availability of such technologies, demand for advanced locomotives will increase as operators would look forward to cost-effective, efficient solutions for modern rail transport.
Environmentally friendly technologies like hydrogen fuel cells and electricity propulsion systems offer one of the most important locomotive market opportunities. Companies are developing hydrogen trains, such as Alstom's Coradia iLint, with the aim of replacing diesel locomotives in regions like Europe to reduce carbon emissions in transport sectors. The demand for cleaner and greener solutions in rail transportation corresponds to worldwide sustainability goals.
The new change in the locomotive industry is the hydrogen fuel cell technology, thus augmenting the locomotive market dynamics and trends. Companies such as Alstom are leading the scene through their Coradia iLint hydrogen-powered train, the first of its kind in the world. Such innovation produces fewer emissions of CO2 and offers a cleaner alternative to the traditional diesel train, therefore helping to clean up the rails. Hydrogen fuel cells are more useful to the regions that lack electrified tracks, presenting greater flexibility and efficiency.
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“Locomotive Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
By propulsion type, the market is divided into:
Based on technology, the market segmented into:
Market Breakup by Region
By Propulsion Type Analysis
Traction in locomotives is high across all propulsion types. As per locomotive industry analysis, diesel locomotives still play an important role because they can run on lines that have not been electrified, making them key for freight operations-particularly in North America and Asian regions. Meanwhile, electric locomotives are in vogue in Europe and Asia, with environmental sustainability goals-apparently the European Union aims to make railway transport carbon neutral by 2050. But hydrogen-powered trains are a promising new development, mainly in Europe, where Germany is one of the front runners for pilot projects for zero-emission trains.
Market Analysis by Technology
IGBT modules, GTO thyristors, and SiC modules have emerged as the latest leaders in the global market for their high power efficiency in compact designs with enhanced performance. As per locomotive market analysis, IGBT modules are widely used for better power conversion in electric locomotives to offer superior control and energy efficiency. GTO thyristors remain to be a significant application in heavy-duty areas, whereas SiC modules are gaining prominence for their high-voltage and temperature resistance, which further builds on the efficiency of energy using them and reducing the maintenance needs.
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North America Locomotive Market Opportunities
The North America locomotive market is pushed by governmental push toward sustainable freight transport. The United States Federal Railroad Administration (FRA) has emphasized electrification and adoption of alternative fuels for decarbonization, concomitant with investments in infrastructure upgrades. Over USD 2.1 billion is predicted to be allocated by 2025 to rail modernization projects that will enhance efficiency while reducing emissions.
Asia Pacific Locomotive Market Trends
In Asia Pacific, rapid urbanization, along with numerous high-speed rail projects, is driving the locomotive industry. China and India are investing heavily into electrification, with India's ambition to electrify its entire railway network by 2030. China is also progressing towards 30,000 km of high-speed rail by 2025, which is surging demand for modern efficient locomotives.
Europe Locomotive Market Dynamics
Europe is targeting its carbon footprint reduction in transportation, which results in further investment in electric locomotives. The European Union's Green Deal pursues a net-zero emissions target of 2050. Expanding the rail network and accelerating the power transition from fossil fuels to electric and hydrogen-based trains are central to this policy. Over EUR 300 billion was reportedly promised in green infrastructure to make the transformation to cleaner rail technologies possible.
Middle East and Africa Locomotive Market Drivers
The locomotive market in the Middle East and Africa is growing due to better connection infrastructure between their regions, including Saudi Arabia and the UAE, using modern rail networks. Saudi Arabia's USD 15 billion North-South Railway project and its plans for a GCC-wide rail network are prime enablers that place this region as an emerging hub for new railway technologies.
Latin America Locomotive Market Insights
In Latin America, the investment in freight rail projects is increasing rapidly, particularly in Brazil and Argentina. With more than USD 2 billion invested in upgrading the rail infrastructure and reducing dependence on road transport, the region is working towards constructing efficient freight corridors and increasing the capacity of rails to support its economic growth.
The locomotive market players are driving innovation through electric locomotives and autonomous train systems. These companies spearhead the adoption of environmentally friendly electric propulsion technologies that greatly enhance energy efficiency and reduce emissions. Strategic partnerships and acquisitions are also helping the locomotive companies expand their global footprint. Others include better signaling systems, driverless trains, and many more, which will enhance the operational safety and efficiency of the railway sector.
Alstom, with its global headquarters in France, is a leader in the transportation industry. The AGV, Avelia, TGV, Eurostar, and New Pendolino high-speed trains, as well as regional, suburban, and metro trains, and Citadis trams, are all produced by this rolling stock manufacturer, which was founded in 1928 and is active in the passenger transportation, signalling, and locomotives industries.
Wabtec Corporation, headquartered in the United States, is a major global supplier of machinery, sys...
Siemens Mobility, a German company, empowers operators to define passenger and freight transportatio...
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other market players include American Locomotive Company, Toshiba Infrastructure Systems & Solutions Corporation, CZ LOKO, A.S., and Hyundai Corporation, among others.
Startups in the locomotive market are now focusing on sustainable and cost-effective solutions. They innovate in electric and hydrogen-powered trains to reduce carbon emissions and improve efficiency. Companies like Hyperloop and Alstom are modernizing rail transport with cutting-edge technologies, emphasizing eco-friendly alternatives, energy efficiency, and smart integration of IoT for optimized fleet management, pushing forward the future of transportation.
Hyperloop Transportation Technologies is working to change the way rail transport will be carried out by inventing a high-speed, energy-efficient alternative to locomotives. Their transportation concept uses magnetic levitation and low-pressure tubes to drastically reduce travel time and environmental impact, making sustainable transportation possible.
Alstom has been working to design locomotives that run on sustainable hydrogen and electricity. With innovative trains such as the hydrogen Coradia iLint, they will cut down carbon emission in areas without electrified rail infrastructure.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2024, the market reached an approximate value of USD 17.90 Billion.
The locomotive market is assessed to grow at a CAGR of 9.10% between 2025 and 2034.
The market is estimated to witness healthy growth in the forecast period of 2025-2034 to reach a value of around USD 42.77 Billion by 2034.
The major drivers of the market include the increase in demand for rolling stock, rising population, enhancing economies of developing countries, increasing technological upgradation in locomotives, rising number of government projects, such as extension of rail routes and advanced rail infrastructure.
Rising growth in industrial and mining activities and widening the network of railways are the key industry trends propelling the growth of the market.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
The major players in the industry are Alstom, Siemens Mobility, Wabtec Corporation, Toshiba Infrastructure Systems & Solutions Corporation, CZ LOKO, A.S., Hyundai Corporation, and American Locomotive Company, among others.
A small railroad locomotive used for manipulating railroad cars within a rail yard is known as a switcher, shunter, switch engine, yard goat, yard pilot, or shifter.
A locomotive is a unique kind of train car that drives the entire train. The locomotive can move independently by burning fuel, using electricity, magnetic levitation, or other means of energy generation. A train, on the other hand, is a group of linked automobiles that travel down a railroad track while carrying passengers or cargo. Although some trains, like multiple units, can move on their own, locomotives are usually used to pull or push trains.
In rail transportation operations, locomotives are primarily used for switching/shunting, transporting freight trains, and hauling passenger trains.
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REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Propulsion Type |
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Breakup by Technology |
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Breakup by Region |
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Market Dynamics |
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Trade Data Analysis |
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Competitive Landscape |
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Companies Covered |
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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