The global locomotive market size reached a value of around USD 16.41 billion in 2023. During the forecast period of 2024 and 2032, the market is expected to expand at a CAGR of 9.1% to reach around USD 35.93 billion by 2032.
Base Year
Historical Year
Forecast Year
Social media influence boosts gaming popularity, enabling dynamic, geo-targeted, scalable Locomotive formats.
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September 2024
Hitachi marks a milestone with its 300th train launch in the UK, the 807 model for Avanti West Coast, continuing the company’s significant role in transforming the UK rail network over the last 15 years with high-speed, reliable trains like the Class 385 and Class 395 models.
August 2024
The United Kingdom launched its first intercity battery-powered train for testing, aiming to reduce emissions and operational costs, especially on routes like York to Manchester and Leeds to Liverpool. This trial replaces diesel engines with battery power, offering substantial environmental and economic benefits.
Eco-friendly technologies like hydrogen fuel cells in locomotives create opportunities for sustainable rail transport solutions.
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.
Hydrogen fuel cell systems in locomotives reduce emissions, enhancing sustainability and global decarbonization efforts.
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.
Siemens Vectron electric locomotives improve fuel efficiency, reduce carbon footprints, and promote sustainable rail transportation.
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.
High costs, lack of infrastructure, regulatory hurdles, and limited skilled workforce hinder market growth.
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“Locomotive Market Report and Forecast 2024-2032” 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
Diesel, electric, and hydrogen locomotives are gaining traction for sustainability and efficiency.
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.
IGBT, GTO thyristors, and SiC modules improve power efficiency, control, and performance in locomotives.
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.
Key industry leaders in this market are:
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, systems, digital solutions, and value-added services. The scope of Wabtec's operations spans the whole rail sector. The business produces locomotives with a maximum power of 4,000 horsepower and also provides aftermarket services, including maintenance and logistics assistance.
Siemens Mobility, a German company, empowers operators to define passenger and freight transportation today with trains, infrastructure, and automation solutions for all rolling stock. It covers trams, commuter and regional trains, light rail, metro, high-speed and extremely high-speed trains, as well as associated services. Siemens Mobility continuously updates its offering in its primary business segments, including rolling stock, turnkey systems, rail automation and electrification, intelligent traffic systems, and related services.
Other market players include American Locomotive Company, Toshiba Infrastructure Systems & Solutions Corporation, CZ LOKO, A.S., and Hyundai Corporation, among others.
November 2024
Indian Railways will debut the Vande Bharat Sleeper Express on New Delhi-Srinagar route in January 2025, covering 800 km in 13 hours.
April 2024
Intramotev launched its first battery-electric railcar, ReVolt, in Pennsylvania's mining sector, marking progress in decarbonizing freight transport.
*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 2023, the global market for locomotive attained a value of nearly USD 16.41 billion.
The market for locomotive is projected to grow at a CAGR of 9.1% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 35.93 billion by 2032.
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.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| 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:
|
| Breakup by Propulsion Type |
|
| Breakup by Technology |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Trade Data Analysis |
|
| 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 06 17 27
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 287899028, +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
+84865399124
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