What is the current market size and future outlook for the locomotive market?
The locomotive market size has grown strongly in recent years. It will grow from $21.7 billion in 2024 to $23.8 billion in 2025 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to increasing demand for efficient transportation systems, increasing rolling stock manufacturing and global rail infrastructure development, increasing investments, increasingly hybrid and battery-electric locomotive, and rising demand for advanced power components.
The locomotive market size is expected to see strong growth in the next few years. It will grow to $33.95 billion in 2029 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to increasing safety concerns, increasing traffic congestion, rising demand for public transportation, increasing urbanization, and increasing demand for rail transport. Major trends in the forecast period include electrification of rail networks, growing investments in advanced locomotive technologies, adoption of digitalization and data analytics, artificial intelligence, and railway management systems.
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What are the key drivers behind the rapid expansion of the locomotive market?
The increasing demand for rail transport is expected to propel the growth of the locomotive market going forward. Rail transport is the movement of passengers and goods via trains that run on fixed tracks or railways, utilizing a specialized infrastructure of tracks, bridges, tunnels, and stations to facilitate efficient and sustainable transportation over land. The demand for rail transport is due to efficiency in freight transport, infrastructure investments, government policies, and incentives. Locomotives are integral to the efficient operation of railways, enabling the movement of goods and passengers across vast distances while providing flexibility and adaptability to various operational needs. For instance, in November 2024, according to Eurostat, a Luxembourg-based intergovernmental organization, in 2021, passengers traveled roughly 260 billion passenger kilometers on European railways, which increased to 393.37 billion passenger-kilometers in 2022. Therefore, the increasing demand for rail transport drives the locomotive market.
What is the segmentation for the 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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Who are the most influential companies 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 are the most influential trends expected to drive the locomotive market forward?
Major companies operating in the locomotive market are focused on developing advanced products such as next-generation hybrid locomotives to reduce emissions, improve fuel efficiency, and enhance operational flexibility by combining the benefits of electric and diesel propulsion systems. Next-generation hybrid locomotives are advanced rail vehicles that integrate multiple propulsion systems, representing a significant step forward in the rail industry’s efforts to create more sustainable and efficient transportation solutions. For instance, in May 2024, CRRC Corporation Limited, a China-based traded rolling stock manufacturer, launched Ten six-axle FXN3B locomotives, a new generation of hybrid locomotives. Ten six-axle FXN3B locomotives have started shunting, showcasing notable technological developments in the nation’s railway sector in Beijing. These locomotives are modular and standardized with other machines in the Fuxing platform, simplifying maintenance and repairs.
What are the major regional insights for the locomotive market, and which region holds the top position?
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.
What Does The Locomotive Market Report 2025 Offer?
The locomotive market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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.
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