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Global Locomotive Market Share, Size, Analysis, Forecast: By Propulsion Type: Diesel, Electric, Others; By Technology: IGBT Module, GTO Thyristor, SIC Module; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Trade Data Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032
Global Locomotive Market Outlook
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 grow at a CAGR of 9.1% to reach around USD 35.93 billion by 2032.
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Key Trends in the Market
Locomotives are the engines that provide railway vehicles the ability to move but they can also carry a payload when necessary, which is ideal in a single locomotive attached to numerous rail vehicles that cannot move independently.
In contrast to freight rail travel, these methods are typically chosen in passenger rail transit networks. Since they provide great performance, have lower maintenance requirements, use less energy, and produce less pollution, electric locomotives are widely recommended.
- The expansion of the global locomotive market is primarily driven by the rise in demand for energy-intensive rolling equipment, rising urbanisation and population, improving developing nations' economies, escalating growth in industrial and mining operations, and expanding rail network.
- To support the growing demand for public transportation, greater rail networks are providing higher funds for the locomotive industry. Auxiliary control modules, silicon carbide (SiC) modules, and insulated-gate bipolar transistor (IGBT) modules are examples of contemporary equipment that contribute significantly to the global market share. By altering the existing state, such technologies help to increase fuel efficiency, decrease pollutants, and lower overall weight, which can minimise power losses.
- In addition, the growing number of environment-friendly locomotive projects in important nations throughout the globe will create enormous opportunity for the expansion of locomotive market. Government and corporate sector initiatives to design and introduce electricity-powered locomotives will favour the market growth.
- The market for locomotives will also experience increased technical advancements throughout the projected period, including e-mobility technologies and data-driven maintenance services.
Global Locomotive Market Analysis
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Based on type, the market is segmented into diesel and electric, among others. The market on the basis of technology can be divided into IGBT module, GTO thyristor, and SIC module. The regional markets for locomotive can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global locomotive market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Alstom
- Siemens Mobility
- Wabtec Corporation
- Toshiba Infrastructure Systems & Solutions Corporation
- CZ LOKO, A.S.
- Hyundai Corporation
- American Locomotive Company
- Others
Market Share by Type
Rapid digitalisation is anticipated to fuel the electric segment's growth throughout the course of the projection period. The segment is expanding as people's preferences for clean, energy-efficient transportation is growing. One of the key trends that will take hold in the locomotive market for electric locomotives during the projected period is the introduction of dual-mode locomotive electric trains.
The United States Environmental Protection Agency (EPA) has also announced a number of obligatory restrictions involving the reduction of nitrogen oxide emissions from diesel engines, which is driving up the demand for electric locomotive engines. Growing government spending on public transportation comfort is likely to enhance demand for locomotives, which is anticipated to drive demand for the electric locomotive segment over the forecast period.
Market Share by Region
During the forecast period, it is anticipated that the Asia Pacific region would account for one of the largest locomotive market shares. For the businesses operating in the regional market, the large transportation sector and the steadily expanding number of rail passengers and train travel are likely to present several opportunities. In addition, travellers in key Asian economies like China, India, and Japan choose the railway over all other modes of transportation, providing further impetus to the market.
The market growth in these countries is anticipated to be driven by new rail projects for urban passenger transit as well as the replacement and upkeep of the current fleet. Besides this, the improvement of socio-economic conditions in developing nations like China, India, and Japan, the expansion of rail routes, an increase in the production of rolling stock, the development of rail infrastructure, and the replacement of power conversion systems with more efficient ones are driving the locomotive market growth in the Asia Pacific region.
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Competitive Landscape
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.
Key Highlights of the Report
| 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 |
|
| Breakup by Technology |
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| Breakup by Region |
|
| 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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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Region
7 Opportunities and Challenges in the Market
8 Global Locomotive Market Analysis
8.1 Key Industry Highlights
8.2 Global Locomotive Historical Market (2018-2023)
8.3 Global Locomotive Market Forecast (2024-2032)
8.4 Global Locomotive Market by Propulsion Type
8.4.1 Diesel
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Electric
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.4.3 Others
8.5 Global Locomotive Market by Technology
8.5.1 IGBT Module
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 GTO Thyristor
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
8.5.3 SIC Module
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2023)
8.5.3.3 Forecast Trend (2024-2032)
8.6 Global Locomotive Market by Region
8.6.1 North America
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2023)
8.6.1.3 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2023)
8.6.2.3 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2023)
8.6.3.3 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2023)
8.6.4.3 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Market Share
8.6.5.2 Historical Trend (2018-2023)
8.6.5.3 Forecast Trend (2024-2032)
9 North America Locomotive Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2023)
9.1.3 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2023)
9.2.3 Forecast Trend (2024-2032)
10 Europe Locomotive Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2023)
10.1.3 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2023)
10.2.3 Forecast Trend (2024-2032)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2023)
10.3.3 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2023)
10.4.3 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Locomotive Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2023)
11.1.3 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2023)
11.2.3 Forecast Trend (2024-2032)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2023)
11.3.3 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2023)
11.4.3 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2023)
11.5.3 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Locomotive Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2023)
12.1.3 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2023)
12.2.3 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2023)
12.3.3 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Locomotive Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2023)
13.1.3 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2023)
13.2.3 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2023)
13.3.3 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2023)
13.4.3 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Trade Data Analysis (HS Code –8607)
15.1 Major importing countries
15.1.1 By Value
15.1.2 By Volume
15.2 Major Exporting Countries
15.2.1 By Value
15.2.2 By Volume
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Alstom
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Siemens Mobility
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Wabtec Corporation
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Toshiba Infrastructure Systems & Solutions Corporation
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 CZ LOKO, A.S.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Hyundai Corporation
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 American Locomotive Company
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Locomotive Market: Key Industry Highlights, 2018 and 2032
2. Global Locomotive Historical Market: Breakup by Propulsion Type (USD Billion), 2018-2023
3. Global Locomotive Market Forecast: Breakup by Propulsion Type (USD Billion), 2024-2032
4. Global Locomotive Historical Market: Breakup by Technology (USD Billion), 2018-2023
5. Global Locomotive Market Forecast: Breakup by Technology (USD Billion), 2024-2032
6. Global Locomotive Historical Market: Breakup by Region (USD Billion), 2018-2023
7. Global Locomotive Market Forecast: Breakup by Region (USD Billion), 2024-2032
8. North America Locomotive Historical Market: Breakup by Country (USD Billion), 2018-2023
9. North America Locomotive Market Forecast: Breakup by Country (USD Billion), 2024-2032
10. Europe Locomotive Historical Market: Breakup by Country (USD Billion), 2018-2023
11. Europe Locomotive Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Asia Pacific Locomotive Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Asia Pacific Locomotive Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Latin America Locomotive Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Latin America Locomotive Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Middle East and Africa Locomotive Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Middle East and Africa Locomotive Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Major Importing Countries by Value
19. Major Exporting Countries by Value
20. Major Importing Countries by Volume
21. Major Exporting Countries by Volume
22. Global Locomotive Market Structure
Key Questions Answered in the Report
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.
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