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Locomotive Market Size (2024 - 2029)

The locomotive market is projected to experience significant growth over the forecast period, driven by factors such as increased urbanization, a focus on environmental sustainability, and the expansion of rail networks. The demand for energy-efficient rolling stock and technological advancements, including the development of new modules and power units, are contributing to the market's expansion. Despite challenges like high capital and maintenance costs, the market is expected to grow substantially, reflecting a positive outlook for the industry.

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Market Size of Locomotive Industry

Locomotive Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 24.20 Billion
Market Size (2029) USD 43.58 Billion
CAGR (2024 - 2029) > 10.00 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Medium

Major Players

Locomotive Market Major Players

*Disclaimer: Major Players sorted in no particular order

Locomotive Market Analysis

The Locomotive Market size is estimated at USD 24.20 billion in 2024, and is expected to reach USD 43.58 billion by 2029, growing at a CAGR of greater than 10% during the forecast period (2024-2029).

Over the long term, an increase in urbanization, environmental sustainability, a broad spectrum of impending rail projects, growth in demand for energy-efficient rolling stock, and an expanding infrastructure of rail networks are expected to act as major factors driving the locomotives market. The extensive rail networks globally further support the growth of electric locomotives to meet the demand as a means of public transport.

In addition, technological progress, such as the launch of the Sic module, IGBT module, and auxiliary power units, has resulted in a surging demand for locomotive engines. This progress has reduced emissions, escalated fuel efficiency, and lowered overall weight. It has also reduced power loss when switching to the current state.

However, certain restraining factors are impeding the growth of the locomotives market, which include the capital intensiveness of rolling stock, high maintenance costs, and overhaul costs. Despite these market challenges, the global market is expected to grow significantly in the coming years.

Locomotive Industry Segmentation

Locomotives are powered rail transport vehicles that provide motive power to trains with no payload capacity, and their only use is to pull the trains along tracks. However, push-pull operations have become common, in which the trains have locomotives at the rear, front, or both ends. Electric locomotives are preferred since they deliver high performance, lower maintenance costs, lower energy costs, and reduced pollution levels.

The locomotive market is segmented into propulsion type, technology, component type, and geography. By propulsion type, the market is segmented into diesel and electric. By technology, the market is segmented into the IGBT Module, GTO Thyristor, and Sic Module. By component type, the market is segmented into rectifiers, inverters, traction motors, and alternators. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. 

For each segment, market sizing and forecasting have been done based on value (USD).

By Propulsion Type
Diesel
Electric
By Technology
IGBT Module
GTO Thyristor
SiC Module
By Component Type
Rectifier
Inverter
Traction Motor
Alternator
By Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
Asia-Pacific
India
China
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle-East and Africa
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Locomotive Market Size Summary

The locomotive market is poised for significant growth over the forecast period, driven by factors such as urbanization, environmental sustainability, and the expansion of rail networks. The demand for energy-efficient rolling stock and technological advancements, like the introduction of the Sic module and IGBT module, are contributing to this growth. These innovations have improved fuel efficiency, reduced emissions, and minimized power loss, enhancing the appeal of electric locomotives as a public transport solution. Despite challenges such as high capital and maintenance costs, the market is expected to expand, supported by substantial investments in railway infrastructure and the increasing adoption of autonomous train technologies.

The Asia-Pacific region is anticipated to dominate the locomotive market, fueled by the growing popularity of metro travel and the extensive rail networks in countries like China, India, and Japan. These nations are leading in passenger kilometers and are home to major locomotive manufacturers. The region's market growth is further bolstered by developments in autonomous train technology and strategic collaborations, such as those seen in Malaysia. Key players in the market, including CRRC, Alstom SA, and Siemens AG, are actively expanding their presence through acquisitions and strategic alliances. The introduction of driverless trains and advanced signaling systems is set to enhance operational efficiency and safety, driving the market forward during the forecast period.

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Locomotive Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

      1. 1.1.1 Rise in Rail Transporation Across the Globe

    2. 1.2 Market Restraints

      1. 1.2.1 High Capital and Service Cost

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Bargaining Power of Suppliers

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size in Value (USD))

    1. 2.1 By Propulsion Type

      1. 2.1.1 Diesel

      2. 2.1.2 Electric

    2. 2.2 By Technology

      1. 2.2.1 IGBT Module

      2. 2.2.2 GTO Thyristor

      3. 2.2.3 SiC Module

    3. 2.3 By Component Type

      1. 2.3.1 Rectifier

      2. 2.3.2 Inverter

      3. 2.3.3 Traction Motor

      4. 2.3.4 Alternator

    4. 2.4 By Geography

      1. 2.4.1 North America

        1. 2.4.1.1 United States

        2. 2.4.1.2 Canada

        3. 2.4.1.3 Rest of North America

      2. 2.4.2 Europe

        1. 2.4.2.1 Germany

        2. 2.4.2.2 United Kingdom

        3. 2.4.2.3 France

        4. 2.4.2.4 Italy

        5. 2.4.2.5 Rest of Europe

      3. 2.4.3 Asia-Pacific

        1. 2.4.3.1 India

        2. 2.4.3.2 China

        3. 2.4.3.3 Japan

        4. 2.4.3.4 South Korea

        5. 2.4.3.5 Rest of Asia-Pacific

      4. 2.4.4 Rest of the World

        1. 2.4.4.1 South America

        2. 2.4.4.2 Middle-East and Africa

Locomotive Market Size FAQs

The Locomotive Market size is expected to reach USD 24.20 billion in 2024 and grow at a CAGR of greater than 10% to reach USD 43.58 billion by 2029.

In 2024, the Locomotive Market size is expected to reach USD 24.20 billion.

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