Electric Locomotives Market Report 2025

The electric locomotives market size has grown rapidly in recent years. It will grow from $9.26 billion in 2024 to $10.43 billion in 2025 at a compound annual growth rate (CAGR) of 12.6%. The growth in the historic period can be attributed to increasing preference for non-polluting and energy-efficient transport, an increase in demand for freight services, strong economic growth in emerging markets, and increased investment from different sectors in electric locomotive.

The electric locomotives market size is expected to see rapid growth in the next few years. It will grow to $16.41 billion in 2029 at a compound annual growth rate (CAGR) of 12%. The growth in the forecast period can be attributed to the growing preference for pollution free efficient systems, an increase in digitalization, and increasing number of advanced electric locomotive projects. Major trends in the forecast period include advances in power supply, strategic partnerships, research, and development, developing the dual mode of electric locomotive trains, and ai-based locomotive driver assistance systems.

The increasing inclination towards non-polluting and energy-efficient transportation is driving the growth of the electric locomotives market. As indicated by the UK Department of Transport, advancements such as regenerative braking in electric locomotives contribute to their high efficiency, reaching around 90%. This efficiency, coupled with the ability to recover energy from braking, results in 20%-35% lower carbon emissions per passenger mile compared to diesel-powered locomotives. The growing emphasis on environmental sustainability has led to a heightened demand for transportation systems that are both non-polluting and energy-efficient, thus positively impacting the electric locomotives market.

The growing demand for railway passenger transport is anticipated to drive the growth of the electric locomotives market. Railway passenger transport refers to the movement of individuals via trains along railway tracks. It serves as a mode of transportation for people along designated railroad routes. For example, in June 2024, the Office of Rail and Road, a UK-based government department, reported that from April 1, 2023, to March 31, 2024, rail passengers in Great Britain made a total of 1.61 billion journeys. This represents a 16% increase compared to the previous year's total of 1.38 billion journeys during the same period. In the latest quarter, from January 1 to March 31, 2024, there were 405 million journeys, reflecting a 13% rise from the 359 million journeys recorded in the same quarter of the prior year. Thus, the increased demand for railway passenger transport is expected to propel the growth of the electric locomotives market moving forward.

The adoption of dual-mode locomotive electric trains is poised to be a significant trend gaining momentum in the electric locomotives market during the forecast period. In May 2022, Indian West Central Railways introduced Navdoot, a dual-mode locomotive powered by both batteries and electricity.

Leading companies in the electric locomotives market are introducing innovative products such as the ES44ACi diesel-electric locomotive to enhance their market profitability. The ES44ACi diesel-electric locomotive, launched by Wabtec in March 2022, is designed to improve Brazil's heavy-haul rail network and promote sustainability. This locomotive incorporates advanced engine technology, resulting in over a 5% reduction in fuel consumption and emissions compared to its predecessor. The use of high-strength materials enhances the reliability of the diesel engine, significantly extending maintenance intervals by approximately 28%, thereby reducing operational expenses over the locomotive's lifecycle.

In September 2023, Beacon Rail Metro Finance B.V., a rolling stock leasing company based in the Netherlands, acquired Mitsui Rail Capital Europe B.V. for an undisclosed amount. This acquisition allows Beacon to further expand its presence in the European rail market while enhancing its fleet and service offerings. Mitsui anticipates that this transaction will lead to a profit, significantly improving its financial outlook for the fiscal year ending in March 2024. Mitsui Rail Capital Europe B.V. is also a locomotive leasing company located in the Netherlands.

Major companies operating in the electric locomotives market include CRRC Corporation Limited, Hitachi Ltd, Kawasaki Heavy Industries, Siemens AG, Stadler Rail AG, Wabtec Corporation, Bharat Heavy Electricals Limited, Toshiba Corporation, Alstom S. A, Hyundai Rotem, Banaras Locomotive Works, China Railway Corp, CZ LOKO, ZOS Vrutky a.s, ZEPHIR, Schalke Locomotives GmbH, Vossloh Locomotives GmbH, SOFTRONIC Ltd, PESA Bydgoszcz SA, Faur SA, Newag SA, Bombardier Inc, General Electric Company, Transmash holding AG.

Western Europe was the largest region in the electric locomotives market in 2024. Asia-Pacific was the second largest region in the global electric locomotives market share. The regions covered in the electric locomotives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electric locomotives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

An electric locomotive is a type of railway engine that utilizes electric motors for propulsion instead of conventional diesel or steam engines. It obtains electricity from overhead wires or electrified tracks, enabling efficient and high-speed performance. Recognized for their rapid acceleration and lower emissions, electric locomotives are frequently employed in urban transit, regional rail services, and high-speed trains, playing a crucial role in contemporary rail transportation.

The primary methods of energy transfer in electric locomotives include overhead lines, third rails, and onboard energy storage. Overhead lines refer to wires or cables suspended between poles for the distribution of power or signals. The technologies incorporated in electric locomotives comprise general technology, IGBT module, GTO thyristor, and SiC module. The traction units utilized encompass AC traction units, DC traction units, and multi-system units. Applications for electric locomotives span both passenger transport and freight transport.

The electric locomotives market research report is one of a series of new reports that provides electric locomotives market statistics, including electric locomotives industry global market size, regional shares, competitors with an electric locomotives market share, detailed electric locomotives market segments, market trends and opportunities, and any further data you may need to thrive in the electric locomotives industry. This electric locomotives market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The electric locomotives market consists of sales of direct current (DC) and alternating current (AC) locomotives. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

This product will be delivered within 3-5 business days.