Locomotive Market Report and Forecast 2023-2028

According to the report the global locomotive market reached a value of USD 15.04 billion in 2022. Aided by the rise in international trade activities, infrastructural development across emerging economies, and a concerted global push towards sustainable transportation methods, the market is projected to further grow at a CAGR of 9.1% between 2023 and 2028 to reach a value of USD 25.36 billion by 2028.

Locomotives have stood the test of time as a cornerstone of global transportation infrastructure. Serving as the backbone of freight and passenger transportation in numerous countries, locomotives play a pivotal role in bolstering economies, facilitating trade, and ensuring mobility. Modern locomotives are feats of engineering, combining technology, power, and efficiency to ensure that the world's transportation needs are met in an environmentally conscious manner.

One of the predominant drivers of the global locomotive market growth is the sustained emphasis on reducing the carbon footprint. Locomotives, especially electric ones, have proven to be considerably more eco-friendly than other long-haul transportation modes, including road transport. The shift towards electrification of rail tracks and the development of battery-operated locomotives underscores this environmentally responsible shift.

Another factor lending momentum to the market is the escalating urbanisation rates and a burgeoning global population. Emerging economies, in particular, are witnessing a surge in their urban population, leading to expanded intra-city and inter-city rail networks to cater to the growing transportation needs. Additionally, the flourishing e-commerce sector has brought about a significant uptick in freight transport requirements, further bolstering the demand for powerful and efficient locomotives.

Technological advancements have also shaped the locomotive market size. Modern-day trains are equipped with cutting-edge technologies such as predictive maintenance tools, autonomous operation capabilities, and enhanced energy-efficient features. These tech-infused innovations not only increase the operational efficiency of locomotives but also accentuate passenger safety and convenience.

Yet, the diverse applications of locomotives are not limited to passenger and freight transport. They have found their niche in specialised industries as well. In sectors like mining, specially designed locomotives are employed to transport minerals and ores over vast distances. Their capability to haul heavy loads efficiently makes them an invaluable asset in such industries, leading to a heightened locomotive market demand.

Market Segmentation

The market can be divided based on propulsion type, technology, and region.

Market Breakup by Propulsion Type

• Diesel
• Electric
• Others

Market Breakup by Technology

• IGBT Module
• GTO Thyristor
• SIC Module

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global locomotive market. Some of the major players explored in the report are as follows:

• Alstom
• Siemens Mobility
• Wabtec Corporation
• Toshiba Infrastructure Systems & Solutions Corporation
• CZ LOKO, A.S.
• Hyundai Corporation
• American Locomotive Company
• Others

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*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.