Electric Locomotives Market Report 2024

The electric locomotives market size has grown rapidly in recent years. It will grow from $8.29 billion in 2023 to $9.39 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The expansion in the historical period can be ascribed to a growing inclination toward environmentally friendly and energy-efficient transportation, a rise in the need for freight services, robust economic growth in emerging markets, and heightened investments from various sectors in electric locomotives.

The electric locomotives market size is expected to see rapid growth in the next few years. It will grow to $14.8 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The rise in the predicted period can be ascribed to the increasing favoritism towards eco-friendly and efficient systems, a surge in digitalization, and the proliferation of advanced electric locomotive projects. Prominent trends anticipated in the forecast period include progress in power supply, strategic collaborations, research and development initiatives, the creation of dual-mode electric locomotive trains, and the implementation of 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.

Anticipated growth in the electric locomotives market is also attributed to the increased demand for railway passenger transport. Railway passenger transport involves the movement of people via trains along dedicated railway tracks. According to Eurostat's data from November 2023, rail passenger transportation in the European Union showed a partial recovery in 2021, with a notable 16.5% increase compared to 2020. This upward trend in the demand for railway passenger transport is expected to be a significant driver for the growth of the electric locomotives market in the future.

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 January 2021, Alstom announced the acquisition of Bombardier Transportation for a valuation ranging between EUR 5.8 billion and EUR 6.2 billion. This strategic move aims to expand Alstom's global presence and its capacity to address the growing demand for sustainable mobility. Bombardier Transportation brings complementary geographical coverage, an industrial footprint in emerging markets, and additional technological platforms to Alstom. The acquisition is expected to boost innovation capabilities, fostering smart and green innovation. Bombardier Transportation is a Canadian multinational company specializing in the manufacturing of business jets and trains.

Major companies operating in the electric locomotives market report are 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, EAST Japan Railway (JR East), Mass Transit Railway Hong Kong (MTR), West Japan Railway, Central Japan Railway, China Railway Corp, KiwiRail Ltd, PT Kereta Api Indonesia (Persero), 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, AEG Power Solutions, CPTM, Vale SA, Companhia do Metropolitano de Sao Paulo, Perurail, Belmond Andean Explorer, Ferrovías Central Andina, Nuevos Ferrocarriles Argentinos, Trenes Metropolitanos, Ferrocarril Transandino.

An electric locomotive is a train engine powered by electricity, obtaining its power from storage batteries, overhead wires, third rails, or internal power generation.

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.

Western Europe was the largest region in the electric locomotives market in 2023. 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.

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.


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