Locomotive Market Report 2024

The locomotive market size has grown strongly in recent years. It will grow from $19.89 billion in 2023 to $21.7 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth during the historical period can be attributed to the rising demand for efficient transportation systems, increased manufacturing of rolling stock, the development of global rail infrastructure, growing investments, the emergence of hybrid and battery-electric locomotives, and the heightened demand for advanced power components.

The locomotive market size is expected to see strong growth in the next few years. It will grow to $31.1 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The projected growth in the forecast period can be linked to heightened safety concerns, increasing traffic congestion, greater demand for public transportation, accelerating urbanization, and a surge in the need for rail transport. Key trends for this period include the electrification of rail networks, expanding investments in advanced locomotive technologies, the adoption of digitalization and data analytics, the use of artificial intelligence, and advancements in railway management systems.

The growing demand for rail transport is anticipated to drive the expansion of the locomotive market in the coming years. Rail transport involves the movement of passengers and goods via trains on fixed tracks or railways, relying on a specialized infrastructure that includes tracks, bridges, tunnels, and stations. This method facilitates efficient and sustainable land transportation. The demand for rail transport is fueled by its efficiency in freight movement, investments in infrastructure, and supportive government policies and incentives. Locomotives are essential for the effective operation of railways, allowing the transport of goods and passengers over long distances and offering flexibility for various operational requirements. For example, Eurostat, a Luxembourg-based intergovernmental organization, reported that in 2021, passengers traveled approximately 260 billion passenger kilometers on European railways, which increased to 393.37 billion passenger kilometers in 2022. Consequently, the rising demand for rail transport is boosting the locomotive market.

Leading companies in the locomotive market are concentrating on developing advanced products such as next-generation hybrid locomotives to reduce emissions, boost fuel efficiency, and enhance operational flexibility by combining electric and diesel propulsion systems. These hybrid locomotives represent a significant advancement in the rail industry's pursuit of more sustainable and efficient transportation solutions. For example, in May 2024, CRRC Corporation Limited, a China-based rolling stock manufacturer, introduced ten six-axle FXN3B locomotives, marking a new generation of hybrid locomotives. These locomotives have begun shunting in Beijing, demonstrating significant technological advancements in China's railway sector. They are modular and standardized with other machines in the Fuxing platform, making maintenance and repairs easier.

In January 2021, Alstom, a France-based manufacturer of locomotives and rolling stock, completed the acquisition of Bombardier Transportation for an undisclosed sum. This strategic acquisition bolstered Alstom's market presence in key regions including the UK, Germany, and North America. Bombardier Transportation, headquartered in Canada, specializes in manufacturing locomotives and rolling stock.

Major companies operating in the locomotive market are Siemens AG, Tata Motors Limited, CRRC Corporation Limited, Mitsubishi Heavy Industries Ltd., Toshiba Corporation, Alstom SA, Kawasaki Heavy Industries Ltd., Knorr-Bremse AG, Wabtec Corporation, Transnet SOC Ltd., Stadler Rail, Progress Rail, Hyundai Rotem Co., Strukton Rail B.V., Hitachi Rail, KONČAR - Elektroindustrija d.d., Pesa SA, Brookville Equipment Corporation, Akiem SA, Škoda Transportation a.s., PT Industri Kereta Api (Persero), Bombardier Transportation, Taiwan Rolling Stock Company.

Asia Pacific was the largest region in the locomotive Market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the locomotive market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the locomotive market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A locomotive is a powerful engine designed to pull trains along railway tracks, providing the necessary traction to move freight or passenger cars from one place to another. It is essential in transportation, logistics, industry, tourism, and emergency response.

The main types of locomotives include diesel and electric. Diesel locomotives use diesel engines to drive electric generators, which in turn power electric traction motors. Key components include rectifiers, inverters, traction motors, and alternators, utilizing technologies such as IGBT power modules, GTO thyristor modules, and SiC power modules. These locomotives serve various end-users, including freight and passenger transport.

The locomotive market research report is one of a series of new reports that provides locomotive market statistics, including locomotive industry global market size, regional shares, competitors with a locomotive market share, detailed locomotive market segments, market trends, and opportunities, and any further data you may need to thrive in the locomotive industry. This locomotive 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 locomotive market consists of sales of shunting locomotives, battery electric locomotives, and hybrid 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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