Locomotive Market

Locomotive Market



Growth Factors of Locomotive Market

The locomotive market size was valued at USD 11.72 billion in 2023, and the market is now projected to grow from USD 12.56 billion in 2024 to USD 25.12 billion by 2032, exhibiting a CAGR of 9.1% during the forecast period of 2024-2032.

Pandemic has severely impacted the locomotive market growth and logistics industry, limiting mobility and affecting manufacturing companies' production capacity to meet demand.

As population will increase, transportation turns into greater hard, leading to congestion and pollutants. Railway transit is turning into a popular mode of daily commuting, providing value-powerful and time-efficient journey. Governments global are shifting to rail transportation for heavy bulk materials, aiming to lessen carbon emissions and promote sustainable mobility. Major international locations like India, the U.S., and China are actively flushing out diesel to sell green energy and environmental sustainability.

Autonomous trains are gaining popularity as a reliable solution for urban transportation. Technologies like real-time data transmission systems and advanced sensor technology are driving their development. Alstom showcased its autonomous shunting locomotive at Breda in the Netherlands, and railway corporations are adopting automatic train control systems to improve data exchange and passenger confidence. Governments are pilot testing autonomous trains to digitalize rail passenger transport.

Comprehensive Analysis of Locomotive Market

The electric locomotive market in 2023 is segmented into diesel and electric, with the electric segment holding the largest market share due to growing environmental concerns, demand for freight rail transportation, and low infrastructural costs. Diesel locomotives are expected to decrease with electric locomotive integration. The component segment includes rectifier, alternator, and motor, with the motor segment experiencing the highest growth rate due to higher efficiency traction motors. The alternator and rectifier segments also account for a substantial market size. The market is divided into IGBT Module, GTO Module, and SiC Module, with IGBT Modules leading due to their low cost, higher switching frequency, and lower power loss. The passenger segment holds the major market share due to higher demand for public transportation in European regions and the growing focus on sustainable and green energy transportation. The freight segment is expected to register the highest CAGR due to the trend of electrification technology in vehicles, reducing road transportation dependency and promoting carbon neutrality.

The Asia Pacific region lead the locomotive market share by benefitting a market size of USD 5.59 billion in 2023 due to increased passenger and freight activities, high rail industry demand, and rolling stock industry growth. Rapid rail expansion and train projects in Asia Pacific countries contribute to this growth.

The railway industry is dominated by a few key players, including CRCC, Alstom, Transmashholding, Stadler, Wabtec Corporation, and Siemens. These companies operate in domestic and regional markets, with CRCC holding the largest market share. Other most important gamers, like Alstom and Siemens, are energetic in global markets, procuring contracts from North America to Asia and Europe. The list of key agencies is as follows: TMH, CRCC Corporation, Wabtec Corporation, Alstom, Siemens AG and CAF.

Indian Railways gifted 20 broad gauge locomotives to Bangladesh Rail at some stage in Prime Minister Sheikh Hasina's, aimed at enhancing the country’s rail transport system.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 9.1% from 2024 to 2032

Unit Value (USD billion) & Volume (Units)

Segmentation Propulsion Type
  • Diesel
  • Electric
By Component
  • Rectifier
  • Alternator
  • Motor
  • Others
By Technology
  • IGBT Module
  • GTO Module
  • SiC Module
By End User
  • Passenger
  • Freight
By Geography
  • North America (Propulsion Type, By Component, By Propulsion Type, By Technology)
  • U.S. (By Propulsion Type)
  • Canada (By Propulsion Type )
  • Mexico (By Propulsion Type )
  • Europe (Propulsion Type, By Component, By Propulsion Type, By Technology)
  • U.K. (By Propulsion Type)
  • Germany (By Propulsion Type)
  • France (By Propulsion Type)
  • Russia (By Propulsion Type)
  • Rest of Europe (By Propulsion Type)
  • Asia Pacific (Propulsion Type, By Component, By Propulsion Type, By Technology)
  • China (By Propulsion Type )
  • India (By Propulsion Type )
  • Japan (By Propulsion Type )
  • Rest of Asia Pacific (By Propulsion Type)
  • Rest of the World (Propulsion Type, By Component, By Propulsion Type & By Technology)


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1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. 3.4 Market Trends
5. Key Insights
5.1. Key Industry Developments –Mergers, Acquisitions and Partnerships
5.2. Porters Five Forces Analysis
5.3. PEST Analysis
5.4. Technological Development
5.5. Impact of Covid-19
6. 4.6 Contact Analysis
7. Global Locomotive Market Analysis, Insights and Forecast, 2019-2032
7.1. Key Findings / Definitions
7.2. Market Analysis, Insights and Forecast – By Propulsion Type
7.2.1. Diesel
7.2.2. Electric
7.3. Market Analysis, Insights and Forecast – By End-Use
7.3.1. Passengers
7.3.2. Freight
7.4. Market Analysis, Insights and Forecast – By Technology
7.4.1. IGBT Module
7.4.2. GTO Module
7.4.3. SIC Module
7.5. Market Analysis, Insights and Forecast – By Technology
7.5.1. Rectifier
7.5.2. Inverter
7.5.3. Motor
7.5.4. Others (Alternators, battery, Motor Blowers)
7.6. Market Analysis, Insights and Forecast – By Region
7.6.1. North America
7.6.2. Europe
7.6.3. Asia pacific
7.6.4. Rest of the world
8. North America Locomotive Market Analysis, Insights and Forecast, 2019-2032
8.1. Market Analysis, Insights and Forecast – By Propulsion Type
8.1.1. Diesel
8.1.2. Electric
8.2. Market Analysis, Insights and Forecast – By End-Use
8.2.1. Passengers
8.2.2. Freight
8.3. Market Analysis, Insights and Forecast – By Technology
8.3.1. IGBT Module
8.3.2. GTO Module
8.3.3. SIC Module
8.4. Market Analysis, Insights and Forecast – By Technology
8.4.1. Rectifier
8.4.2. Inverter
8.4.3. Motor
8.4.4. Others (Alternators, battery, Motor Blowers)
8.5. Market Analysis – By Country
8.5.1. The U.S.
8.5.1.1. By Propulsion Type
8.5.2. Canada
8.5.2.1. By Propulsion Type
8.5.3. Mexico
8.5.3.1. By Propulsion Type
9. Europe Locomotive Market Analysis, Insights and Forecast, 2019-2032
9.1. Market Analysis, Insights and Forecast – By Propulsion Type
9.1.1. Diesel
9.1.2. Electric
9.2. Market Analysis, Insights and Forecast – By End-Use
9.2.1. Passengers
9.2.2. Freight
9.3. Market Analysis, Insights and Forecast – By Technology
9.3.1. IGBT Module
9.3.2. GTO Module
9.3.3. SIC Module
9.4. Market Analysis, Insights and Forecast – By Technology
9.4.1. Rectifier
9.4.2. Inverter
9.4.3. Motor
9.4.4. Others (Alternators, battery, Motor Blowers)
9.5. Market Analysis – By Country
9.5.1. The U.K
9.5.1.1. By Propulsion Type
9.5.2. Germany
9.5.2.1. By Propulsion Type
9.5.3. France
9.5.3.1. By Propulsion Type
9.5.4. Russia
9.5.4.1. By Propulsion Type
9.5.5. Rest of Europe
9.5.5.1. By Propulsion Type
10. Asia Pacific Locomotive Market Analysis, Insights and Forecast, 2019-2032
10.1. Market Analysis, Insights and Forecast – By Propulsion Type
10.1.1. Diesel
10.1.2. Electric
10.2. Market Analysis, Insights and Forecast – By End-Use
10.2.1. Passengers
10.2.2. Freight
10.3. Market Analysis, Insights and Forecast – By Technology
10.3.1. IGBT Module
10.3.2. GTO Module
10.3.3. SIC Module
10.4. Market Analysis, Insights and Forecast – By Technology
10.4.1. Rectifier
10.4.2. Inverter
10.4.3. Motor
10.4.4. Others (Alternators, battery, Motor Blowers)
10.5. Market Analysis – By Country
10.5.1. China
10.5.1.1. By Propulsion Type
10.5.2. India
10.5.2.1. By Propulsion Type
10.5.3. Japan
10.5.3.1. By Propulsion Type
10.5.4. Rest of Asia Pacific
10.5.4.1. By Propulsion Type
11. Rest of the World Locomotive Market Analysis, Insights and Forecast, 2019-2032
11.1. Market Analysis, Insights and Forecast – By Propulsion Type
11.1.1. Diesel
11.1.2. Electric
11.2. Market Analysis, Insights and Forecast – By End-Use
11.2.1. Passengers
11.2.2. Freight
11.3. Market Analysis, Insights and Forecast – By Technology
11.3.1. IGBT Module
11.3.2. GTO Module
11.3.3. SIC Module
11.4. Market Analysis, Insights and Forecast – By Technology
11.4.1. Rectifier
11.4.2. Inverter
11.4.3. Motor
11.4.4. Others (Alternators, battery, Motor Blowers)
12. Competitive Analysis
12.1. Key Industry Development
12.2. Global Market Share Analysis (2023)
12.3. Competition Dashboard
12.4. Comparative Analysis of Major Players, By Financial Performance
12.5. Comparative Analysis of Major Players, By Operational Performance
12.6. Company Profiles
12.6.1. Transmashholding (TMH)
12.6.1.1. Overview
12.6.1.2. Products & Services
12.6.1.3. SWOT Analysis
12.6.1.4. Recent Developments
12.6.1.5. Strategies
12.6.1.6. Financials (Based on Availability)
12.6.2. CRRC
12.6.2.1. Overview
12.6.2.2. Products & Services
12.6.2.3. SWOT Analysis
12.6.2.4. Recent Developments
12.6.2.5. Strategies
12.6.2.6. Financials (Based on Availability)
12.6.3. Wabtec Corporation
12.6.3.1. Overview
12.6.3.2. Products & Services
12.6.3.3. SWOT Analysis
12.6.3.4. Recent Developments
12.6.3.5. Strategies
12.6.3.6. Financials (Based on Availability)
12.6.4. Alstom
12.6.4.1. Overview
12.6.4.2. Products & Services
12.6.4.3. SWOT Analysis
12.6.4.4. Recent Developments
12.6.4.5. Strategies
12.6.4.6. Financials (Based on Availability)
12.6.5. Siemens AG
12.6.5.1. Overview
12.6.5.2. Products & Services
12.6.5.3. SWOT Analysis
12.6.5.4. Recent Developments
12.6.5.5. Strategies
12.6.5.6. Financials (Based on Availability)
12.6.6. CAF
12.6.6.1. Overview
12.6.6.2. Products & Services
12.6.6.3. SWOT Analysis
12.6.6.4. Recent Developments
12.6.6.5. Strategies
12.6.6.6. Financials (Based on Availability)
12.6.7. Stadler
12.6.7.1. Overview
12.6.7.2. Products & Services
12.6.7.3. SWOT Analysis
12.6.7.4. Recent Developments
12.6.7.5. Strategies
12.6.7.6. Financials (Based on Availability)
12.6.8. Kawasaki HI
12.6.8.1. Overview
12.6.8.2. Products & Services
12.6.8.3. SWOT Analysis
12.6.8.4. Recent Developments
12.6.8.5. Strategies
12.6.8.6. Financials (Based on Availability)
12.6.9. Hyundai Rotem
12.6.9.1. Overview
12.6.9.2. Products & Services
12.6.9.3. SWOT Analysis
12.6.9.4. Recent Developments
12.6.9.5. Strategies
12.6.9.6. Financials (Based on Availability)
12.6.10. Titagarh Wagons
12.6.10.1. Overview
12.6.10.2. Products & Services
12.6.10.3. SWOT Analysis
12.6.10.4. Recent Developments
12.6.10.5. Strategies
12.6.10.6. Financials (Based on Availability)

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