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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