Locomotive Market Size, Share Report, Analysis, Trends, Growth 2032

The global Locomotive market size accrued earnings worth approximately USD 11.25 Billion in 2023 and is predicted to gain revenue of about USD 20.67 Billion by 2032, is set to record a CAGR of nearly 7.00% over the period from 2024 to 2032.

Global Locomotive Market: Overview

The locomotive is the engine in a rail transport vehicle, which provides the motive power to the train with no payload capacity but aims to move the train along the track. Some trains have its own self-propelled payload-carrying vehicles. Locomotives are present at the front, rear, or at both the ends of trains. Electric locomotives are widely preferred as they provide lower energy costs, high performance, reduced pollution levels, and lower maintenance cost.

Global Locomotive Market: Growth Factors

Key factors that are driving the global locomotives market growth are the rise in demand for rolling stock that is energy efficient, augmenting urbanization, and expanding rail networks infrastructure. A broad spectrum of awaiting rail projects and environmental sustainability will boost the market growth in the near future. Widespread rail networks support the locomotives market in order to meet the growing demand for public transport. The emergence of the advanced technology such as auxiliary power units, SiC module, and IGBT module contribute to the largest market share in the global market. These technologies are helping to escalate the fuel efficiency, reduced emission level, and lower the overall weight may lead to lessening power loss when switching the current state. However, high maintenance & repair cost and huge capital investment in rolling stocks are the major restraining factors of the global locomotives market.

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Locomotive Market: Report Scope

Global Locomotive Market: Segmentation

The global locomotives market is divided on the basis of technology, motive power, end use, and operational engine. Based on technology, the market is categorized into IGBT power module, SiC power module, and GTO thyristor module. The motive power segment is segmented into gas turbine electric, steam diesel hybrid, diesel, atomic electric, steam, fuel cell electric, electric, gasoline, and hybrid. On the basis of end use, the locomotives market is classified into switcher locomotives, freight, and passenger. The operational engine segment is bifurcated into station pilot, train engine, light engine, banking engine, and pilot engine.

Global Locomotive Market: Regional Analysis

Asia Pacific region contributed for the largest market share due to the increasing population growth, expanding rail network, and rising urbanization. Developing countries in Asia-Pacific such as India, China, and Japan will witness strong growth in the near future. Increasing number of rail infrastructural projects in the Latin American region is anticipated to fuel the locomotives market growth. The government of North America and Europe is largely investing in the expansion and modernization of the rail network. Robust economic growth and rise in the demand for power and conversion systems in the Middle East and Africa will develop the locomotives market growth in future.

Global Locomotive Market: Competitive Players

Major leading players in the global locomotive market are

• Alstom SA
• CSR Corporation
• Hitachi Ltd.
• AEG Power Solutions
• Bombardier Transportation
• and Siemens AG.

Global Locomotive Market: Segment Analysis

By Type

• Diesel
• Electric
• Others

By Component

• Rectifier
• Inverter
• Traction motor
• Alternator
• Others

By Technology

• IGBT Module
• GTO Thyristor
• SIC Module

By End-Use

• Freight
• Passengers
• Others

By Region

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

What Report Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.