The Global Locomotive Market was worth US$ 15.11 billion in 2022 and is anticipated to reach a valuation of US$ 23.77 billion by 2028 and is predicted to register a CAGR of 8.10% during 2023-2028.
Locomotives are powered rail transport vehicles that deliver motive power to trains with no payload capacity, and their only purpose is to pull the trains on tracks. Nonetheless, presently, push-pull operations have become popular, in which the trains have locomotives at the back, front, or both ends. Electric locomotives are preferred since they provide high performance, lower maintenance costs, lower energy costs, and reduce pollution levels.
The increasing rate of urbanization, expansion of rail networks in most developed and developing nations, and the growing concern among individuals regarding environmental sustainability drive the global market.
Market Drivers:
Key factors driving the global locomotives market growth are the rise in demand for rolling stock that is energy efficient, augmenting urbanization, and expanding rail network infrastructure. A broad spectrum of awaiting rail projects and environmental sustainability will boost the market growth in the coming years. Widespread rail networks support the locomotives market to meet the growing demand for public transport. The development of advanced technology like auxiliary power units, SiC modules, and IGBT module adds to the largest market share in the global locomotive market. These technologies assist in escalating fuel efficiency, reducing emission levels, and lowering the overall weight, which may reduce power loss when switching the current state.
Market Restraints:
The capital intensiveness of rolling stock, high maintenance cost, and overhaul cost are the key restraining factors hampering the global locomotive market's growth.
Market Recent Developments
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 – 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2028 |
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CAGR |
8.10% |
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Segments Covered |
By Motive Power, Power Conversion Component, Technology, End-Users, Operational Engine, Wheel Arrangement, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Hitachi Ltd. (Japan), CRRC Corporation Limited (China), Bombardier Inc. (Canada), Alstom S.A. (France), ABB (Switzerland), and Others. |
Market Segmentation
Motive power is a fundamental agent such as water, steam, electricity, and wind, which imparts motion to its engine. The diesel locomotives are further segmented into early oil locomotive engines, first true diesel engines, modern diesel engines, and slugs or drones.
Some of the power conversion components' applications include converting electric energy from one form of energy, adjusting voltage frequency, and converting alternate current to direct current.
The Gate Turn-Off Thyristor module is a high-powered semiconductor device, while IGBT power modules are found in traction inverters. SiC modules or silicon carbide modules are used as oil additives to reduce friction and emissions.
A wheel arrangement is a system for naming the distribution of wheels of a locomotive. Since the wheels of a locomotive are optimized for different use, they form an integral part of the locomotive system's functioning.
Market Regional Analysis:
The Global Locomotive Market Report includes the segmentation of regions:
Geographically, the global locomotive market has been divided into four major regions: North America, Europe, Asia-Pacific, and the rest of the world. In 2018, the global market was dominated by Asia-Pacific, followed by Europe and North America. Asia-Pacific is predicted to hold the largest market share during the forecast timeframe due to its enormous potential consumer base and improving socio-economic conditions in countries such as China, India, and Japan. North America is expanding at a substantial rate over the outlook period. The factors adding to the market's growth in this region are the development of advanced technology, a stable economy, heavy industrialization, and key market players such as G.E. Transportation and the EMD Caterpillar region. Europe is estimated to keep the second position by market share in the global market throughout the forecast timeframe as it is one of the biggest markets for rail products.
The global locomotive market faced a significant market slowdown compared to the 2019 growth estimates due to the coronavirus pandemic's impact in the first half of 2020. Nonetheless, steady growth is expected throughout the forecast period, and the market is evaluated to grow at about a 1% CAGR.
Market Key Players
Some of the significant players functioning in the global Locomotive Market are
For instance, Hitachi Ltd. has a strong product offering, and it has invested heavily in R&D to retain its market position. They have embraced new product development and supply contracts as their primary strategy. In contrast, CRRC Corporation Limited has recently surfaced by collaborating with the subsidiaries and adopting new product development and mergers as their primary strategy to appear as the market's leading player.
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