Product Code: GVR-4-68040-100-4
Locomotive Market Growth & Trends:
The global locomotive market size is estimated to reach USD 40.70 billion by 2030, registering to grow at a CAGR of 9.7% from 2025 to 2030 according to a new report by Grand View Research, Inc. The global locomotive industry growth is primarily driven by growing environmental concerns, rising demand for advanced power components, and modernization in the market leading to the development of lighter-weight locomotives.
Moreover, the surge in demand for energy-efficient rolling stock is attributed to numerous potential growth opportunities for stakeholders in the global locomotives industry. Similarly, owing to the increasing population, improving economic developments in emerging countries, and the growth of industrial and mining activities, the global market is poised to provide lucrative opportunities over the forecast period.
The locomotive industry is experiencing notable technological advancements that are reshaping the industry. Integrating electric power systems, known as e-mobility technology, is an essential advancement in the locomotive industry. For instance, in July 2022, Wabtec Corporation, a rail technology provider, and Union Pacific Railroad Company, a railroad transportation company, signed an agreement worth USD 1 billion to modernize 600 locomotives.
This initiative aims to enhance the locomotives' performance in various aspects. The modernization efforts are expected to result in an 18% improvement in fuel efficiency, over 80% increase in reliability, more than a 55% boost in haulage ability, and an extended lifespan for the engines. Furthermore, new technologies such as hydrogen fuel cells, battery electric trains, and hybrid locomotives are making rail transportation more sustainable. These technologies reduce emissions, minimize noise pollution, and help maintain better air quality resulting in environmental safety.
New technologies for optimizing existing railway systems are also improving the maintenance of locomotives. Predictive maintenance systems use sensors and machine learning algorithms to detect faults and predict when maintenance is needed. This helps reduce downtime and maintenance costs. Technological advancements also improve energy efficiency, safety, passenger comfort, sustainability, and maintenance.
The U.S. government has been investing in technological advancements in the railway industry for rolling stock in recent years. In 2020, the U.S. Department of Transportation's Federal Railroad Administration (FRA) announced the availability of USD 291.4 million in funding through its Consolidated Rail Infrastructure and Safety Improvements (CRISI) program, which included funding for several projects.
The Asia Pacific region is anticipated to grow significantly in the locomotive industry due to the upward trend in the production of rolling stock and significant advancements in rail infrastructure worldwide, with notable developments in countries such as China, Japan, and India. This expansion in production and infrastructure contributes to the growth of the locomotive industry.
Moreover, the escalating traffic congestion on roads has prompted governments to invest substantially in enhancing the rail network. These investments aim to alleviate congestion and provide more efficient transportation options. The locomotive industry is experiencing increased revenue due to the support and backing from government initiatives to improve the rail network.
Locomotive Market Report Highlights:
- Based on type, the electric segment accounted for the largest share of 48.7% of the locomotive market in 2024.
- By technology, the IGBT module segment accounted for the largest share of the global locomotive market in 2024.
- By component, the rectifier segment accounted for the largest share of the global locomotive market in 2024. The growth of the segment is attributed to the growing demand for electric locomotives to convert AC to DC supply for the DC traction motors.
- By end-use, the passenger segment accounted for the largest market share of the global locomotive market in 2024.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation and Scope
- 1.2. Research Methodology
- 1.2.1. Information Procurement
- 1.3. Information or Data Analysis
- 1.4. Methodology
- 1.5. Research Scope and Assumptions
- 1.6. Market Formulation & Validation
- 1.7. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.3. Competitive Insights
Chapter 3. Locomotive Market Variables, Trends, & Scope
- 3.1. Market Lineage Outlook
- 3.2. Market Dynamics
- 3.2.1. Market Driver Analysis
- 3.2.2. Market Restraint Analysis
- 3.2.3. Component Challenge
- 3.3. Locomotive Market Analysis Tools
- 3.3.1. Component Analysis - Porter's
- 3.3.1.1. Bargaining power of the suppliers
- 3.3.1.2. Bargaining power of the buyers
- 3.3.1.3. Threats of substitution
- 3.3.1.4. Threats from new entrants
- 3.3.1.5. Competitive rivalry
- 3.3.2. PESTEL Analysis
- 3.3.2.1. Political landscape
- 3.3.2.2. Economic and social landscape
- 3.3.2.3. Technological landscape
- 3.4. Pain Point Analysis
Chapter 4. Locomotive Market: Type Estimates & Trend Analysis
- 4.1. Segment Dashboard
- 4.2. Locomotive Market: Type Movement Analysis, 2024 & 2030 (USD Million)
- 4.3. Diesel
- 4.3.1. Diesel Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.4. Electric
- 4.4.1. Electric Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.5. Other
- 4.5.1. Other Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 5. Locomotive Market: Technology Estimates & Trend Analysis
- 5.1. Segment Dashboard
- 5.2. Locomotive Market: Technology Movement Analysis, 2024 & 2030 (USD Million)
- 5.3. IGBT Module
- 5.3.1. IGBT Module Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.4. GTO Thyristor
- 5.4.1. GTO Thyristor Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.5. SiC Power Module
- 5.5.1. SiC Power Module Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 6. Locomotive Market: Component Estimates & Trend Analysis
- 6.1. Segment Dashboard
- 6.2. Locomotive Market: Component Movement Analysis, 2024 & 2030 (USD Million)
- 6.3. Rectifier
- 6.3.1. Rectifier Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.4. Inverter
- 6.4.1. Inverter Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.5. Traction Motor
- 6.5.1. Traction Motor Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.6. Alternator
- 6.6.1. Alternator Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.7. Auxiliary Power Unit (APU)
- 6.7.1. Auxiliary Power Unit (APU) Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.8. Others
- 6.8.1. Others Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 7. Locomotive Market: End-use Estimates & Trend Analysis
- 7.1. Segment Dashboard
- 7.2. Locomotive Market: End-use Movement Analysis, 2024 & 2030 (USD Million)
- 7.3. Freight
- 7.3.1. Freight Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4. Passenger
- 7.4.1. Passenger Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.5. Switcher
- 7.5.1. Switcher Motor Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 8. Locomotive Market: Regional Estimates & Trend Analysis
- 8.1. Locomotive Market Share, By Region, 2024 & 2030, USD Million
- 8.2. North America
- 8.2.1. North America Locomotive Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 8.2.2. U.S.
- 8.2.2.1. U.S. Locomotive Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 8.2.3. Canada
- 8.2.3.1. Canada Locomotive Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 8.3. Europe
- 8.3.1. Europe Locomotive Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 8.3.2. U.K.
- 8.3.2.1. U.K. Locomotive Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 8.3.3. Germany
- 8.3.3.1. Germany Locomotive Market Estimates and Forecasts, 2018 - 2030 (USD MILLION)
- 8.4. Asia Pacific
- 8.4.1. Asia Pacific Locomotive Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 8.4.2. China
- 8.4.2.1. China Locomotive Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 8.4.3. Japan
- 8.4.3.1. Japan Locomotive Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 8.4.4. India
- 8.4.4.1. India Locomotive Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 8.4.5. Australia
- 8.4.5.1. Australia Locomotive Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 8.4.6. New Zealand
- 8.4.6.1. New Zealand Locomotive Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 8.4.7. Indonesia
- 8.4.7.1. Indonesia Locomotive Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 8.4.8. Malaysia
- 8.4.8.1. Malaysia Locomotive Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 8.4.9. Vietnam
- 8.4.9.1. Vietnam Locomotive Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 8.4.10. Philippines
- 8.4.10.1. Philippines Locomotive Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 8.4.11. Thailand
- 8.4.11.1. Thailand Locomotive Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 8.5. Latin America
- 8.5.1. Latin America Locomotive Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 8.5.2. Brazil
- 8.5.2.1. Brazil Locomotive Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 8.5.3. Mexico
- 8.5.3.1. Mexico Locomotive Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 8.5.4. Argentina
- 8.5.4.1. Argentina Locomotive Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 8.6. Middle East and Africa
- 8.6.1. Middle East and Africa Locomotive Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 9. Competitive Landscape
- 9.1. Company Categorization
- 9.2. Company Market Positioning
- 9.3. Company Heat Map Analysis
- 9.4. Company Profiles/Listing
- 9.4.1. AEG Power Solutions B.V.
- 9.4.1.1. Participant's Overview
- 9.4.1.2. Financial Performance
- 9.4.1.3. Product Benchmarking
- 9.4.1.4. Strategic Initiatives
- 9.4.2. Alstom
- 9.4.2.1. Participant's Overview
- 9.4.2.2. Financial Performance
- 9.4.2.3. Product Benchmarking
- 9.4.2.4. Strategic Initiatives
- 9.4.3. Bharat Heavy Electricals Limited
- 9.4.3.1. Participant's Overview
- 9.4.3.2. Financial Performance
- 9.4.3.3. Product Benchmarking
- 9.4.3.4. Strategic Initiatives
- 9.4.4. CRRC Corporation Limited
- 9.4.4.1. Participant's Overview
- 9.4.4.2. Financial Performance
- 9.4.4.3. Product Benchmarking
- 9.4.4.4. Strategic Initiatives
- 9.4.5. Hitachi, Ltd.
- 9.4.5.1. Participant's Overview
- 9.4.5.2. Financial Performance
- 9.4.5.3. Product Benchmarking
- 9.4.5.4. Strategic Initiatives
- 9.4.6. Mitsubishi Heavy Industries, Ltd.
- 9.4.6.1. Participant's Overview
- 9.4.6.2. Financial Performance
- 9.4.6.3. Product Benchmarking
- 9.4.6.4. Strategic Initiatives
- 9.4.7. Siemens AG
- 9.4.7.1. Participant's Overview
- 9.4.7.2. Financial Performance
- 9.4.7.3. Product Benchmarking
- 9.4.7.4. Strategic Initiatives
- 9.4.8. Strukton
- 9.4.8.1. Participant's Overview
- 9.4.8.2. Financial Performance
- 9.4.8.3. Product Benchmarking
- 9.4.8.4. Strategic Initiatives
- 9.4.9. Toshiba Corporation
- 9.4.9.1. Participant's Overview
- 9.4.9.2. Financial Performance
- 9.4.9.3. Product Benchmarking
- 9.4.9.4. Strategic Initiatives
- 9.4.10. Wabtec Corporation
- 9.4.10.1. Participant's Overview
- 9.4.10.2. Financial Performance
- 9.4.10.3. Product Benchmarking
- 9.4.10.4. Strategic Initiatives