How big is the Locomotive Market?

The Locomotive Market size is expected to reach USD 24.20 billion in 2024 and grow at a CAGR of greater than 10% to reach USD 43.58 billion by 2029. Read More

What is the current Locomotive Market size?

In 2024, the Locomotive Market size is expected to reach USD 24.20 billion. Read More

Who are the key players in Locomotive Market?

Alstom SA, Siemens AG, Hyundai Rotem, CRRC Corporation Limited and Thales Group are the major companies operating in the Locomotive Market. Read More

Which is the fastest growing region in Locomotive Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Locomotive Market?

In 2024, the Asia-Pacific accounts for the largest market share in Locomotive Market. Read More

What years does this Locomotive Market cover, and what was the market size in 2023?

In 2023, the Locomotive Market size was estimated at USD 21.78 billion. The report covers the Locomotive Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Locomotive Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

What are the key drivers of the Locomotive Market?

Key factors driving the Locomotive Market are: a) Technological advancements b) Increasing freight traffic globally c) Need for more efficient and environmentally friendly transportation solutions Read More

Locomotive Market Size & Share Analysis - Industry Research Report

Locomotive Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Locomotive Market is Segmented by Propulsion Type (Diesel, Electric, and Other Propulsion Types), by Technology (IGBT Module, GTO Thyristor, and Sic Module), by Component Type (Rectifier, Inverter, Traction Motor, and Alternator), and by Geography (North America, Europe, Asia-Pacific, and Rest of the World). The Report Offers Market Size and Forecasts for the Locomotive Market in Terms of Value (USD) for all the Above Segments.

Locomotive Industry Overview

The locomotive market is dominated by several key players such as CRRC, Alstom SA, Siemens AG, Hyundai Rotem, and others. The companies are expanding their presence by acquiring other market participants, forming strategic alliances with other players in the market, and launching new and advanced locomotives. For instance,

In December 2022, the Ministry of Railway, India, published a National Rail Plan and announced to increase the share of rail freight traffic by 27% to 45% by the end of 2030. Further, the development of Dedicated Freight Corridors (DFCs) on key high-density routes is a crucial policy move by Indian Railways to halt the downward trend in the market share of the country's railways and would also tip the balance in favor of rail transportation. Additionally, to encourage private investment in general-purpose wagons, special-purpose/high-capacity wagons, automobile carrier wagons, etc., numerous programs have also been developed.

In November 2022, Alstom, in collaboration with Dutch infrastructure management ProRailand Belgian rail freight operator Lineas, exhibited the maximum level of automation on a shunting locomotive in Breda, the Netherlands. This level of automation, known as GoA4, entails completely automated starting, driving, halting, and dealing with unexpected obstructions or incidents without the direct involvement of any on-train personnel during shunting tasks.

In October 2022, Siemens Mobility, in collaboration with consortium partners ST Engineering and Stadler, was granted a turnkey contract to deliver the Yellow Line for the Kaohsiung Metro. Siemens Mobility will integrate GoA4 capabilities into its cutting-edge CBTC signaling system, enabling fully automated train operations (ATO).