USD 9.37 Billion
Locomotive Market Size, Share, Growth Analysis, By Propulsion Type(Diesel, and Electric), By End-use(Passengers, and Freight), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20U2007 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
61
|Figures:
75
Locomotive Market Insights
Global Locomotive Market size was valued at USD 9.37 Billion in 2022 and is poised to grow from USD 10.09 Billion in 2023 to USD 18.27 Billion by 2031, at a CAGR of 7.7% during the forecast period (2024-2031).
The key driving factors of the Global Locomotive Market is the increasing demand for sustainable and efficient modes of transportation. Locomotives offer several advantages, including reduced carbon emissions, fuel efficiency, and the ability to transport large volumes of goods or passengers. As governments and industries strive to reduce their environmental footprint, the adoption of rail transportation, powered by locomotives, is gaining prominence. The market also faces some restraining factors. One major challenge is the high initial capital investment required for locomotive procurement and maintenance. The market presents significant opportunities for growth. Governments worldwide are investing in the expansion and modernization of rail networks, creating opportunities for locomotive manufacturers and suppliers.
The development of high-speed rail systems, urban rail transit projects, and intercity connectivity initiatives open up avenues for the deployment of passenger locomotives. In the freight sector, the increasing globalization of trade and the growth of e-commerce are driving the demand for efficient and reliable transportation, presenting opportunities for freight locomotive providers. The global locomotive market plays a critical role in providing sustainable and efficient transportation solutions for passengers and freight. While facing challenges such as high capital costs and stringent regulations, the market benefits from the growing demand for sustainable transportation, infrastructure development initiatives, and advancements in technology. As the market continues to evolve, embracing innovation, focusing on sustainability, and capitalizing on emerging opportunities will be key to the success of locomotive manufacturers and suppliers in this dynamic industry.
US Locomotive Market is poised to grow at sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Diesel
Fastest Growth
Electric
Growth Rate
7.7% CAGR
Global Locomotive Market ($ Bn)
Country Share for North America Region (%)
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Locomotive Market Segmental Analysis
The global locomotive market is segmented on the propulsion type, end-use and region. In terms of propulsion type, the market is segmented into diesel, and electric. By end-use, the market is segmented into passengers, and freight. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Locomotive Market Analysis by Propulsion Type
The largest segment in the global locomotive market is the diesel locomotive segment. Diesel locomotives have long been the workhorses of the railway industry, providing reliable and robust transportation capabilities. These locomotives are powered by diesel engines, making them versatile and suitable for a wide range of applications. Diesel locomotives are widely used in regions where electrification infrastructure is limited or where rail operations require the flexibility of operating on both electrified and non-electrified tracks.
The fastest-growing segment in the market is the electric locomotive segment. Electric locomotives are gaining traction due to their numerous advantages, including environmental sustainability, efficiency, and cost-effectiveness. With the increasing focus on reducing carbon emissions and transitioning towards cleaner energy sources, electric locomotives have become a popular choice. They are powered by electricity, either through overhead wires (catenary system) or through on-board energy storage systems (such as batteries). Electric locomotives offer lower operational costs, reduced noise levels, and improved energy efficiency compared to diesel locomotives.
Locomotive Market Analysis by End-use
The largest segment in the global locomotive market is the freight locomotive segment. Freight locomotives play a vital role in the efficient transportation of goods and commodities across vast distances. These locomotives are specifically designed to handle heavy loads and operate on freight rail networks. With the increasing globalization of trade and the need for efficient supply chain management, the demand for freight locomotives has witnessed significant growth. Freight locomotives are instrumental in facilitating the movement of raw materials, finished products, and bulk goods, contributing to the economic growth of industries such as manufacturing, mining, and logistics.
The fastest-growing segment in the market is the passenger locomotive segment. Passenger locomotives are primarily used for transporting passengers and are designed with comfort, safety, and speed in mind. The rising preference for sustainable and efficient modes of transportation, coupled with increasing urbanization and congestion on roadways, has fueled the demand for passenger locomotives. Governments and transportation authorities are investing in the development and expansion of passenger rail networks, including high-speed rail systems, to provide convenient and environmentally friendly transportation options. Passenger locomotives offer an efficient means of commuting, intercity travel, and long-distance journeys, catering to the growing demand for public transportation.
Global Locomotive Market By Propulsion Type
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Locomotive Market Regional Insights
North America, with the United States at the forefront, dominates the locomotive market. The region boasts a well-established railway infrastructure, a strong manufacturing base, and a significant demand for locomotives. The United States is home to major locomotive manufacturers, including General Electric Company (GE) and Wabtec Corporation, which have a long-standing presence in the market. The region's dominance can be attributed to its extensive freight transportation network, which relies heavily on locomotives for efficient movement of goods across vast distances.
Asia Pacific, with China and India leading the way, is the fastest-growing region in the locomotive market. Rapid industrialization, urbanization, and infrastructure development in these countries have resulted in increased demand for efficient transportation systems. China, in particular, has a robust railway network and is a major locomotive manufacturing hub. CRRC Corporation Limited, a Chinese company, is one of the world's largest locomotive manufacturers. India is also witnessing significant growth in the railway sector, with initiatives such as the Dedicated Freight Corridor (DFC) project and the modernization of existing rail infrastructure driving the demand for locomotives.
Global Locomotive Market By Geography
- Largest
- Fastest
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Locomotive Market Dynamics
Locomotive Market Drivers
Infrastructure Development
- Many countries are investing in the development and modernization of rail infrastructure, including the expansion of rail networks and the implementation of high-speed rail systems. For instance, in 2022, India launched the Dedicated Freight Corridor (DFC) project, which aims to enhance freight transportation efficiency and reduce logistics costs by developing dedicated freight corridors spanning thousands of kilometers.
Sustainability Initiatives
- The increasing focus on sustainability and reducing carbon emissions is driving the adoption of rail transportation, leading to the demand for locomotives. Governments and transportation authorities worldwide are promoting the use of railways as an eco-friendly alternative to road-based transportation. For example, in Europe, the European Union's Green Deal and the shift towards greener transportation modes have boosted the demand for electric and hybrid locomotives.
Locomotive Market Restraints
High Initial Investment
- The procurement and maintenance costs of locomotives can be significant, posing a restraint for market growth. Locomotive manufacturers and operators need substantial capital investment to acquire new locomotives or upgrade existing fleets. This can pose challenges, particularly for emerging economies or smaller rail operators that may face budgetary constraints.
Technological Challenges
- The integration of advanced technologies, such as automation and digitalization, into locomotives can present technical challenges and require significant investments in research and development. Additionally, ensuring interoperability and compatibility of locomotive systems with existing infrastructure and signaling systems can be a restraint for market players.
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Locomotive Market Competitive Landscape
The global locomotive market is highly competitive and consists of several key players striving to gain a significant market share. These players focus on product innovation, strategic partnerships, and expansion initiatives to maintain their competitiveness and meet the evolving demands of the transportation industry. The competitive landscape also includes other notable players such as Bombardier Transportation, Kawasaki Heavy Industries, and Wabtec Corporation. These companies compete through continuous innovation, expanding their product portfolios, and establishing strategic collaborations with rail operators and government entities. With a focus on innovation and sustainable solutions, these companies are shaping the future of locomotive manufacturing and playing a vital role in the growth and development of the global rail transportation sector.
Locomotive Market Top Player’s Company Profiles
- Alstom SA (France)
- Bombardier Transportation (Canada)
- Wabtec Corporation (US)
- Kawasaki Heavy Industries (Japan)
- Hyundai Rotem Company (South Korea)
- Stadler Rail AG (Switzerland)
- Electro-Motive Diesel, Inc. (US)
- Progress Rail Services Corporation (US)
- Hitachi Rail Ltd. (Japan)
- Construcciones y Auxiliar de Ferrocarriles (CAF) (Spain)
- Pesa Bydgoszcz SA (Poland)
- Transmashholding (Russia)
- Talgo, S.A. (Spain)
- Knorr-Bremse AG (Germany)
- Škoda Transportation (Czech Republic)
- CRRC Zhuzhou Locomotive Co., Ltd. (China)
- Siemens Mobility Ltd. (UK)
Locomotive Market Recent Developments
-
In December 2023, Siemens signed a 3 billion euro ($3.25 billion) contract to supply and service freight trains in India. Siemens will deliver 1,200 electric locomotives and provide servicing for 35 years under the agreement, also its biggest ever in India.
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In October 2023 US manufacturer Wabtec unveiled the first FLXdrive battery locomotive at its design and development centre in Erie, Pennsylvania.
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In April 2022, Siemens Mobility unveiled its new high-speed locomotive, the Velaro Novo, which features improved energy efficiency, enhanced passenger comfort, and advanced digital capabilities. The locomotive is designed for international high-speed rail connections.
Locomotive Key Market Trends
- Electrification of Rail Networks: The trend towards electrification of rail networks is gaining momentum globally. More countries are shifting towards electric locomotives to reduce carbon emissions and improve energy efficiency. For example, in 2022, Germany announced plans to electrify thousands of kilometers of rail lines, creating opportunities for electric locomotive manufacturers and suppliers.
- Adoption of Digitalization and Data Analytics: The locomotive industry is witnessing the adoption of digital technologies and data analytics to enhance operational efficiency and maintenance practices. Advanced systems, such as predictive maintenance and real-time monitoring, are being implemented to optimize locomotive performance, reduce downtime, and enhance safety. This trend enables rail operators to make data-driven decisions and improve overall operational effectiveness.
Locomotive Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global locomotive market is expected to experience significant growth during the forecast period from 2023 to 2030. The market is a thriving industry that encompasses the manufacturing and sale of locomotives used for various applications such as passenger transportation and freight hauling. Locomotives play a crucial role in the transportation sector, offering a reliable and efficient mode of moving people and goods over long distances. In recent years, the market has witnessed steady growth due to several factors. The increasing demand for rail transport, driven by population growth, urbanization, and the need for sustainable transportation solutions, has propelled the locomotive market forward. Governments and transportation authorities across the globe are investing in the expansion and modernization of rail infrastructure, creating opportunities for locomotive manufacturers. The global locomotive market is experiencing steady growth driven by increasing demand for rail transport, technological advancements, and sustainable transportation initiatives. While challenges exist, such as high investment costs and regulatory compliance, the market presents significant opportunities for manufacturers to innovate and capitalize on the growing demand for efficient and environmentally friendly locomotives.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 9.37 Billion |
| Market size value in 2031 | USD 18.27 Billion |
| Growth Rate | 7.7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Locomotive Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Locomotive Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Locomotive Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Locomotive Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Locomotive Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Locomotive Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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