Locomotive Global Market Report 2025

Description

A locomotive is a powerful engine designed to pull trains along railway tracks, providing the necessary traction to move freight or passenger cars from one place to another. It is essential in transportation, logistics, industry, tourism, and emergency response.

The main types of locomotives include diesel and electric. Diesel locomotives use diesel engines to drive electric generators, which in turn power electric traction motors. Key components include rectifiers, inverters, traction motors, and alternators, utilizing technologies such as IGBT power modules, GTO thyristor modules, and SiC power modules. These locomotives serve various end-users, including freight and passenger transport.

The locomotive market research report is one of a series of new reports from The Business Research Company that provides locomotive market statistics, including locomotive industry global market size, regional shares, competitors with a locomotive market share, detailed locomotive market segments, market trends, and opportunities, and any further data you may need to thrive in the locomotive industry. This locomotive market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The locomotive market size has grown strongly in recent years. It will grow from $21.7 billion in 2024 to $23.8 billion in 2025 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to increasing demand for efficient transportation systems, increasing rolling stock manufacturing and global rail infrastructure development, increasing investments, increasingly hybrid and battery-electric locomotive, and rising demand for advanced power components.

The locomotive market size is expected to see strong growth in the next few years. It will grow to $33.95 billion in 2029 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to increasing safety concerns, increasing traffic congestion, rising demand for public transportation, increasing urbanization, and increasing demand for rail transport. Major trends in the forecast period include electrification of rail networks, growing investments in advanced locomotive technologies, adoption of digitalization and data analytics, artificial intelligence, and railway management systems.

The growing demand for rail transport is anticipated to drive the expansion of the locomotive market in the coming years. Rail transport involves the movement of passengers and goods via trains on fixed tracks or railways, relying on a specialized infrastructure that includes tracks, bridges, tunnels, and stations. This method facilitates efficient and sustainable land transportation. The demand for rail transport is fueled by its efficiency in freight movement, investments in infrastructure, and supportive government policies and incentives. Locomotives are essential for the effective operation of railways, allowing the transport of goods and passengers over long distances and offering flexibility for various operational requirements. For example, Eurostat, a Luxembourg-based intergovernmental organization, reported that in 2021, passengers traveled approximately 260 billion passenger kilometers on European railways, which increased to 393.37 billion passenger kilometers in 2022. Consequently, the rising demand for rail transport is boosting the locomotive market.

Leading companies in the locomotive market are concentrating on developing advanced products such as next-generation hybrid locomotives to reduce emissions, boost fuel efficiency, and enhance operational flexibility by combining electric and diesel propulsion systems. These hybrid locomotives represent a significant advancement in the rail industry's pursuit of more sustainable and efficient transportation solutions. For example, in May 2024, CRRC Corporation Limited, a China-based rolling stock manufacturer, introduced ten six-axle FXN3B locomotives, marking a new generation of hybrid locomotives. These locomotives have begun shunting in Beijing, demonstrating significant technological advancements in China's railway sector. They are modular and standardized with other machines in the Fuxing platform, making maintenance and repairs easier.

In June 2023, The CBH Group, an Australia-based agricultural company, acquired Narrow-Gauge Locomotives from Wabtec for an undisclosed amount. This acquisition is aimed at expanding CBH's fleet of narrow-gauge locomotives and strengthening its rail infrastructure. The investment is vital for supporting CBH's 'Path to 2033' strategy, which targets increasing monthly export capacity to 3 million tonnes by 2033. Westinghouse Air Brake Technologies Corporation, a US-based industrial company, specializes in providing locomotives.

Major companies operating in the locomotive market are Siemens AG, Tata Motors Limited, CRRC Corporation Limited, Mitsubishi Heavy Industries Ltd., Toshiba Corporation, Alstom SA, Kawasaki Heavy Industries Ltd., Knorr-Bremse AG, Wabtec Corporation, Transnet SOC Ltd., Stadler Rail, Progress Rail, Hyundai Rotem Co., Strukton Rail B.V., Hitachi Rail, KONCAR - Elektroindustrija d.d., Pesa SA, Brookville Equipment Corporation, Akiem SA, Skoda Transportation a.s., PT Industri Kereta Api (Persero), Bombardier Transportation, Taiwan Rolling Stock Company

Asia Pacific was the largest region in the locomotive Market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the locomotive market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the locomotive market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The locomotive market consists of sales of shunting locomotives, battery electric locomotives, and hybrid locomotives. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Locomotive Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on locomotive market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for locomotive ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The locomotive market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
The forecasts are made after considering the major factors currently impacting the market. These include:

The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.

Market segmentations break down the market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:1) By Type: Diesel; Electric; Other Types
2) By Component: Rectifier; Inverter; Traction Motor; Alternator; Other Components
3) By Technology: IGBT Power Module; GTO Thyristor Module; SiC Power Module
4) By End-User: Freight; Passengers; Other End-User
Subsegments:
1) By Diesel: Diesel-Electric Locomotives; Diesel-Hydraulic Locomotives
2) By Electric: Overhead Electric Locomotives; Third Rail Electric Locomotives
3) By Other Types: Hybrid Locomotives; Battery-Powered Locomotives
Companies Mentioned: Siemens AG; Tata Motors Limited; CRRC Corporation Limited; Mitsubishi Heavy Industries Ltd.; Toshiba Corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Product Code: r30603

1. Executive Summary

2. Locomotive Market Characteristics

3. Locomotive Market Trends And Strategies

4. Locomotive Market - Macro Economic Scenario Including The Impact Of Interest Rates, Inflation, Geopolitics, Covid And Recovery On The Market

5. Global Locomotive Growth Analysis And Strategic Analysis Framework

5.1. Global Locomotive PESTEL Analysis (Political, Social, Technological, Environmental and Legal Factors, Drivers and Restraints)
5.2. Analysis Of End Use Industries
5.3. Global Locomotive Market Growth Rate Analysis
5.4. Global Locomotive Historic Market Size and Growth, 2019 - 2024, Value ($ Billion)
5.5. Global Locomotive Forecast Market Size and Growth, 2024 - 2029, 2034F, Value ($ Billion)
5.6. Global Locomotive Total Addressable Market (TAM)

6. Locomotive Market Segmentation

6.1. Global Locomotive Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Diesel
Electric
Other Types
6.2. Global Locomotive Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Rectifier
Inverter
Traction Motor
Alternator
Other Components
6.3. Global Locomotive Market, Segmentation By Technology, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
IGBT Power Module
GTO Thyristor Module
SiC Power Module
6.4. Global Locomotive Market, Segmentation By End-User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Freight
Passengers
Other End-User
6.5. Global Locomotive Market, Sub-Segmentation Of Diesel, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Diesel-Electric Locomotives
Diesel-Hydraulic Locomotives
6.6. Global Locomotive Market, Sub-Segmentation Of Electric, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Overhead Electric Locomotives
Third Rail Electric Locomotives
6.7. Global Locomotive Market, Sub-Segmentation Of Other Types, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Hybrid Locomotives
Battery-Powered Locomotives

7. Locomotive Market Regional And Country Analysis

7.1. Global Locomotive Market, Split By Region, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
7.2. Global Locomotive Market, Split By Country, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

8. Asia-Pacific Locomotive Market

8.1. Asia-Pacific Locomotive Market Overview
Region Information, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Locomotive Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
8.3. Asia-Pacific Locomotive Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
8.4. Asia-Pacific Locomotive Market, Segmentation By Technology, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

9. China Locomotive Market

9.1. China Locomotive Market Overview
9.2. China Locomotive Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F,$ Billion
9.3. China Locomotive Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F,$ Billion
9.4. China Locomotive Market, Segmentation By Technology, Historic and Forecast, 2019-2024, 2024-2029F, 2034F,$ Billion

10. India Locomotive Market

10.1. India Locomotive Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
10.2. India Locomotive Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
10.3. India Locomotive Market, Segmentation By Technology, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

11. Japan Locomotive Market

11.1. Japan Locomotive Market Overview
11.2. Japan Locomotive Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
11.3. Japan Locomotive Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
11.4. Japan Locomotive Market, Segmentation By Technology, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

12. Australia Locomotive Market

12.1. Australia Locomotive Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
12.2. Australia Locomotive Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
12.3. Australia Locomotive Market, Segmentation By Technology, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

13. Indonesia Locomotive Market

13.1. Indonesia Locomotive Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
13.2. Indonesia Locomotive Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
13.3. Indonesia Locomotive Market, Segmentation By Technology, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

14. South Korea Locomotive Market

14.1. South Korea Locomotive Market Overview
14.2. South Korea Locomotive Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
14.3. South Korea Locomotive Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
14.4. South Korea Locomotive Market, Segmentation By Technology, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

15. Western Europe Locomotive Market

15.1. Western Europe Locomotive Market Overview
15.2. Western Europe Locomotive Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
15.3. Western Europe Locomotive Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
15.4. Western Europe Locomotive Market, Segmentation By Technology, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

16. UK Locomotive Market

16.1. UK Locomotive Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
16.2. UK Locomotive Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
16.3. UK Locomotive Market, Segmentation By Technology, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

17. Germany Locomotive Market

17.1. Germany Locomotive Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
17.2. Germany Locomotive Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
17.3. Germany Locomotive Market, Segmentation By Technology, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

18. France Locomotive Market

18.1. France Locomotive Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
18.2. France Locomotive Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
18.3. France Locomotive Market, Segmentation By Technology, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

19. Italy Locomotive Market

19.1. Italy Locomotive Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
19.2. Italy Locomotive Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
19.3. Italy Locomotive Market, Segmentation By Technology, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

20. Spain Locomotive Market

20.1. Spain Locomotive Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
20.2. Spain Locomotive Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
20.3. Spain Locomotive Market, Segmentation By Technology, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

21. Eastern Europe Locomotive Market

21.1. Eastern Europe Locomotive Market Overview
21.2. Eastern Europe Locomotive Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
21.3. Eastern Europe Locomotive Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
21.4. Eastern Europe Locomotive Market, Segmentation By Technology, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

22. Russia Locomotive Market

22.1. Russia Locomotive Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
22.2. Russia Locomotive Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
22.3. Russia Locomotive Market, Segmentation By Technology, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

23. North America Locomotive Market

23.1. North America Locomotive Market Overview
23.2. North America Locomotive Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
23.3. North America Locomotive Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
23.4. North America Locomotive Market, Segmentation By Technology, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

24. USA Locomotive Market

24.1. USA Locomotive Market Overview
24.2. USA Locomotive Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
24.3. USA Locomotive Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
24.4. USA Locomotive Market, Segmentation By Technology, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

25. Canada Locomotive Market

25.1. Canada Locomotive Market Overview
25.2. Canada Locomotive Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
25.3. Canada Locomotive Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
25.4. Canada Locomotive Market, Segmentation By Technology, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

26. South America Locomotive Market

26.1. South America Locomotive Market Overview
26.2. South America Locomotive Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
26.3. South America Locomotive Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
26.4. South America Locomotive Market, Segmentation By Technology, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

27. Brazil Locomotive Market

27.1. Brazil Locomotive Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
27.2. Brazil Locomotive Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
27.3. Brazil Locomotive Market, Segmentation By Technology, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

28. Middle East Locomotive Market

28.1. Middle East Locomotive Market Overview
28.2. Middle East Locomotive Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
28.3. Middle East Locomotive Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
28.4. Middle East Locomotive Market, Segmentation By Technology, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

29. Africa Locomotive Market

29.1. Africa Locomotive Market Overview
29.2. Africa Locomotive Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
29.3. Africa Locomotive Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
29.4. Africa Locomotive Market, Segmentation By Technology, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

30. Locomotive Market Competitive Landscape And Company Profiles

30.1. Locomotive Market Competitive Landscape
30.2. Locomotive Market Company Profiles
- 30.2.1. Siemens AG Overview, Products and Services, Strategy and Financial Analysis
- 30.2.2. Tata Motors Limited Overview, Products and Services, Strategy and Financial Analysis
- 30.2.3. CRRC Corporation Limited Overview, Products and Services, Strategy and Financial Analysis
- 30.2.4. Mitsubishi Heavy Industries Ltd. Overview, Products and Services, Strategy and Financial Analysis
- 30.2.5. Toshiba Corporation Overview, Products and Services, Strategy and Financial Analysis

31. Locomotive Market Other Major And Innovative Companies

31.1. Alstom SA
31.2. Kawasaki Heavy Industries Ltd.
31.3. Knorr-Bremse AG
31.4. Wabtec Corporation
31.5. Transnet SOC Ltd.
31.6. Stadler Rail
31.7. Progress Rail
31.8. Hyundai Rotem Co.
31.9. Strukton Rail B.V.
31.10. Hitachi Rail
31.11. KONCAR - Elektroindustrija d.d.
31.12. Pesa SA
31.13. Brookville Equipment Corporation
31.14. Akiem SA
31.15. Skoda Transportation a.s.

32. Global Locomotive Market Competitive Benchmarking And Dashboard

33. Key Mergers And Acquisitions In The Locomotive Market

34. Recent Developments In The Locomotive Market

35. Locomotive Market High Potential Countries, Segments and Strategies

35.1 Locomotive Market In 2029 - Countries Offering Most New Opportunities
35.2 Locomotive Market In 2029 - Segments Offering Most New Opportunities
35.3 Locomotive Market In 2029 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer