Locomotive Market 2024 - By Size, Drivers, Trends, Competitors

The Business Research Company recently released a comprehensive report on the Global Locomotive Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The locomotive market size has grown strongly in recent years. It will grow from $19.89 billion in 2023 to $21.70 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. 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 $31.10 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. 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.

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Market Drivers and Trends:

The increasing demand for rail transport is expected to propel the growth of the locomotive market going forward. Rail transport is the movement of passengers and goods via trains that run on fixed tracks or railways, utilizing a specialized infrastructure of tracks, bridges, tunnels, and stations to facilitate efficient and sustainable transportation over land. The demand for rail transport is due to efficiency in freight transport, infrastructure investments, government policies, and incentives. Locomotives are integral to the efficient operation of railways, enabling the movement of goods and passengers across vast distances while providing flexibility and adaptability to various operational needs. For instance, in November 2024, according to Eurostat, a Luxembourg-based intergovernmental organization, in 2021, passengers traveled roughly 260 billion passenger kilometers on European railways, which increased to 393.37 billion passenger-kilometers in 2022. Therefore, the increasing demand for rail transport drives the locomotive market.

Major companies operating in the locomotive market are focused on developing advanced products such as next-generation hybrid locomotives to reduce emissions, improve fuel efficiency, and enhance operational flexibility by combining the benefits of electric and diesel propulsion systems. Next-generation hybrid locomotives are advanced rail vehicles that integrate multiple propulsion systems, representing a significant step forward in the rail industry's efforts to create more sustainable and efficient transportation solutions. For instance, in May 2024, CRRC Corporation Limited, a China-based traded rolling stock manufacturer, launched Ten six-axle FXN3B locomotives, a new generation of hybrid locomotives. Ten six-axle FXN3B locomotives have started shunting, showcasing notable technological developments in the nation's railway sector in Beijing. These locomotives are modular and standardized with other machines in the Fuxing platform, simplifying maintenance and repairs.

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Major Key Players of the Market:

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, Škoda Transportation a.s., PT Industri Kereta Api (Persero), Bombardier Transportation, Taiwan Rolling Stock Company

Locomotive Market 2024 Key Insights:

• The locomotive market size is expected to see strong growth in the next few years. It will grow to $31.10 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%.
• Driving Forces Behind the Growing Locomotive Market and Rail Transport Demand
• Leading Locomotive Companies Innovate With Next-Generation Hybrid Locomotives For Sustainable And Efficient Rail Transport
• Asia Pacific was the largest region in the locomotive Market in 2023

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This release was published on openPR.