Market Size of Locomotive Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 24.20 Billion |
| Market Size (2029) | USD 43.58 Billion |
| CAGR (2024 - 2029) | > 10.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Locomotive Market Analysis
The Locomotive Market size is estimated at USD 24.20 billion in 2024, and is expected to reach USD 43.58 billion by 2029, growing at a CAGR of greater than 10% during the forecast period (2024-2029).
Over the long term, an increase in urbanization, environmental sustainability, a broad spectrum of impending rail projects, growth in demand for energy-efficient rolling stock, and an expanding infrastructure of rail networks are expected to act as major factors driving the locomotives market. The extensive rail networks globally further support the growth of electric locomotives to meet the demand as a means of public transport.
In addition, technological progress, such as the launch of the Sic module, IGBT module, and auxiliary power units, has resulted in a surging demand for locomotive engines. This progress has reduced emissions, escalated fuel efficiency, and lowered overall weight. It has also reduced power loss when switching to the current state.
However, certain restraining factors are impeding the growth of the locomotives market, which include the capital intensiveness of rolling stock, high maintenance costs, and overhaul costs. Despite these market challenges, the global market is expected to grow significantly in the coming years.
