Locomotive Market Size, Share & Trends Analysisgrowing at a CAGR of 9.7% from 2025 to 2030
The global locomotive market size was estimated at USD 23,895.9 million in 2024 and is projected to reach USD 40,696.8 million by 2030, growing at a CAGR of 9.7% from 2025 to 2030. The growth of the locomotive industry is primarily driven by rising investments in rail network infrastructure by both public and private entities.
Key Market Trends & Insights
- In terms of region, North America was the largest revenue generating market in 2024.
- Country-wise, Indonesia is expected to register the highest CAGR from 2025 to 2030.
- In terms of segment, electric accounted for a revenue of USD 12,533.6 million in 2024.
- Electric is the most lucrative type segment registering the fastest growth during the forecast period.
Market Size & Forecast
- 2024 Market Size: USD 23,895.9 Million
- 2030 Projected Market Size: USD 40,696.8 Million
- CAGR (2025-2030): 9.7%
- North America: Largest market in 2024
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Additionally, growing developments in the urban and metropolitan areas, owing to the rise in population, are further anticipated to increase the demand for improved rail networks, thereby driving market growth. Moreover, a growing number of government initiatives in improving railway infrastructure and deploying new-age locomotives that travel faster are expected to drive the locomotive industry growth over the forecast period.
The growing focus of government agencies in optimizing the railway infrastructure to ease the travel experience of commuters has been one of the major factors contributing to the market growth. For instance, in November 2021, the U.S. government announced a USD 1.2 trillion infrastructure investment plan, wherein funds will be provided by the Federal Transportation Administration (FTA) over a period of five years.
Also, several locomotive manufacturers are partnering with government agencies to invest and develop advanced locomotives beneficial for economic development. In February 2023, Alstom, a smart and sustainable mobility manufacturer, partnered with the Government of Quebec, Charlevoix Railway, Train de Charlevoix, Harnois Energies, and HTEC to develop a hydrogen-powered passenger demonstration train, the Coradia iLint. Harnois Energies will manufacture the green hydrogen-powered train in Quebec City.
Additionally, investments in advanced locomotive technologies, such as high-speed rail and electric/hybrid locomotives that are poised to reduce carbon emissions and promote sustainable transportation have further contributed immensely to the growth of the locomotive market. For instance, in November 2021, Wabtec Corp entered into a contractual agreement with Egyptian National Railways (ENR) to provide 100 ES30ACI Evolution Series Locomotives and a comprehensive, multi-year service agreement for ongoing fleet maintenance. The locomotive supply contract, financially supported by the European Bank for Development and Reconstruction, underscores their commitment to providing the necessary funding for this substantial project.
Locomotive Market Report Scope
|
Report Attribute |
Details |
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Market size value in 2025 |
USD 25.59 billion |
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Revenue forecast in 2030 |
USD 40.70 billion |
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Growth Rate |
CAGR of 9.7% from 2025 to 2030 |
|
Actual Data |
2018 – 2024 |
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Forecast period |
2025 – 2030 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2025 to 2030 |
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Report coverage |
Revenue forecast, company market share, competitive landscape, growth factors, and trends |
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Segments covered |
Type, technology, component, end-use, region |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany, China; India; Japan; Australia; New Zealand; Indonesia, Malaysia, Vietnam, Philippines, Thailand, Brazil, Mexico, Argentina |
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Key companies profiled |
AEG Power Solutions B.V.; Alstom; Bharat Heavy Electricals Limited; CRRC Corporation Limited; Hitachi, Ltd.; Mitsubishi Heavy Industries, Ltd.; Siemens AG; Strukton; Toshiba Corporation; Wabtec Corporation |
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Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
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Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
