The locomotive market is on a robust growth trajectory, projected to increase from USD 9.23 billion in 2025 to USD 17.94 billion by 2034, registering a CAGR of 7.23% during the forecast period. This growth is fueled by rising demand for passenger trains in developing nations and numerous government initiatives aimed at modernizing railway infrastructure.
Technological innovations such as hydrogen-powered and electric locomotives, combined with the rapid expansion of global logistics and freight services, are opening new avenues for market players.
Market Highlights
-
North America leads the global locomotive market in terms of revenue.
-
Asia Pacific is poised to grow at a significant CAGR during 2025-2034.
-
Electric locomotives hold the largest market share by type.
-
Diesel locomotives are expected to witness steady growth.
-
IGBT modules lead in technology, while SiC power modules show the fastest CAGR.
-
Passenger transport dominates the end-use segment, followed closely by freight services.
Locomotive Market Key Companies
1. AEG Power Solutions B.V.
About: AEG Power Solutions is a leader in power electronics and energy systems, offering solutions to rail and industrial markets worldwide.
Products: The company specializes in traction power systems and auxiliary converters for locomotives.
Market Cap: Private company (financial data not publicly disclosed).
2. Alstom
About: Based in France, Alstom is a global giant in rail transport manufacturing.
Products: Known for high-speed trains like the TGV, metro systems, and innovative hydrogen-powered trains.
Market Cap: Approx. USD 12 billion (as of 2025).
3. Bharat Heavy Electricals Limited (BHEL)
About: India’s premier engineering and manufacturing company serving the railways and energy sectors.
Products: Electric locomotives, traction motors, and propulsion systems.
Market Cap: Approx. USD 7 billion.
Invest in Our Premium Strategic Solution: https://www.towardsautomotive.com/price/1284
4. Siemens AG
About: A German multinational leader in electrification, automation, and digitalization.
Products: Electric and hybrid locomotives, including advanced Vectron locomotives.
Market Cap: Approx. USD 140 billion.
5. Strukton
About: Dutch company Strukton focuses on rail systems and electrical components for locomotives.
Products: Power supply systems, traction conversion systems.
Market Cap: Private company (subsidiary of Oranjewoud N.V.).
6. Toshiba Corporation
About: Japanese multinational known for its diversified technological solutions.
Products: Hybrid locomotives, traction inverters, and electrical components for rail.
Market Cap: Approx. USD 18 billion.
7. Wabtec Corporation
About: An American company leading in freight and passenger transit solutions.
Products: Locomotives, digital electronic controls, and green fuel solutions.
Market Cap: Approx. USD 22 billion.
8. CRRC Corporation Limited
About: The world’s largest rolling stock manufacturer, based in China.
Products: Electric and diesel locomotives, maglev trains, and metro vehicles.
Market Cap: Approx. USD 32 billion.
9. Hitachi, Ltd.
About: Japanese conglomerate with a strong presence in rail systems and technologies.
Products: Hybrid and battery-powered trains, signalling systems.
Market Cap: Approx. USD 55 billion.
10. Mitsubishi Heavy Industries, Ltd.
About: A Japanese multinational with diverse industrial operations including rail systems.
Products: Propulsion systems, traction motors, and hybrid locomotive technologies.
Market Cap: Approx. USD 25 billion.
Key Trends Shaping the Locomotive Market
-
Green Technologies: Hydrogen-powered and battery-electric locomotives are gaining traction to meet sustainability goals.
-
Urbanization & Logistics Growth: Increased demand for freight services and urban transport systems is driving innovation.
-
Government Initiatives: Massive investments in high-speed rail networks and modernization of existing fleets globally.
-
Advanced Components: Growing use of IGBT and SiC modules for improved energy efficiency and performance.
If you have any questions, please feel free to contact us at sales@towardsautomotive.com
FAQs about the Locomotive Companies Market
Q1: What is the projected market size of the locomotive industry by 2034?
The market is expected to reach USD 17.94 billion by 2034.
Q2: Which region is expected to grow at the fastest CAGR?
Asia Pacific is anticipated to witness the highest growth during 2025–2034.
Q3: Who are the major players in the locomotive market?
Key companies include Alstom, Siemens AG, Wabtec Corporation, Hitachi Ltd., and CRRC Corporation Limited, among others.
Q4: What technology trends are impacting the locomotive market?
Technologies like hydrogen fuel cells, battery-electric power, and SiC modules are revolutionizing locomotive manufacturing.
Q5: Which segment dominates the market by end-use?
The passenger segment currently holds the largest share, while freight services are growing steadily.
Source : https://www.towardsautomotive.com/insights/locomotive-market-sizing