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Locomotive Market to Reach $25.48 Billion by 2028; Surging Urbanization & Increasing Population to Cause a Growth Spurt for Market

November 23, 2021 | Automotive & Transportation

The global locomotive market size is projected to exhibit immense growth by reaching USD 25.48 billion by 2028. Fortune Business Insights™, in its report, titled, “Locomotive Market Size, Share & COVID-19 Impact Analysis, By Technology Type (IGBT Module, GTO Thyristor, and SiC Module), By Propulsion Type (Diesel and Electric), and Regional Forecasts, 2021-2028”, and observes that the market size stood at USD 12.34 billion in 2020 and USD 14.16 billion in 2021. It is further projected to exhibit a CAGR of 8.8% between 2021 and 2028. The expansion of rail networks worldwide due to the ever-increasing population and rapid urbanization are projected to boost the growth of the market. Additionally, swift digitization and technological advancements are likely to intensify the growth of the market.

GM to Develop and Deliver its HYDROTEC Hydrogen Fuel Cell Systems and Ultium Battery to Wabtec Corporation

In June 2021, Wabtec Corporation and General Motors collaborated to develop and commercialize the HYDROTEC hydrogen fuel cell systems and Ultium battery technology of General Motors. Wabtec Corporation is a global leader and provider of systems, equipment, value-added services, and digital solutions for the transit and freight rail industries and industrial, mining, and marine markets. The collaboration will help the companies to achieve a shared vision of zero emissions in future transportation. Wabtec will provide system optimization and energy management expertise to develop solutions for heavy haul locomotives that fully utilize GM’s advanced technologies.

To get a detailed report summary and research scope of this market, click here:


Swift Urbanization & Surging Population Rate to Propel Market Growth

Electric locomotives offer better performance, require lesser maintenance and energy costs, and also reduce pollution levels. The increasing concerns for environmental sustainability are likely to augment the adoption of electric engines and foster market growth. Additionally, the growing adoption of autonomous engines is anticipated to bolster the growth of the market. The ever-increasing population and swift urbanization are anticipated to be the key propellants to the global locomotive market growth. The increasing road traffic congestion issues are also expected to stimulate the growth of the market.

Industry Developments-

  • May 2021: Siemens Mobility partnered with Helmholtz Institute Erlangen-Nuremberg to develop liquid organic hydrogen carrier technology for rail transport.

Key Players in this Market are:

  • Bombardier Transportation (Canada)

  • Alstom (France)

  • Hitachi Ltd (U.K.)

  • AEG Power Solutions (Netherlands)

  • Siemens Mobility (Germany)

  • Wabtec Corporation (U.S.)

  • Toshiba International Corporation (U.S.)

  • CZ LOKO, A.S. (Czech Republic)

  • CRRC Corporation Limited (China)

  • Hyundai Corporation (South Korea)

Further Report Findings-

  • The market in Asia Pacific stood at USD 4.37 billion in 2020 and is expected to hold the largest share in the global locomotive market share. The expansion of the rail network, increasing urbanization, and the high population rate are likely to be the key growth propellants for the market.

  • Additionally, the governments of developed and developing nations such as India, Japan, and China invest in infrastructural development. They are developing and acquiring high-speed trains and enhancing the safety and comfort levels. These factors are anticipated to bolster the locomotive market growth in Asia Pacific in the coming years.

  • On the basis of technology type analysis, the IGBT module segment is expected to gain growth in this market. Insulated Gate Bipolar Transistors (IGBT) are energy electronics used in the traction systems of diesel-electric and electric trains. The rising adoption of dual-mode products that function using electricity and diesel is expected to flourish the segment’s growth.

Table of Segmentation:



Study Period


Base Year


Forecast Period


Historical Period



Value (USD billion) & Volume (thousand units)


By Technology Type

  • IGBT Module

  • GTO Thyristor

  • SiC Module

By Propulsion Type

  • Diesel

  • Electric

By Geography

  • North America (U.S., Canada, and Mexico)

  • Europe (U.K., Germany, France, Russia and Rest of Europe)

  • Asia Pacific (Japan, China, India, South Korea and Rest of Asia Pacific)

  • Rest of the World

Global Locomotives Market
  • PDF
  • 2020
  • 2017-2019
  • 200


  • 4850

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