According to a new report, published by KBV research, The Global Locomotive Market size is expected to reach $46.78 billion by 2032, rising at a market growth of 9.3% CAGR during the forecast period.
The Electric segment is leading the Global Locomotive Market by Type in 2024; thereby, achieving a market value of $21.36 billion by 2032. This segment's growth is driven by an increasing emphasis on sustainable and environmentally friendly transportation solutions. Electric locomotives offer benefits such as lower emissions, higher energy efficiency, and reduced operating costs compared to diesel counterparts. Governments across various regions are investing heavily in electrifying rail networks, further fuelling demand. Technological advancements in battery systems and overhead electrification have made electric locomotives more viable and attractive for passenger and freight operations.
The SiC Power Module segment is anticipating a CAGR of 9.8% during (2025 - 2032). SiC modules offer superior efficiency, higher thermal conductivity, and the ability to operate at higher frequencies. These features make them well-suited for next-generation electric locomotives, which require increased energy efficiency and reduced system size. Their adoption is growing in advanced railway applications that require compact design and enhanced performance. Furthermore, rising investments in sustainable transport solutions accelerate the shift toward SiC-based technologies in locomotive power electronics.
The Freight segment is generating the maximum revenue in the Global Locomotive Market by End-use in 2024, thereby, achieving a market value of $21.75 billion by 2032. The growth was fuelled by the increasing need to transport cost-effective and reliable goods over long distances. Expanding industrial activities and improvements in freight rail infrastructure also played a key role in driving demand for freight locomotives. Moreover, the rising e-commerce sector has intensified the need for efficient logistics and cargo movement. Technological advancements in freight locomotives, such as improved fuel efficiency and automation, have further supported the segment’s expansion.
The Traction Motor segment is registering a CAGR of 8.5% during (2025 - 2032). These motors are key components that propel the locomotive by converting electrical energy into mechanical movement. The rising trend of electrification in rail transport and the growing focus on high-performance motors have propelled the segment forward. Enhanced durability, speed control, and regenerative braking capabilities have made traction motors a critical part of modern locomotive systems. Adopting AC traction motors over traditional DC motors also improves energy savings and reduces maintenance costs.
Full Report: https://www.kbvresearch.com/locomotive-market/
The Asia Pacific region dominated the Global Locomotive Market by Region in 2024, and would continue to be a dominant market till 2032; thereby, achieving a market value of $15.49 billion by 2032. The North America region is experiencing a CAGR of 8.6% during (2025 - 2032). Additionally, The Europe region would exhibit a CAGR of 8.9% during (2025 - 2032).
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