The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Increasing preference for non-polluting and energy-efficient transport are expected to drive innovation in electric locomotives manufacturing, thus driving the market during the forecast period.

The global electric locomotives market is expected to grow from $1.67 billion in 2022 to $1.89 billion in 2023 at a compound annual growth rate (CAGR) of 13.2%. The global electric locomotives market size is expected to grow to $2.90 billion in 2027 at a CAGR of 11.4%.

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Global Electric Locomotives Market Segments Include:

• By Energy Transfer: Overhead Lines, Third Rail, On-board Energy Storage
• By Technology: IGBT Module, GTO Thyristor, SiC Module
• By Traction Units: AC Traction Units, DC Traction Units, Multi System Units
• By Application: Passenger Transport, Freight Transport
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Western Europe is the largest region in the global electric locomotives market in 2021.

Major Market Players in the electric locomotives market include CRRC Corporation Limited, Bombardier Inc., Alstom SA, Siemens AG, Kawasaki Heavy Industries Ltd., General Electric Company, Transmashholding AG.

The emergence of dual-mode locomotive electric trains will be one of the major trends that will gain traction in the electric locomotive market in the forecast period. In May 2022, the Indian West Central Railways, launched Navdoot. Navdoot is a dual-mode locomotive that runs on batteries. The batteries and electricity are both used to power this engine.

The Electric Locomotives Global Market Report 2023 provides a electric locomotives market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The electric locomotives market forecast analyzes electric locomotives market size, electric locomotives market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Electric locomotive is a locomotive that runs on electricity and gets its power from storage batteries, overhead wires, or third rails, or even generates it on its own.

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