Eastern Asia: Electric Locomotive Market 2025

Electric Locomotive Market Size in Eastern Asia

In 2021, the East Asian electric locomotive market decreased by -90.5% to $X, falling for the sixth year in a row after four years of growth. Over the period under review, consumption faced a significant curtailment. Over the period under review, the market reached the maximum level at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Electric Locomotive Production in Eastern Asia

In value terms, electric locomotive production amounted to $X in 2021 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 11% against the previous year. Over the period under review, production reached the peak level at $X in 2015; however, from 2016 to 2021, production remained at a lower figure.

Electric Locomotive Exports

Exports in Eastern Asia

For the third year in a row, Eastern Asia recorded growth in overseas shipments of electric locomotives, which increased by 208% to X units in 2021. Overall, exports showed a significant expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 1,217% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in the near future.

In value terms, electric locomotive exports surged to $X in 2021. In general, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 267%. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The shipments of the one major exporters of electric locomotives, namely South Korea, represented more than two-thirds of total export.

South Korea was also the fastest-growing in terms of the electric locomotives exports, with a CAGR of +91.1% from 2012 to 2021. South Korea (+63 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($X) also remains the largest electric locomotive supplier in Eastern Asia.

From 2012 to 2021, the average annual rate of growth in terms of value in South Korea amounted to +28.8%.

Export Prices by Country

The export price in Eastern Asia stood at $X per unit in 2021, dropping by -22.9% against the previous year. Over the period under review, the export price saw a significant decline. The growth pace was the most rapid in 2015 an increase of 222% against the previous year. Over the period under review, the export prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for South Korea.

From 2012 to 2021, the rate of growth in terms of prices for South Korea amounted to -32.6% per year.

Electric Locomotive Imports

Imports in Eastern Asia

In 2021, approx. X units of electric locomotives were imported in Eastern Asia; declining by -13.8% compared with the previous year. Overall, imports saw a precipitous contraction. The pace of growth appeared the most rapid in 2015 with an increase of 313% against the previous year. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, electric locomotive imports rose notably to $X in 2021. In general, imports, however, recorded resilient growth. The growth pace was the most rapid in 2020 when imports increased by 1,796%. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in years to come.

Imports by Country

In 2021, Taiwan (Chinese) (X units), distantly followed by Democratic People's Republic of Korea (X units), China (X units) and Hong Kong SAR (X units) were the main importers of electric locomotives, together mixing up 96% of total imports. South Korea (X units) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Hong Kong SAR (with a CAGR of +9.1%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Hong Kong SAR ($X) constitutes the largest market for imported electric locomotives in Eastern Asia, comprising 93% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 4.4% share of total imports. It was followed by South Korea, with a 1.1% share.

In Hong Kong SAR, electric locomotive imports increased at an average annual rate of +76.8% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+21.1% per year) and South Korea (-1.4% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per unit in 2021, picking up by 30% against the previous year. Overall, the import price posted significant growth. The most prominent rate of growth was recorded in 2020 an increase of 1,273% against the previous year. Over the period under review, import prices hit record highs in 2021 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Hong Kong SAR ($X per unit), while China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+65.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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