Hybrid Train Market Size to Rise at 11.41% CAGR by 2028, Value to Cross USD 78.66 Billion – Says The Brainy Insights
Rising demand for energy-efficient transportation system along with several initiatives taken by government bodies and several private organizations in the various countries to drive growth for hybrid train market. The key market players listed in the report with their sales, revenues and strategies are alstom, Bombardier Inc., CRRC, Kawasaki, Siemens, General Electric, Hyundai Rotem, Hitachi Ltd., Construcciones Y Auxiliar De Ferrocarriles (CAF), and Cummins among others.
Newark, Sept. 14, 2023 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global hybrid train market is expected to grow from USD 33.88 billion in 2020 to USD 78.66 billion by 2028, at a CAGR of 11.41% during the forecast period 2021-2028. The Europe region emerged as the largest market for the hybrid train market, with a 41.1% share of the market revenue in 2020. This is because European countries are rapidly developing and launching and developing the hybrid trains from the past few years. Germany launched the world’s first hydrogen-powered train built by French TGV-maker Alstom. Apart from Germany, other European countries such as Britain, the Netherlands, Denmark, Norway, and Italy are some of the prominent countries for the hybrid train market. The Asia Pacific region is anticipated to grow at the highest CAGR of 12.01% over the forecast period. The hybrid train market in Japan is highly developed. In addition to this, emerging countries such as China and India are rapidly expanding their train network to improve the transport systems in the country and make them more ecofriendly.
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Hybrid Train Market by Propulsion Type (Battery Operated, CNG, Electro Diesel, LNG, Hydrogen, Solar Powered), Operating Speed Type (Below 100 KM/H, 100-200 KM/H, Above 200 KM/H), Application, Regions, and Global Forecast 2021-2028.
Some of the major companies in the global hybrid train market are Alstom, Bombardier Inc., CRRC, Kawasaki, Siemens, General Electric, Hyundai Rotem, Hitachi Ltd., Construcciones Y Auxiliar De Ferrocarriles (CAF), and Cummins among others. The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances and partnerships to improve their market position in the global hybrid train industry. In April 2018, Siemens announced the launch of new Vectron Dual Mode locomotive, which can be operated both as diesel and an electric locomotive.
The propulsion type segment is divided into battery-operated, CNG, electro-diesel, LNG, hydrogen, and solar-powered. Electro diesel segment held a significant market share of 39.87% in 2020. This is mainly due to increasing adoption of electro-diesel propulsion type for the hybrid trains. The operating speed type segment includes below 100 KM/H, 100-200 KM/H, above 200 KM/H. The 100-200 KM/H is anticipated to grow at the highest CAGR of 12.09% over the forecast period. Hybrid train operates typically on standard gauge tracks with the operating speed of 100-200 KM/H. The application segment includes freight and passenger. The passenger segment accounted for the largest market share of 56.3% in 2020. Globally, the population has been increased at a rapid pace, and thus the need for public transportation has been raised in various countries. In addition to this, rise in urbanization and smart city projects across the globe, further driving the demand for hybrid trains for passenger transportations.
Report Scope & Segmentation
|Market size value in 2020||USD 33.88 billion|
|Revenue forecast in 2028||USD 78.66 billion|
|Segments Covered||propulsion type, operating speed type, application, and regions|
|Regions Covered||Asia Pacific, Europe, South America, North America, and Middle East & Africa.|
|Number of Companies Covered||Alstom,Bombardier Inc.,CRRC,Kawasaki,Siemens,General Electric,Hyundai Rotem, Hitachi Ltd.,Construcciones Y Auxiliar De Ferrocarriles (CAF),Cummins|
|Report Coverage||Market growth drivers, restraints, opportunities, regional segmentation analysis, Location Type Segment Analysis, Offering Segment Analysis, Vertical Segment Analysis|
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Several government bodies across the globe are taking the initiative and investing in the development of hybrid train, boosting the growth of the hybrid train market around the world. Increasing demand for hybrid train freight transport is anticipated to offer further growth opportunism in the market. However, High costs involved in initial investment, overhaul, and maintenance could hamper the growth of this market over the forecast period.
About the report:
The market is analyzed based on value (USD Billion) and volume (k units). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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