Hybrid Train Market to Reach $23.9 Bn, Globally, by 2027 at 6.6% CAGR: Allied Market Research
Advantages associated with hybrid trains over conventional trains and stringent government regulations regarding environmental pollution drive the growth of the global hybrid train market
PORTLAND, Ore., Jan. 19, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Hybrid Train Market by Propulsion Type (Electro-Diesel, Battery Operated, Hydrogen Powered, Gas Powered, and Solar Powered), Application (Passenger and Freight), and Operating Speed (Less than 100 km/hr, 100-200 km/hr, and More than 200 km/hr): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global hybrid train industry generated $16.2 billion in 2019, and is expected to generate $23.9 billion by 2027, witnessing a CAGR of 6.6% from 2020 to 2027.
Drivers, restraints, and opportunities
Advantages associated with hybrid trains over conventional trains along with increase in awareness and stringent government regulations regarding environmental pollution drive the growth of the global hybrid train market. However, surge in cost regarding development of hybrid trains and their infrastructure hinders the market growth. On the other hand, supportive government initiatives and investments towards alternative fuel-powered hybrid trains present new opportunities in the coming years.
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Covid-19 Scenario
- With lockdown imposed in many countries, the ban on the import & export and transportation activities disrupted the supply chain and consequently hampered manufacturing activities.
- Many governments banned train travel for citizens to curb the spread of coronavirus. So, the implementation of hybrid trains lowered down during the lockdown.
- Many organizations held the investments back due to economic uncertainty that occurred during the pandemic. The investments would be made post-pandemic as the industry recovers.
The electro-diesel segment to maintain its lead position throughout the forecast period
Based on propulsion type, the electro-diesel segment accounted for the largest market share, contributing to nearly half of the global hybrid train market in 2019, and will maintain its lead position throughout the forecast period. This is attributed to increase in demand for electro-diesel trains from the joint electrified and non-electrified trains of the railway industry worldwide as they offer benefits such as reliability, sustainability, and reduced emissions. However, the battery operated segment is projected to witness the highest CAGR of 6.9% from 2020 to 2027, owing to increase in implementation in passenger and freight applications along with adoption of the electrified trains for sustainable, efficient, and reliable rail transportation.
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The passenger segment to maintain its dominant share during the forecast period
Based on application, the passenger segment accounted for the largest market share in 2019, holding nearly 90% of the global hybrid train market, and is expected to maintain its dominant share during the forecast period. Moreover, this segment is estimated to witness the largest CAGR of 6.6% from 2020 to 2027. This is attributed to need to reduce the traffic & pollution from road transport and increase in demand for traveling safely and reliably. The research also analyzes the freight segment.
Europe to lead in terms of revenue, North America to grow steadily
Based on region, Europe contributed to the highest market share in 2019, accounting for nearly two-fifths of the global hybrid train market, and will maintain its leadership position in terms of revenue by 2027. This is attributed to increase in adoption of hybrid trains from countries such as Germany, Spain, France, and the UK along with rise in urbanization and rail infrastructure construction activities. However, Asia-Pacific is expected to grow at the fastest CAGR of 6.8% during the forecast period, owing to large number of major players and availability of the manufacturing facilities in the region. North America is expected to grow steadily at a CAGR of 6.5% during the forecast period.
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Leading market players
- Alstom SA
- Ballard Power Systems, Inc.
- Bombardier, Inc.
- China Railway Rolling Stock Corporation (CRRC)
- Hyundai Rotem Company
- Kawasaki Heavy Industries, Ltd.
- Siemens AG
- Stadler Rail AG
- Toshiba Corporation
- Wabtec Corporation
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