CHICAGO, April 26, 2019 /PRNewswire/ -- According to the new market research report "Hybrid Train Market by Propulsion (Battery Operated, Electro Diesel, CNG, LNG, Electro Diesel, Hydrogen & Solar), Operating Speed (Below 100 km/h, 100-200 km/h, & Above 200 km/h), Application (Passenger and Freight), and Region - Global Forecast to 2030", published by MarketsandMarkets™, the global Hybrid Train Market is projected to grow from 5,429 Units in 2019 to reach 9,109 Units by 2030, at a CAGR of 4.8%.
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The growth of the Hybrid Train Market is influenced by factors such as the growing demand for energy-efficient transport and the public transport as a means of reducing traffic congestion. Additionally, commuters demand transit options that can be more eco-friendly, reliable, and cost-effective alternatives to personal transportation.
Asia Pacific region is expected to lead the market during the forecast period
Asia Pacific is expected to be the largest market. The market growth in the region can also be attributed to the rising demand for energy efficient transportation system along with several initiatives by private organizations as well as governments of the countries. China's rapidly growing economy is driving the expansion of advanced technology train network to improve transport systems in the country India's economic growth and rapidly growing population have made it imperative for the country to enhance its public transportation system. A CNG operated train has already been introduced in north India in 2015. In Europe, Germany is estimated to be the largest Hybrid Train Market.
Freight market is expected to grow at the fastest CAGR
The freight segment is expected to be the fastest market. Freight is an important pillar in any country's economy as it is a major transporting medium. It is cheaper and safer than any other mode of transport. A strong railway network is an indicator of the strong economic condition of a country. The US is leading the freight train market in the world with around 2.6 trillion tonne-kilometers yearly, followed by China with 2.5 trillion tonne-kilometers annually. In 2017, the freight transported by rail between the US, Canada, and Mexico accounted for USD 16.1 billion. Introducing innovative rail technologies in freight is also essential to control carbon emission.
Asia Pacific: China is expected to lead the Asia Pacific market
The Asia Pacific region is estimated to be the fastest growing market. Asia Pacific comprises emerging economies such as China and India along with developed economies such as Japan. Asia Pacific is the largest market for the rail industry. Infrastructural developments and industrialization in the emerging economies have opened new avenues, creating several opportunities for OEMs. The implementation of new technologies and the establishment of new government regulations are driving this market in this region.
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Some of the key players in the Hybrid Train Market are Alstom (France), Bombardier (Canada), CRRC (China), Kawasaki (Japan), and Siemens (Germany).
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