The Hybrid Train Market Size was valued at USD 21.9 billion in 2023 and is expected to reach USD 38.48 billion by 2031 and grow at a CAGR of 7.3% over the forecast period 2024-2031.
A locomotive, railcar, or train that uses an onboard rechargeable energy storage device is known as a hybrid train (RESS). This system is connected to the wheels and sits between the power source and the traction transmission system. Hybrid Trains are environmentally friendly, dependable, emission-free, and efficient trains that are judged suitable for the world's long-term development. The traction motors are used as generators to absorb a considerable portion of the train's energy, but because there is no means to store the generated electricity, it is simply discharged into the atmosphere as heat using enormous rooftop resistor banks and cooling fans. Regenerative braking and additional energy created during acceleration are stored in energy storage devices such as batteries, supercapacitors, and flywheels.
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During the projection period, scarcity of natural resources and growing fuel prices would likely shift the focus away from diesel trains and increase demand for hybrid trains. Also, on the demand side, train operators, freight firms, and government agencies are increasingly favoring trains that are both efficient and environmentally benign.
KEY DRIVERS:
Hybrid trains are more cost-effective and reliable modes of transportation.
Demand for more energy-efficient and eco-friendly railway operations is increasing.
RESTRAINTS:
A hybrid rail system has a higher infrastructure cost than a diesel-powered rail system.
Hybrid railway technologies have high development costs and difficulties.
OPPORTUNITIES:
R&D on technology to improve the efficiency of rail transportation systems is likely to open up prospects for market leaders.
Increase in government programs aimed at lowering pollution.
CHALLENGES:
Impact of Covid-19 on overall public transportation demand.
Due to decreasing train operations, demand for trains is predicted to decline.
The adoption of COVID-19 is expected to have a significant impact on the hybrid train sector. As the entire ecosystem has been disrupted, both the production and sales of new rail vehicles have come to a halt around the world. OEMs had to wait for lockdowns to be removed before they could begin production, which had a negative impact on their business. People would avoid public transportation after the pandemic, preferring private vehicles to escape crowds, hence the demand for new trains will be much lower. The railway sector is capital-intensive and requires constant funding to stay in business. As a result, the production halt during the pandemic and subsequent lower demand will have an extraordinary impact on hybrid train providers.
The global market is divided into Electro-Diesel, Hydrogen-Powered, Battery Operated, Gas Powered, and Solar Powered. Due to increased demand for electro-diesel trains from the joint electrified and non-electrified trains in the railway industry around the world, the on-grid segment held the biggest market share by propulsion type in 2023. Electro-diesel locomotives provide advantages such as reliability, sustainability, and reduced dangerous material emissions, among others.
According to the operating speed, the global market is divided into Less than 100 km/hr, 100-200 km/hr, and more than 200 km/hr. Due to increased demand for electro-diesel trains, which typically operate at speeds of 100-200 km/hr, the 100-200 km/hr sector held the greatest market share in 2023. Other propulsion systems, including as hydrogen fuel cell-powered, and battery-powered developed with maximum speeds in the region of 100-200 km/hr.
Based on the application segment, the global market has been divided into passenger and freight. Due to the increasing relevance of hybrid trains and the reduction of traffic and pollution from road transport, the passenger sector dominated the global market in terms of share in 2023.
By Propulsion:
Electro-Diesel
Hydrogen-Powered
Battery Operated
Gas Powered
Solar Powered
By Operating Speed:
Less than 100 km/hr
100-200 km/hr
More than 200 km/hr
By Application:
Passenger
Freight
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Due to multiple active initiatives to introduce hybrid trains in the region, Asia-Pacific is expected to dominate the hybrid train market. Asia-Pacific is also one of the largest rail markets, with a growing need for environmentally friendly trains. Emerging economies like China and India, as well as developed economies like Japan, make up the Asia Pacific region. This market in this region is being driven by the introduction of new technologies and the establishment of new government regulations.
In terms of revenue, Europe led the hybrid train market in 2019, and this dominance is expected to continue throughout the forecast period. This is due to the increased adoption of hybrid trains in the region by economies such as Germany, France, Spain, and the United Kingdom. Furthermore, as urbanization and rail infrastructure construction activities increase in European countries, demand for hybrid trains grows, propelling the hybrid train market forward during the forecast period.
REGIONAL COVERAGE:
North America
The USA
Canada
Mexico
Europe
Germany
The UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Kawasaki Heavy Industries, CRRC, Alstom, General Electric, Hyundai Rotem, Bombardier, Construcciones Y Auxiliar De Ferrocarriles (CAF), Wabtec Corporation, Siemens, Hitachi, and Toshiba are some of the affluent competitors with significant market share in the Hybrid Train Market.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 21.9 Billion |
| Market Size by 2031 | US$ 38.48 Billion |
| CAGR | CAGR of 5.8% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments |
• by Propulsion (Electro-Diesel, Hydrogen-Powered, Battery Operated, Gas Powered, Solar Powered) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Kawasaki Heavy Industries, CRRC, Alstom, General Electric, Hyundai Rotem, Bombardier, Construcciones Y Auxiliar De Ferrocarriles (CAF), Wabtec Corporation, Siemens, Hitachi, and Toshiba |
| Key Drivers | •Hybrid trains are more cost-effective and reliable modes of transportation. •Demand for more energy-efficient and eco-friendly railway operations is increasing. |
| RESTRAINTS | •A hybrid rail system has a higher infrastructure cost than a diesel-powered rail system. •Hybrid railway technologies have high development costs and difficulties. |
Hybrid Train Market Size was valued at USD 21.9 billion in 2023.
The forecast period of the Hybrid Train Market is 2024-2031.
The major players in the market are Kawasaki Heavy Industries, CRRC, Alstom, General Electric, Hyundai Rotem, Bombardier, Construcciones Y Auxiliar De Ferrocarriles (CAF), Wabtec Corporation, Siemens, Hitachi, and others in the final report.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Hybrid Train Market Segmentation, by Propulsion
8.1 Electro-Diesel
8.2 Hydrogen-Powered
8.3 Battery Operated
8.4 Gas Powered
8.5 Solar Powered
9. Global Hybrid Train Market Segmentation, by Operating Speed
9.1 Less than 100 km/hr
9.2 100-200 km/hr
9.3 More than 200 km/hr
10. Global Hybrid Train Market Segmentation, by Application
10.1 Passenger
10.2 Freight
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 the USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 the UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Siemens,
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Kawasaki Heavy Industries
12.3 CRRC
12.4 Alstom
12.5 General Electric
12.6 Hyundai Rotem
12.7 Bombardier
12.8 Construcciones Y Auxiliar De Ferrocarriles (CAF)
12.9 Wabtec Corporation
12.10 Hitachi
12.11 Toshiba
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
14. Conclusion
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