Hybrid Train Market expected to obtain $23.9 billion by 2027

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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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.

On the basis of application, the passenger application segment holds the largest market share of 88.4% with a growth rate of 6.6%, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to the gaining importance of hybrid trains and reducing the traffic and pollution from road transport. Moreover, rise in demand for traveling safely, reliability, connectivity, and rising urbanization are the key factors driving the passenger hybrid train market growth in the coming years.

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The global hybrid train market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include 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, and Wabtec Corporation.

COVID-19 impact on the market

The hybrid train market is anticipated to witness steady growth in 2020, owing to the outbreak of the COVID-19 pandemic. The outbreak has negatively impacted various industries and countries across the globe. However, owing to the lockdown imposed across the globe, there is decrease in the growth rate of industries such as transportation, railway, oil & gas, and energy sectors. In Europe, economies, such as Germany, France, Spain, and Italy, are following stringent measures, such as maintaining social distance and limiting movements, to prevent the spread of coronavirus. Similar such safety measures have been witnessed across the globe, which further impacted the growth of the hybrid train market.

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