Hybrid Train Market to Cross $23.9 billion by 2027, At a CAGR of 6.6%
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• 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.
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.
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On the basis of region, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Europe held the dominant share in 2019, and is anticipated to maintain this trend during the forecast period. This is attributed to rise in adoption of hybrid trains from economies such as Germany, France, Spain, and the UK in the region.
In addition, rise in urbanization and rail infrastructure construction activities in European countries is increasing the demand for hybrid trains, which further drives the growth of the hybrid train market during the forecast period. Moreover, increase in government initiatives toward reducing carbon emissions is expected to fuel the market growth from 2020 to 2027.
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.
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