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Hybrid Train Market to Record 6.7% CAGR Growth Through 2029 | Global Analysis Report
Hybrid Train
Hybrid Train Market Outlook: How is the Market Expected to Grow by 2025?
The market size for hybrid trains has seen a steady increase in recent times. Its expansion is anticipated to progress from $18.52 billion in 2024 to around $19.63 billion in 2025, boasting a compound annual growth rate (CAGR) of 6.0%. Previously observed growth factors include environmental regulations, increasing fuel expenses, government schemes and incentives, increasing urbanization and traffic congestion, along with innovations in the rail industry.
Hybrid Train Market Forecast: What Size Will It Reach By 2029?
The market size for hybrid trains is projected to experience significant expansion in the impending years, escalating to $25.43 billion by 2029 with a 6.7% compound annual growth rate (CAGR). The anticipated growth during this forecast period can be linked to the competitive market environment, increased public consciousness and perception, global market growth, emphasis on innovation and research & development, along with demonstration and pilot projects. The primary trends throughout this forecasted period encompass transport electrification, regulation about the environment and emission reduction, integration of hydrogen fuel cells, the development of smart and linked railway systems, and the prioritisation of energy efficiency.
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Which Key Market Drivers Will Shape Hybrid Train Industry Trends in 2025-2029?
The hybrid train market is likely going to be propelled by the intensifying emphasis on decreasing emissions from railway systems. Global governments and relevant parties are concentrating on lowering carbon emissions and overall pollution from the transportation sector. Hybrid trains offer a solution to this by reducing fuel usage, thus contributing to environmental and economic benefits. For example, Indian Railways has a significant emphasis on electrifying their entire rail system by December 2023. Full electrification of Indian Railways is a target for the financial year 2024, with plans to increase sourcing of renewable energy to power their traction network and lower energy use. Therefore, the increasing emphasis on curbing emissions from railways is expected to fuel the hybrid train market.
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What Are the High-Growth Segments in the Hybrid Train Market?
The hybrid train market covered in this report is segmented -
1) By Propulsion: Electro-Diesel, Battery Operated, Hydrogen Powered, Gas Powered, Solar Powered
2) By Operational Speed: Below 100 km/h, 100-200 km/h, Above 200 km/h
3) By Application: Freight, Passenger
Subsegments:
1) By Electro-Diesel: Dual-Mode Electro-Diesel Trains, Diesel-Electric Locomotives, Battery Operated
2) By Battery Operated: Rechargeable Battery Trains, Hybrid Battery-Diesel Trains
3) By Hydrogen Powered: Hydrogen Fuel Cell Trains, Hydrogen Internal Combustion Engine Trains
4) By Gas Powered: Compressed Natural Gas (CNG) Trains, Liquefied Natural Gas (LNG) Trains
5) By Solar Powered: Solar Panel Integrated Trains, Hybrid Solar-Diesel Trains
Which Global Trends Are Driving Hybrid Train Market Expansion?
An emerging trend catching attention in the hybrid train market is the production of battery-run trains. These trains are an eco-friendly mode of transport. Considering the anticipated reduction in lithium-ion battery prices in the following years, these battery-driven trains are expected to be a viable and cost-effective solution for the rail industry. For example, in May 2022, the West Central Railway in India engineered a battery-operated dual-mode engine. This engine functions on both energy sources (battery and electricity) and is capable of towing 18 coaches at a 30 kmph speed. The utilization of this battery-powered locomotive will result in a daily diesel saving of 1,000 liters.
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Who Are the Fastest-Growing Companies in the Hybrid Train Industry?
Major companies operating in the hybrid train market are CRRC Corporation Limited, Alstom SA, Siemens AG, Wabtec Corporation, Hyundai Rotem Company, Stadler Rail AG, Hitachi Ltd., Ballard Power Systems Inc., Construcciones y Auxiliar de Ferrocarriles SA, The Kinki Sharyo Co. Ltd., Toshiba Infrastructure Systems & Solutions Corporation, Vivarail Ltd., Thales Group, Kawasaki Heavy Industries Ltd., Cummins Inc., ABB Ltd., Voith GmbH & Co. KGaA, Mitsubishi Heavy Industries Ltd., Vossloh AG, Škoda Transportation AS, Newag S.A., PESA Bydgoszcz S.A., Stäubli Electrical Connectors AG, Prodrive Technologies B.V., TMH International AG, ZF Friedrichshafen AG, Faiveley Transport S.A., Knorr-Bremse AG, Akiem Group S.A., Talgo S.A.
What Is the Regional Outlook for the Hybrid Train Market by 2029?
Europe was the largest region in the hybrid train market share in 2024. The regions covered in the hybrid train market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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