BANGALORE, India, March 10, 2021 /PRNewswire/ -- Hybrid Train Market is Segmented by Propulsion Type (Electro-Diesel, Battery Operated, Hydrogen Powered, Gas Powered, and Solar Powered), Application (Passenger and Freight), and Operating Speed (Less than 100 km/hr, 100-200 km/hr, and More than 200 km/hr): Global Opportunity Analysis and Industry Forecast, 2020–2027. This report is published on Valuates Reports in the Energy & Utilities Category.
The global hybrid train market size was valued at USD 16.2 Billion in 2019 and is projected to reach USD 23.9 Billion by 2027, growing at a CAGR of 6.6% from 2020 to 2027.
Major factors driving the growth of hybrid train market size are high gas prices, traffic congestion, and the rising need to curb greenhouse gas emissions.
Growing demand for energy-efficient and less polluting train operations is expected to drive the growth of hybrid train market size. Governments in many countries are enforcing stricter emission standards, forcing train manufacturers to develop trains that are less polluting.
The cost-efficiency of the hybrid train is expected to increase the growth of the hybrid train market size. Several freight companies have shown interest in hybrid trains in order to reduce running costs by eliminating fuel and maintenance costs. In the freight sector, the total cost of ownership (TCO) has a major impact on profit margins. When traveling long distances with traditional diesel trains, fuel costs are high. The use of electrified, fuel cell, CNG, and LNG hybrid trains, on the other hand, reduces these costs.
With the rising population, the existing rail transportation infrastructure in urban areas is proving inadequate. Hence, the Hybrid train market size is expected to as existing rail infrastructure networks expand.
However, the recent COVID-19 pandemic is expected to have a severe impact on the hybrid train market. OEMs had to wait for the lockdowns to be removed before they could restart production, which is expected to negatively impact the Hybrid train market size. However, the market is expected to recover later this year or in the first quarter of 2021.
By propulsion type, the Electro-Diesel segment is projected as the most lucrative segment in the hybrid train market. In addition, electro-diesel locomotives offer benefits, including reliability, sustainability, reduction of emissions of harmful substances, and others. These features are expected to increase the demand for an electro-diesel hybrid train in the coming years.
Due to an increase in demand for electro-diesel trains, which typically have an operating speed of 100-200 km/hr, the 100-200 km/hr segment held the largest market share in 2019.
On the basis of application, the passenger segment dominated the global market in 2019, taking into account the increasing importance of hybrid trains and the reduction of road traffic and pollution. In addition, increased demand for safe travel, reliability, connectivity, and rising urbanization are key factors driving the growth of the hybrid passenger train market in the coming years.
In terms of sales, Europe led the hybrid train market in 2019, and this dominance is expected to continue during the forecast era. This is due to the increased adoption of hybrid trains in the area 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 growth of hybrid train market size.
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