CHICAGO, Sept. 4, 2020 /PRNewswire/ -- According to the new market research report "Hybrid Train Market by Propulsion Type (Electro Diesel, Battery Operated, Hydrogen, CNG, LNG, and Solar), Application (Passenger and Freight), Operating Speed (>100 km/h, 100-200 km/h, <200 km/h), Battery Technology, and Region - Global Forecast to 2030", published by MarketsandMarkets™, the Hybrid Train Market size is projected to grow from 4,904 units in 2020 to reach 8,389 units by 2030, at a CAGR of 5.5%.
The growth of the Hybrid Train Market can be attributed to the Factors such as high gasoline prices, traffic congestion, and greenhouse gas emissions have compelled railway OEMs to explore beyond the use of conventional propulsion systems in trains.
Browse in-depth TOC on "Hybrid Train Market"
100 – Tables
56 – Figures
194 – Pages
OEMs are working toward developing hybrid trains that use or combine alternative fuel sources, such as hydrogen fuel cells, electric batteries, CNG, LNG, and solar energy, to meet the required efficiency and emission standards. The market has promising growth potential due to several factors, including the improving railway infrastructure, supporting legislation, increasing demand for efficient trains in freight as well as passenger segment, and rising trend of alternative fuel-powered propulsion systems.
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Asia Oceania is expected to be the largest market in the forecast
Asia Oceania is estimated to be the largest market in 2020. Market growth in Asia Oceania can be attributed to the vital role played by hybrid trains in commuting, given the increasing urbanization and the need for improved connectivity in the region. China is the key reason Asia Oceania is leading the Hybrid Train Market. China tested its first diesel hybrid train way back in 2016 and has been investing heavily in the development of hybrid trains and related infrastructure since then. China and India have several numbers of electro-diesel trains running as passenger trains, which is driving the Asia Oceania market for hybrid trains. As Asia Oceania is home to many major players such as CRRC, Hyundai Rotem, and Toshiba, the region is leading the global Hybrid Train Market.
North America is expected to be the fastest-growing market during the forecast
The North American Hybrid Train Market is expected to be the fastest. The region is home to Bombardier, Wabtec, and Cummins, which are among the major players in the Hybrid Train Market. The growth in the region can be attributed to the increasing demand for hybrid trains in freight transportation. For instance, BNSF and Wabtec are getting ready to test their much-awaited 4,400 HP battery-electric locomotive, which has been under development since 2018. The testing is expected to begin in the last quarter of 2020. It is the first hybrid locomotive test for BNSF as its main-line freight transport. Also, in November 2019, San Bernardino County Transportation Authority (SBCTA), US, awarded a contract of a hydrogen-powered train to Stadler. It is the first hydrogen train contract in the country, and the train is expected to commence operations by 2024.
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The electro-diesel segment is expected to be the largest propulsion segment in the forecast
The electro-diesel segment is projected to be the largest during the forecast period. These trains are the most popular, and OEMs have been offering hybrid propulsion technologies incorporated with these diesel trains for a while now. This type of propulsion is more efficient than diesel locomotives as electro-diesel propulsion is efficient and 40% less polluting than conventional ones. They offer the optimum performance of conventional diesel as well as get power from the overhead wires or battery whenever necessary. As of 2020, many OEMs such as CRRC, Bombardier, Siemens, and Hyundai Rotem offer such electro-diesel trains.
The Hybrid Train Market is dominated by established players such as CRRC (China), Bombardier (Canada), Alstom (France), Siemens (Germany), Wabtec Corporation (US), Hyundai Rotem (South Korea), Toshiba (Japan), and Stadler (Switzerland).
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