The global train battery market size is projected to reach USD 255 million by 2030, from an estimated value of USD 143 million in 2020, at a CAGR of 5.9%
Rapid increase in urbanization and government initiatives for rail network expansion is the significant factor for growth of the train battery market globally
NEW YORK, Sept. 21, 2020 /PRNewswire/ --
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The global train battery market size is projected to reach USD 255 million by 2030, from an estimated value of USD 143 million in 2020, at a CAGR of 5.9%.
The growth is influenced by factors such as rapid urbanization in emerging countries and advanced economies is considered to be one of the largest drivers of infrastructure spending over the next few decades, which is expected to bolster the demand of rail expansion. The incorporation of these developments in urban rail infrastructure is expected to lead to the demand for energy storage systems and hence is expected to propel the demand for train batteries during the forecast period.
Sinter Plate segment is expected to grow at the fastest CAGR by 2030, owing to enhanced high power density and less maintenance cost than lead acid batteries, which presents considerable growth opportunities for battery manufacturers
The sintered plate battery performs better than other batteries at variable load and temperatures.The sintered plate nickel cadmium battery requires lower maintenance than other batteries and is highly reliable.
Sintered plate nickel cadmium batteries are used for high power discharge applications such as aircraft turbine engines, diesel locomotives, etc.These batteries are used in DMUs and diesel locomotives to start engines and for the auxiliary functions of the trains because they have 50% higher energy density than pocket plate nickel cadmium batteries.
Also, sinter nickel cadmium batteries are more stable at higher temperatures than lead acid batteries.The sinter/PNE nickel cadmium battery is projected to dominate the market in the Asia Pacific owing to its high energy density which makes it ideal for starting engines.
Since the Asia Pacific has a significant share of diesel locomotives, the demand for the sinter/PNE nickel cadmium battery is expected to grow during the forecast period.
Lithium ion battery segment is expected to be the fastest growing segment throughout the forecast period owing to high density and maintenance free
Li-Ion batteries offer various advantages over other battery types such as maintenance-free, battery health tracking, high energy density, lighter in weight, and compact in design.Developed countries are expected to increase their adoption of Lithium-Ion batteries in rail transport faster compared to emerging countries because of the regulations and the higher costs associated with adopting Lithium-Ion batteries.
Also, Lithium-Ion batteries are best suited for high-speed trains and China being the largest market for high-speed trains, the demand for Lithium-Ion batteries in the region is projected to grow during the forecast period.
Asia Pacific market is expected to hold the largest market share by 2030
The rolling stock power conversion systems industry in the Asia-Pacific has witnessed year-on-year growth.The region is the leading producer of rolling stock across the globe and is expected to retain this position during the forecast period as it has the largest rail network, rapid urban developments, and government initiatives towards the development of energy-efficient transportation.
Additionally, Asian countries such as China is planning to extend the network to 45,000 km by 2030.High-speed trains, suburban trains, and urban transit trains are majorly run in China, which is expected to make the country the leading market for railway batteries.
Furthermore, several developments are being undertaken in Indian railways, and fixed a target for the electrification of 7,000 RKM for the year 2020-21.Moreover, the Indian railways target at 100% electrification of routes by 2024.
This offers significant opportunities for train battery manufacturers in the coming future.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and strategy directors, and executives from various key organizations operating in this market.
• By Company Type: OEM – 30%, Tier I - 60%, Tier II - 10%
• By Designation: C Level - 40%, and Others – 60%
• By Region: Asia Pacific - 50%, Europe - 30%, North America and ROW - 20%
EnerSys (US), Exide Industries (India), Saft (France), Amara Raja Batteries (India), and GS Yuasa Corporation (Japan) are the leading manufacturers of train batteries in the global market.
Research Coverage:
The study segments the train battery market and forecasts the market size based on Battery type (Lead Acid, Nickel Cadmium, Lithium ion), Battery Technology (Conventional Lead Acid Battery, Valve Regulated Lead Acid Battery, Gel Tubular Lead Acid Battery, Sinter/PNE Ni-Cd Battery, Pocket Plate Ni-Cd Battery, Fiber/PNE Ni-Cd Battery, Lithium Ion Battery), By Rolling Stock (Diesel Locomotives, DMUs, Electric Locomotives, EMUs, Metros, High-speed Trains, Light Trains/Trams/ Monorails, Passenger Coaches), By Application (Starter Battery, Auxiliary Battery (HVAC, Doors, Infotainment)), By Advance Train (Autonomous Trains, Hybrid Locomotives, Fully Battery Operated Trains) and region (Asia Pacific, Europe, North America and Rest of the World).
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall train battery market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
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