New York, Feb. 03, 2020 (GLOBE NEWSWIRE) — The hybrid train market was valued at 5,389 (by units) in 2018 and is expected to reach 8,152 units by the year 2026, at a CAGR of 5.3% CAGR during the forecast period (from 2018-2026). The hybrid train market is heavily influenced by driving factors such as public transport as a means of reducing traffic congestions, growing demand for energy-efficient transport and increasing demand for comfort and safety boosts the market growth. However, the refurbishment of existing trains and the capital-intensive nature of passengers is impacting negatively on the growth of this market in the current market scenario.
A hybrid train can be defined as a railcar, locomotive, or train which uses an onboard rechargeable energy storage system, placed between the traction transmission system and the power source connected to the wheels.
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Hybrid trains are useful owing to the reduction of NOx emission, less fuel consumption, noise level. Due to these advantages, the market is likely to grow over the forecast period. Rising demand for public transport in order to reduce traffic congestion along with energy-efficient transport are major aspects influencing the positive growth of the hybrid trains market. Further, commuters’ demand for public transportation is a more reliable and environmentally friendly option. Also, hybrid train technology is a highly cost-effective substitute for the existing public transits.
The Asia Pacific region is considered to be the quickest developing market for hybrid trains. The Asia Pacific region includes rising economies, for example, India, China, and Japan. The Asia Pacific region is the largest market for the rail business. Infrastructural advancements and industrialization in the developing economies have unlocked new ways, making a few prospects for OEMs. The usage of new advancements and the foundation of new government guidelines are driving the market in this region. The market development in the region can be attributed to the rising demand for the energy-efficient transportation system. China’s rapidly developing economy is boosting the extension of cutting-edge innovation train system to enhance the transport frameworks in the country. India’s increasing population has made it basic for the country to upgrade its basic transportation structure and infrastructure.
However, high maintenance costs and repair expenses may hinder the growth of the market over the forecast period. Nevertheless, hybrid trains are emitting less carbon, and due to which demand is high and is likely to boost the hybrid trains market in the future.
Further key findings from the report suggest
- The Hybrid train offers efficient and cost-effective transportation of passengers as well as freight
- Few cities are deploying new rail infrastructure projects with the aim of and providing an affordable means of transportation and reducing road congestion at an intra-city as well as the intercity level
- By propulsion type, Electro diesel holds a significant share in the market. It consists of a combination of electric power and diesel engine. Electro diesel propulsion is more efficient than the conventional diesel propulsion. Further, diesel-electric propulsion trains are ~40% less polluting than the conventional trains
- By application, the freight segment is anticipated to be the fastest-growing segment of the market.
- Freight transport is a critical pillar of the economy as it is a major transporting medium. It is safer and cheaper than any other mode of transports
- In 2017, the freight transported by rail between the US, Mexico, and Canada held for ~$16 billion. Introducing innovative technologies in freight is also a critical parameter to control carbon emission
- Two luxury trains have been announced for 2017: one is the “TRAIN SUITE ShikiShima” comprising bi-mode vehicles in combination with an overhead contact line and diesel engine from JR East, and another is the “TWILIGHT EXPRESS Mizukaze” which is a diesel battery hybrid vehicle from West Japan Railway Company (JR West).
- Asia Pacific holds the largest share of the market, followed by the European region. Factors such as increasing demand for ecofriendly trains to reduce pollution and the rising demand for energy-efficient trains that use alternative fuel are propelling the growth of the hybrid train market
- In 2018, the world’s first hydrogen-powered train began its operation in Germany. This train was developed by Alstom (French multinational company operating worldwide in rail transport markets)
- Many companies like CRRC, Bombardier, Alstom, Kawasaki Heavy Industries, Siemens AG, General Electric, Hyundai Rotem, Hitachi, Construcciones Y Auxiliar De Ferrocarriles (CAF), Cummins and others are active in the marketplace.
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Segments covered in the report:
For the purpose of this study, Reports and Data have segmented the industry by Propulsion Type, by Application Type, By Operating Speed and by Region:
Hybrid Train Market by Propulsion Type (Revenue, USD Million; 2016–2026)
- Battery Operated
- Solar Powered
Hybrid Train Market by Application Type (Revenue, USD Million; 2016–2026)
Hybrid Train Market by Operating Speed (Revenue, USD Million; 2016–2026)
- Below 100 km/hr
- 100-200 km/hr
- Above 200 km/hr
Regional Outlook (Revenue in USD Billion; 2016–2026)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
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