Hybrid Train Market accounted for US$ 5149.1 Units in 2020 and is estimated to be US$ 8187.5 Units by 2029 and is anticipated to register a CAGR of 5.3%.
The report “Hybrid Train Market, By Propulsion Type (Electro Diesel, Battery Operated, Hydrogen, CNG, LNG, and Solar), By Application (Passenger and Freight), By Operating Speed (>100 km/h, 100-200 km/h, and <200 km/h), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Trends, Analysis, and Forecast till 2029”.
• In July 2020, Cummins Inc. announced an agreement to form a joint venture with NPROXX, a leader in hydrogen storage and transportation, for hydrogen storage tanks. The joint venture will continue under the name NPROXX. The joint venture will provide customers with hydrogen and compressed natural gas storage products for both on-highway and rail applications.
• In July 2020, Hitachi Rail and Hyperdrive Innovation signed an exclusive agreement to develop battery packs to power zero-emission trains and create a battery hub in the North East of the UK.
• In March 2020, Siemens Mobility received the first order for battery-powered trains. SFBW ordered 20 Mireo Plus B trains from Siemens Mobility.
Pollution has become a huge problem today and so the government is trying every possible way to control it for which there are various rule and new adaptations worldwide. Old trains caused huge emission causing more pollution due which the governments in several countries has compelled train manufacturers to adopt less pollution-causing trains. This led to the adoption of the ecofriendly hybrid trains, thereby boosting the global hybrid train market.
Metropolitan regions face huge traffic and increased demand for public transport. Government bodies are expected to invest heavily in developing support infrastructure and improving existing infrastructure to accommodate this demand. These investments result in new orders for trains thus, driving the global hybrid train market.
Key Market Insights from the report:
The global hybrid train market accounted for US$ 5149.1 Units in 2020 and is estimated to be US$ 8187.5 Units by 2029 and is anticipated to register a CAGR of 5.3%. The market report has been segmented on the basis of propulsion type, application, operating speed, and region.
• Depending uponpropulsion type, electro diesel segment dominates the global hybrid train market as they are less polluting and cost efficient. For instance, In Poland, during 2018, PKP Cargo, Pesa, and TABOR Institute of Rail Vehicles signed an agreement at InnoTrans to develop an automated electro-diesel locomotive.
• By application, the passenger segment is estimated to have the largest share at the global hybrid train market as the hybrid train offers cost-effective and efficient transportation of passengers as well as freight. Several cities are implementing new rail infrastructure projects to reduce road congestion and provide an affordable means of transportation at an intercity as well as an intra-city level. Increasing urbanization, growing demand for increased connectivity, comfort, reliability, and safety will boost the demand for the passenger segment in this market.
• Depending uponthe operating speed segment, 100-200 km/h segment will be leading the hybrid train market during the forecast period due to the dominance of electro-diesel trains in the hybrid train market having a maximum speed between 100–200 km/h.
• By region, Asia-Pacific dominates the hybrid train market due to several ongoing projects to launch the hybrid trains and the demand for greener trains, implementation of new technologies and the establishment of new government regulations are driving this market in this region.
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The prominent player operating in the global hybris train market includes CRRC, Bombardier, Alstom, Siemens, Wabtec Corporation (Ge Transportation), Hyundai Rotem, Hitachi, Construcciones Y Auxiliar De Ferrocarriles (CAF), Toshiba and Cummins.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.