Market Research Report
Hybrid Train Market - Growth, Trends, and Forecasts (2020 - 2025)
|Published by||Mordor Intelligence Pvt Ltd||Product code||925246|
|Published||Content info||115 Pages
Delivery time: 2-3 business days
|Hybrid Train Market - Growth, Trends, and Forecasts (2020 - 2025)|
|Published: June 1, 2020||Content info: 115 Pages||
The hybrid train market (henceforth referred to as the market studied) is anticipated to register a CAGR of about 6.23% during the forecast period (2020 - 2025).
Electro Diesel Segment Held the Largest Market Share in 2019
In 2019, the Electro Diesel segment held the largest share in the market. Electro diesel railway vehicles, also known as dual-mode or bi-mode, are powered either by an electricity supply (like an electric locomotive) or an onboard diesel engine (like a diesel-electric locomotive).
These railway vehicles are used across all the regions. However, Asia-Pacific and Europe have been identified as the major markets, with several development plans and high deployment units of electro-diesel railway vehicles. Moreover, railway vehicle manufacturers across the world are consistently working on various technologies to further enhance the performance of electro-diesel railway vehicles. For instance:
Owing to such aforementioned developments, the electro diesel railway vehicles may replace their diesel counterparts. These electro diesel trainsets have been successfully generating savings in operation and maintenance costs, which may further drive the market growth during the forecast period.
Asia-Pacific is Likely to Lead the Hybrid Train Market during the Forecast Period
The Hybrid Train market is anticipated to dominated by Asia-Pacific due to several ongoing projects to launch the hybrid trains in the region. Asia-Pacific is also one of the biggest markets for the rail industry and the demand for greener trains is growing in the region. The Asia Pacific comprises emerging economies such as China and India along with developed economies such as Japan. The implementation of new technologies and the establishment of new government regulations are driving this market in this region.
Over the past decade, China experienced large-scale and rapid urban rail transit development. Urban rail transit in China is developing toward a networked structure, intellectualized equipment, diversified systems, and innovative technology in recent years. The trend is shifting toward the adoption of large-capacity subways in the central areas of super cities and megacities, with the adoption of the medium-capacity monorail, inner-city rapid rail transit, and magnetic suspension trains, between central urban areas and remote towns.
In India, the focus to adopt hybrid trains is growing at a rapid pace, owing to the following instances:
Such developments are expected to bolster the market prospects for the hybrid train market in the region during the forecast period.
The hybrid train market is a highly consolidated market with dominant players, like CRRC Corporation Limited, Bombardier Inc., Alstom SA, Siemens, and Hitachi. The major players in the market are making strategies to expand their market share through acquisitions of the leading players in the market. For instance, Alstom's acquisition of Bombardier initiated in 2020 is likely to add to earnings per share within two years and generate as much as EUR 400 million in annual savings for Alstom within five years. CRRC Corporation Limited captured a large chunk of the market share in 2019, owing to its wider market presence not only in China but across other international regions. Europe has been its major market abroad, followed by Asia, Africa, and the Americas. As of 2019, CRRC has so far acquired about 50 orders from more than 20 countries and regions, such as Singapore, Malaysia, Turkey, and South Africa, covering locomotives, metro, and light rail trains, electric multiple units, and engineering maintenance vehicles for subways.