Overview and Scope
Hybrid trains refer to trains that use an energy-saving combination of a conventional diesel engine and an electric drive system. These trains use a combination of fuels, with electricity serving as the primary fixed fuel. A hybrid train is primarily used for the transportation of passengers and cargo.
Sizing and Forecast
The hybrid train market size has grown strongly in recent years. It will grow from $17.24 billion in 2023 to $18.52 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to environmental regulations, rising fuel costs, government initiatives and incentives, urbanization and congestion, rail industry innovation.
The hybrid train market size is expected to see strong growth in the next few years. It will grow to $24.41 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to competitive landscape, public awareness and perception, global market expansion, focus on innovation and r&d, demonstration projects and pilot programs. Major trends in the forecast period include electrification of transport, environmental regulations and emission reduction, hydrogen fuel cell integration, smart and connected railways, focus on energy efficiency.
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Segmentation & Regional Insights
The hybrid train market covered in this report is segmented –
1) By Propulsion: Electro-Diesel, Battery Operated, Hydrogen Powered, Gas Powered, Solar Powered
2) By Operational Speed: Below 100 km/h, 100-200 km/h, Above 200 km/h
3) By Application: Freight, Passenger
Europe was the largest region in the hybrid train market share in 2023. The regions covered in the hybrid train market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing focus on reducing emissions from railways is expected to drive the hybrid train market. Governments and stakeholders across the world are focusing on reducing carbon footprints and overall emissions from transportation. Hybrid trains achieve reduced fuel consumption, which provides environmental benefits and economic savings. For instance, the Indian Railways is significantly focusing on electrifying the entire rail network by December 2023, with complete electrification of the Indian Railways targeted by the financial year 2024 by increasing its sourcing of renewable energy to electrify the traction network and reduce energy consumption. Hence, the growing focus on reducing emissions from railroads will drive the market.
Key Industry Players
Major companies operating in the hybrid train market report are CRRC Corporation Limited, Alstom SA, Siemens AG, Wabtec Corporation, Hyundai Rotem Company, Bombardier Inc., Stadler Rail AG, Hitachi Ltd., Ballard Power Systems Inc., Construcciones y Auxiliar de Ferrocarriles SA, Rolls-Royce Holdings plc, The Kinki Sharyo Co. Ltd., Toshiba Infrastructure Systems & Solutions Corporation, Vivarail Ltd., Thales Group, Kawasaki Heavy Industries Ltd., Cummins Inc., ABB Ltd., General Electric Company, Caterpillar Inc., Voith GmbH & Co. KGaA, Mitsubishi Heavy Industries Ltd., Vossloh AG, Škoda Transportation AS, Newag S.A., PESA Bydgoszcz S.A., Stäubli Electrical Connectors AG, Prodrive Technologies B.V., TMH International AG, ZF Friedrichshafen AG, Faiveley Transport S.A., Knorr-Bremse AG, Akiem Group S.A., Talgo S.A.
The hybrid train market report table of contents includes:
- Executive Summary
- Hybrid Train Market Characteristics
- Hybrid Train Market Trends And Strategies
- Hybrid Train Market – Macro Economic Scenario
- Global Hybrid Train Market Size and Growth
- Hybrid Train Market Segmentation
- Hybrid Train Market Regional And Country Analysis
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- Key Mergers And Acquisitions In The Hybrid Train Market
- Hybrid Train Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Hybrid Train Market, Segmentation By Propulsion, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Hybrid Train Market, Segmentation By Operational Speed, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Hybrid Train Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
……………..
Table 74: CRRC Corporation Limited Financial Performance
Table 75: Alstom SA Financial Performance
Table 76: Siemens AG Financial Performance
Table 77: Wabtec Corporation Financial Performance
Table 78: Hyundai Rotem Company Financial Performance
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