Global Train Battery Market Size to Cross USD 1.1 Billion by 2028
Train battery market size is flourishing owing to a spurring demand for electric and hybrid trains, governments’ initiatives to encourage the use of electric vehicles, and an increasing focus on curbing environmental pollution.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimates global train battery market size at USD 552.96 million in 2021. During the forecast period between 2022 and 2028, BlueWeave expects global train battery marketsize to grow at a significant CAGR of 10.8% reaching a value of USD 1,102.54 million by 2028. An increasing demand for energy-efficient transportation systems, high-speed trains, and luxury trains will all increase in tandem with urbanization. It is also expected that the introduction of high-speed trains in developing countries will create more opportunities for the global train battery market's growth through the creation of hybrid rail systems and important developments in autonomous trains.
Global Train Battery Market – Overview
A device that gives a train electricity is called a train battery. It is significant, as it enables the train to run independently of an external power source. When compared to conventional train engines that burn fuel, storage-based batteries have several advantages, including high energy efficiency, low maintenance costs, fewer labor requirements, and faster passenger mobility. A train battery is used to power the coaches when the train is standing still or moving slowly. This also refers to the coaches' DC power. Diesel engines were once used to power trains, but due to their high maintenance costs, they were not thought to be cost-effective. The autonomous train accounted for a significant market share in 2021, making it the market's largest application segment. The onboard electronics of the autonomous trains are powered by lithium-ion batteries, which gives them their autonomy. These trains can travel at a top speed of 160 km/h and are used in suburban areas or on short-distance routes where they eliminate the need for human effort, which has increased the use of such systems in many different nations around the world. Another profitable segment that is expected to grow significantly over the forecast period is hybrid trains, which are in high demand from various industries, including mining.
During the forecast period, the global market for electric vehicles is expected to grow at a CAGR of more than 14%. This will increase demand for batteries, which will fuel the growth of the train battery market. During the forecast period, the development of new and advanced technologies is expected to fuel the growth of the train battery market. For example, lithium-ion batteries are increasingly being used in trains because they have a higher energy density and better safety features than other types of batteries on the market. Governments in many different nations are enacting strict regulations about emissions from the transportation sector, which is encouraging investments in clean transportation technologies like electric cars and hybrid buses and trucks. Over the ensuing few years, this is likely to present opportunities for market participants in train batteries.
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Opportunity: Government initiatives to upgrade rail system and accelerated rate of urbanization
One of the major factors influencing infrastructure spending over the next few decades will be rapid urbanization in developed and developing markets, and it is anticipated that this trend will increase demand for rail expansion. The adoption of these innovations into urban rail infrastructure is expected to raise demand for energy storage devices, and consequently, train batteries, throughout the forecast period.
Challenge: High operating and capital costs for high-speed rail network
Many emerging economies, including Mexico and Indonesia, have struggled to implement high-speed rail networks due to high infrastructure costs and budgetary constraints. The contractors for the California bullet train proposed cost increases of at least another billion dollars in October 2021. The financial situation of the $100 billion project is becoming more precarious due to ongoing cost increases and the likelihood of similar issues arising in the coming years. Malaysia paid nearly USD 76.30 million to Singapore in March 2021 to settle the cancellation of the Kuala Lumpur-Singapore High-Speed Rail (HSR) project between the two countries. The high cost of infrastructure is therefore expected to restrict the growth of the high-speed train network in emerging economies, which will affect the demand for train batteries.
Impact of COVID-19 on Global Train Battery Market
Due to the COVID-19 pandemic's unprecedented detrimental effect on rail transportation, which resulted in fewer rolling stock operations, train battery manufacturers suffered losses. By 2022, businesses had resumed production with lower capacity utilization, and production will likely to be adjusted in response to the demand. Manufacturers of train batteries are encountering disruptions in their supply chains, as major countries, such as China, are still in a state of lockdown to stop the disease's spread.
Global Train Battery Market – By Battery type
The lead acid battery, nickel-cadmium battery, and lithium-ion battery segments make up the global train battery market by battery type. Lithium-ion batteries are anticipated to grow at the fastest rate during the entire forecast period due to their high density and minimal maintenance requirements. Due to advantages like maintenance-free operation, the ability to incorporate battery health tracking, high energy density, lighter weight, and compact design, lithium-ion batteries are anticipated to have the fastest growth rate. Developed countries are anticipated to adopt lithium-ion batteries in rail transport more quickly than emerging nations due to the regulations and higher costs associated with doing so. Since China is the biggest market for high-speed trains and lithium-ion batteries are best suited for them, demand for them in the region is anticipated to rise throughout the forecast period.
Global train battery market is fiercely competitive. Prominent players in global train battery market includeEnersys, Exide Industries Ltd, Saft, Amara Raja Group, GS Yuasa International Ltd., AEG Power Solutions, East Penn Manufacturing Company, First National Battery, Furukawa Electric Co., Ltd, Hitachi Rail Limited, HOPPECKE Batteries GmbH & Co. KG, Hunan Fengri Power Electric Co., Ltd., Power & Industrial Battery Systems GmbH, SEC Battery, Microtex Energy Private Limited, Toshiba Corporation, BorgWarner Inc., DMS technologies, Shield Batteries Limited, and Leclanché SA. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in global train battery market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Train Battery market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Train Battery market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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