Europe Hybrid and Battery-Powered Train Market is expected to reach US$ 7,176.71 million by 2028
Rise in Demand for Energy-Efficient Transportation Boosts Hybrid and Battery-Powered Train Market Growth
According to our latest study on “Europe Hybrid and Battery-Powered Train Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Propulsion Type and Charging System Type,” the market is projected to grow from US$ 4,462.08 million in 2022 to US$ 7,176.71 million by 2028; it is expected to record a CAGR of 8.6% from 2023 to 2028.
Hybrid trains utilize an energy-saving combination of alternative fuel sources, such as hydrogen fuel cells, CNG, LNG, and electric batteries. This energy-saving combination also helps reduce environmental pollution significantly. A battery-powered train offers more flexibility, requiring no expensive infrastructure such as a third rail or overhead line. Such flexibility offered by battery-powered trains allows them to be integrated into a non-electrified rail track. Thus, hybrid and battery-powered trains can provide higher fuel efficiency and reduced operational costs compared to other trains. As hybrid trains help reduce carbon footprints, their demand is increasing in Europe. Moreover, they help attain climate-neutral initiatives of the government and various organizations. For instance, in January 2022, Alstom, a French manufacturer, and Deutsche Bahn—a German railway company—announced their plan to start the first battery-powered passenger train in Germany. This agreement has been a major step toward Deutsche Bahn's goal of becoming climate-neutral by 2040. Various other European countries are also focusing on reducing environmental pollution through sustainable and efficient transportation. In June 2022, the European Commission planned to invest in 135 transport infrastructures under the Connecting Europe Facility (CEF). Thus, the rising trend of government investments toward clean transportation is expected to fuel Europe hybrid and battery-powered train market growth in the coming years.
To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/sample/TIPRE00029870 The Europe hybrid and battery-powered train market is segmented based on propulsion type, charging system type, and geography. Based on propulsion type, the Europe hybrid and battery-powered train market is segmented into hybrid, battery-powered, and fuel cell. Based on charging system type, the Europe hybrid and battery-powered train market is segmented into pantograph, auxiliary diesel engine, and dock-in. By geography, the Europe hybrid and battery-powered train market is segmented into Germany, France, Italy, Spain, the UK, Poland, Austria, Slovenia, Bulgaria, Hungary, Romania, Greece, Serbia, Scandinavia, Croatia, and the Rest of Europe.
Impact of COVID-19 Pandemic on Europe Hybrid and Battery-Powered Train Market Growth
The COVID-19 pandemic severely impacted European industries. Lockdowns imposed by the governments resulted in the shutdown of several manufacturing industries. The industrial manufacturing sector has an immense impact on the entire European economy. Industrial groups weakened by the COVID-19 pandemic were under pressure to divest unprofitable business units and operations. This led to a drastic decline in production across the manufacturing plants, severely affecting the region's hybrid and battery-powered train market growth. According to Eurostat, Europe experienced a 7% fall in industrial production in 2020. The railways witnessed a sharp drop in demand for rail transport services owing to lower cargo transportation from manufacturing businesses, leading to lower revenue generation. Additionally, railway connectivity expansion plans were put on hold, causing Europe hybrid and battery-powered train market players to witness a significant drop in order intake. Hence, the pandemic had an adverse impact on the Europe hybrid and battery-powered train market.
Alstom SA, Westinghouse Air Brake Technologies Corp, Construcciones y Auxiliar de Ferrocarriles SA, Kon?ar Electrical Industry Inc, Hitachi Rail STS SpA, Hyundai Rotem Co, Siemens Mobility GmbH, CRRC Corp Ltd, Toshiba Infrastructure Systems and Solutions Corporation, and Stadler Rail AG are among the key Europe hybrid and battery-powered train market players operating.
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