Benefits of hybrid trains, increase in awareness, and strict government regulations regarding environmental pollutions have boosted the growth of the global hybrid train market. The market across Asia-Pacific is estimated to manifest the highest CAGR of 6.8% during the forecast period. Moreover, governments banned transportation through public transports such as trains to curb the spread of coronavirus, which hampered the demand for hybrid trains.
Portland, OR, March 01, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global hybrid train market was pegged at $16.2 billion in 2019, and is projected to reach $23.9 billion by 2027, growing at a CAGR of 6.6% from 2020 to 2027.
Benefits of hybrid trains, increase in awareness, and strict government regulations regarding environmental pollutions have boosted the growth of the global hybrid train market. However, rise in cost regarding development of hybrid trains and their infrastructure hampers the market growth. On the contrary, supportive government initiatives and surge in investments in alternative fuel-powered hybrid trains offer lucrative opportunities for the market players.
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Due to the Covid-19 outbreak, several countries imposed lockdown across the country and imposed a ban on import-export and transport activities. This disrupted the supply chain and manufacturing activities.
Moreover, governments banned transportation through public transports such as trains to curb the spread of coronavirus. Thus, the implementation of hybrid trains decreased during the lockdown.
Several investors held the investments back due to economic uncertainty that occurred during the unprecedented times. However, the investments would be made post-pandemic as the industry recovers gradually.
The global hybrid train market is segmented on the basis of propulsion type, application, operating speed, and region. Based on propulsion type, the market is divided into electro-diesel, battery-operated, hydrogen-powered, gas-powered, and solar-powered. The battery-operated segment is expected to register the highest CAGR of 6.9% during the forecast period. However, the electro-diesel segment held the largest share in 2019, accounting for nearly half of the market.
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Based on application, the market is classified into passenger and freight. The passenger segment is projected to portray the highest CAGR of 6.6% during the forecast period. In addition, the segment held the lion’s share in 2019, contributing to nearly 90% of the market.
The global hybrid train market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is estimated to manifest the highest CAGR of 6.8% during the forecast period. However, the market across Europe held the largest share in 2019, accounting for nearly two-fifths of the market.
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The global hybrid train market report includes an in-depth analysis of the major market players including Alstom SA, Ballard Power Systems, Inc., Bombardier, Inc., China Railway Rolling Stock Corporation (CRRC), Hyundai Rotem Company, Kawasaki Heavy Industries, Ltd., Siemens AG, Stadler Rail AG, Toshiba Corporation, and Wabtec Corporation.
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