USD 505.7 million
Train Battery Market Size, Share, Growth Analysis, By Battery Type(Lead Acid, Nickel Cadmium, and Lithium Ion), By Application(Starter Battery, and Auxiliary Battery), By Rolling Stock Type(Locomotive, Metro, Monorail, Tram), By Train Type(Hybrid, Battery Operated, and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20E2086 |
Region:
Global |
Published Date: April, 2024
Pages:
200
|Tables:
119
|Figures:
74
Train Battery Market Insights
Global Train Battery Market size was valued at USD 505.7 million in 2022 and is poised to grow from USD 529.47 million in 2023 to USD 764.56 million by 2031, growing at a CAGR of 4.7% in the forecast period (2024-2031).
Train battery refers to batteries used in trains for various applications ranging from lighting to propulsion. Increasing investments in the electrification of railways around the world are forecasted to boost the sales of train batteries over the coming years. Growing demand for high-speed trains and increasing use of motors in trains for propulsion are also estimated to promote the adoption of train batteries in the long run. Launch of new government initiatives and funding to support the electrification of trains will also help train battery market development going forward. On the contrary, limited energy density and range offered by train batteries is estimated to hamper train battery sales outlook over the coming years. Advancements in battery technology could open new money-making opportunities for train battery companies in the long run.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Nickel Cadmium
Fastest Growth
Lithium Ion
Growth Rate
4.7% CAGR
Global Train Battery Market ($ Bn)
Country Share for Europe Region (%)
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Train Battery Market Segmental Analysis
The global train battery market is segmented based on battery type, application, rolling stock type, train type, and region. In terms of battery type, the market is bifurcated into lead acid, nickel cadmium, and lithium ion. Based on application, the market is divided into starter battery and auxiliary battery. In terms of rolling stock type, the market is bifurcated into locomotive, metro, monorail, tram, freight wagons, and passenger coaches. Based on train type, the market is segmented into hybrid, battery-operated, and others. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Battery Type
Nickel Cadmium batteries account for a high share of the global train battery market at present but are estimated to rapidly lose market share to lithium-ion batteries in the future. Issues related to toxic chemical waste generated by the disposal of nickel cadmium batteries are slated to slow down market growth via this segment but still hold a major chunk of market share.
Meanwhile, the demand for lithium-ion batteries in trains is projected to increase rapidly over the coming years. Growing availability of affordable lithium-ion batteries and advancements in battery technology will help this segment expand at a rapid pace across the forecast period.
Analysis by Train Type
Hybrid trains are estimated to account for a substantial share of global train battery demand outlook. Increasing emphasis on reducing pollution to comply with modern sustainability mandates is promoting the demand for hybrid trains around the world. Moreover, the flexibility of changing propulsion systems offered by hybrid trains also promotes market growth.
Meanwhile, the demand for completely battery-operated trains is forecasted to increase at a rapid pace across the forecast period. Increasing electrification of the railway system around the world is projected to help this segment expand at a notable pace over the coming years.
Global Train Battery Market By Battery Type
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Train Battery Market Regional Insights
Europe is estimated to hold the dominant share of the global train battery market due to its expansive railway network. High emphasis on sustainability in this region coupled with growing investments in the development of railway infrastructure are also projected to favor train battery demand going forward. Germany and the United Kingdom are slated to be the top markets for train battery companies in this region. Increasingly retrofitting old diesel-powered locomotives with motors and batteries will help Europe dominate the global market.
Asia Pacific is slated to expand at the fastest CAGR in the global train battery market over the coming years. High investments from government to modernize the existing railway infrastructure in countries such as Japan, China, and India are helping train battery demand in this region. Growing demand for high-speed electric trains in this region and the launch of new railroad initiatives are also helping this regional market expand rapidly.
Global Train Battery Market By Region
- Largest
- Fastest
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Train Battery Market Dynamics
Drivers
Electrification of Rail Transportation
- Advancements in battery technology and the growing popularity of hybrid trains have laid the foundation of rail transport electrification. Increasing investments in rail transport infrastructure development and electrification are slated to boost sales of train batteries going forward.
Launch of New Electric Railroad Projects
- Governments around the world are launching new electric railroad projects to promote sustainability and reduce reliance on fossil fuels. These initiatives and new projects will also favor train battery demand outlook in the future.
Restraints
High Initial Investments
- Deploying batteries in trains could incur significant costs to railway companies initially and organizations with limited budgets cannot afford this, which could slow down train battery market development.
Limited Range
- Battery-operated trains have a limited range and need to be recharged to extend their range, which could increase transit times and cause inconvenience to passengers. This factor also limits sales of train batteries in the future.
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Train Battery Market Competitive Landscape
Train battery companies should focus on increasing the energy density and range of their batteries to maximize efficiency and maintain optimal transit times. Train battery providers can collaborate and partner with public and private railway companies to help them with their electrification efforts and boost revenue generation.
Top Player’s Company Profiles
- AEG Power Solutions
- ENERSYS
- Amara Raja Batteries Limited
- Shuangdeng Group Co, Ltd.
- Leclanche
- BorgWarner Akasol AG
- Ecobat
- Power & Industrial Battery Systems GmbH
- Hoppecke Batteries Inc.
- Exide Industries Ltd.
- GS Yuasa Corporation
- Hitachi Rail Limited
- Shield Batteries Limited
- Fengri Power & Electric Co. Limited
Recent Developments
- In April 2024, Intramotev, an electric rail start-up based in the United States, announced the launch of its first battery-electric railcar for freight train applications. This is the first time that an electric railcar was used in a traditional freight train.
- In April 2024, Siemens Mobility, the railway division of Siemens Group, announced that start of regular operations of Mireo Plus B battery hybrid trains for SWEG. These trains replace previous diesel-powered locomotives that used to run on the same lines of Ortenau region in Germany.
Train Battery Key Market Trends
- Advancements in Battery Technology: Train battery providers need to focus and invest on advancements in battery technology by investing heavily in R&D. Companies should improve the energy density and charging times of their batteries to improve their sales potential in the long run.
Train Battery Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per Skyquest analysis, growing adoption of electrification in the railway industry and high emphasis on pollution reduction are key factors promoting the sales of train batteries. On the contrary, limited range and energy density of train batteries are estimated to hamper train battery market growth potential in the future. Europe is estimated to lead the demand for train batteries owing to high demand for electric and hybrid trains in countries such as Germany, Sweden, and the United Kingdom. Train battery market players should extensively keep an eye out for advancements in battery technology to maximize their growth potential and boost revenue generation in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 505.7 million |
| Market size value in 2031 | USD 764.56 million |
| Growth Rate | 4.7% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Train Battery Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Train Battery Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Train Battery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Train Battery Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Train Battery Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Train Battery Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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