The global train battery market is growing due to increased
monorail adoption and significant government investments in railway
modernization.
WILMINGTON, Del., July 12,
2024 /PRNewswire/ -- The global train battery
market stood at US$ 269.3
million in 2023, and the global market is projected
to reach US$ 448
million in 2034. The train battery market is
anticipated to expand at a CAGR of 4.6% between 2024 and
2034.
The global train battery market is experiencing significant
growth driven by several key factors. One of the primary drivers is
the increasing adoption of monorails, which are seen as a
cost-effective and efficient solution for urban transportation.
Monorails, being lighter and requiring less infrastructure
compared to traditional rail systems, are gaining popularity in
cities around the world. This adoption necessitates reliable and
efficient battery systems, thereby fueling the demand for train
batteries.
Another crucial factor contributing to market growth is the
surge in government investments aimed at modernizing railway
infrastructure. Governments across various regions are recognizing
the importance of upgrading their rail networks to enhance
efficiency, reduce carbon emissions, and provide better services to
passengers. These modernization efforts often include the
integration of advanced battery technologies to power trains more
sustainably and efficiently.
Technological advancements in train battery technology are also
playing a pivotal role in market expansion. Companies are investing
heavily in research and development to introduce innovative battery
systems that offer improved performance, longer life cycles, and
greater energy efficiency.
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The focus is on developing batteries that can support the
growing demand for cleaner and more sustainable railway operations.
This includes the creation of lithium-ion and solid-state
batteries, which are known for their high energy density and
environmental benefits.
The shift towards greener transportation solutions is further
propelling the market. Train battery systems are seen as a critical
component in reducing carbon emissions and mitigating the impact of
transportation on climate change. By replacing traditional diesel
engines with battery-powered alternatives, the railway sector can
significantly cut down its carbon footprint.
The global train battery market is on a robust growth
trajectory, driven by the increasing adoption of monorails,
substantial government investments in railway modernization, and
continuous technological advancements. These factors are
collectively steering the market towards a more sustainable and
efficient future in railway transportation.
Train Battery Market Report Scope:
Report
Coverage
|
Details
|
Forecast
Period
|
2024-2034
|
Base
Year
|
2020-2022
|
Size in 2023
|
US$ 269.3 Mn
|
Forecast (Value) in
2034
|
US$ 448.0 Mn
|
Growth Rate
(CAGR)
|
4.6 %
|
No. of
Pages
|
145
Pages
|
Segments
covered
|
By Battery Type, By
Application, By Voltage Type, By Component, By End-user
|
Key Takeaways of Market Report
- Global train battery market to generate absolute dollar
opportunity worth US$ 448 million
until 2034.
- Global train battery market is valued at US$ 269.3 million in 2023.
- Asia Pacific is forecasted to
hold the largest share in 2023.
Train Battery Market: Growth Drivers
- The global demand for safer and more efficient transportation
is rising due to the integration of advanced technologies like
autonomous trains for public transit. These trains not only enhance
safety and efficiency but also meet the need for sustainable urban
mobility, creating new opportunities in the train battery
market.
- Recognized for their efficiency and reliability in
long-distance passenger and freight transport, railways are seeing
significant government investments aimed at modernization and
upgrades. This investment growth is focused on enhancing network
infrastructure to improve overall efficiency and reliability in the
railway sector.
Train Battery Market: Regional Landscape
- In 2023, Asia Pacific held a
significant share of the global train battery market due to the
growing popularity of metro travel, increased investments in
electrification projects, and government incentives promoting
electric train adoption.
- The region's market expansion is further driven by heightened
awareness of environmental issues, such as air pollution and
climate change, encouraging the shift towards more sustainable
transportation solutions.
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Train Battery Market: Key Players
- ABB Ltd.
- GS Yuasa International Ltd.
- Hitachi Chemical co., ltd.
- HOPPECKE Batterien GmbH & Co. KG.
- Exide Technologies
- East Penn Manufacturing Company
- C&D Technologies, Inc.
- TOSHIBA CORPORATION
- China Aviation Lithium Battery Co. Ltd.
- Leclanché SA
- EXIDE INDUSTRIES LIMITED
- Amara Raja Group
- Victron Energy B.V.
Train Battery Market: Key Players Development
- In 2023, ABB introduced a new generation of high-capacity
lithium-ion batteries designed specifically for rail applications.
These batteries offer enhanced energy density, improved safety
features, and longer life cycles, supporting the transition to more
sustainable and efficient rail systems.
- In 2023, Hitachi Chemical developed an innovative solid-state
battery technology for trains. This technology provides higher
energy efficiency and greater thermal stability compared to
traditional batteries, significantly reducing the risk of
overheating and improving overall train performance and
safety.
Train Battery Market: Segmentation
Battery Type
- Lead-acid Batteries
- Conventional Lead-acid Batteries
- Valve Regulated Lead-acid Batteries
- Gel Tubular Lead-acid Batteries
- Nickel-cadmium Batteries
- Sinter/PNE Ni-Cd Batteries
- Pocket Plate Ni-Cd Batteries
- Fiber/PNE Ni-Cd Batteries
- Lithium-ion Batteries
- Lithium Iron Phosphate
- Lithium Titanate Oxide
- Others
Application
- Starter Batteries
- Auxiliary Batteries
Voltage Type
- Below 72V
- 72V - 110V
- 111V - 200V
- Above 200V
Component
- Battery Cells
- Battery Modules
- Battery Management Systems (BMS)
- Thermal Management Systems
- Others (Connectors, Housing, etc.)
End User
- Locomotive
- Electric Multiple Units (EMU)
- Diesel Multiple Units (DMU)
- High-speed Trains
- Metro Trains
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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