The report, Hybrid Train Market by Propulsion Type, Application, and Operating Speed: Opportunity Analysis and Industry Forecast, 2020–2027, also looks at how a rise in population across several regions demand an efficient and sufficient transport infrastructure, which in turn, increases the demand for hybrid rail vehicles during the forecast period.
However, the report revealed that the high cost associated with the development and complexities of hybrid train infrastructure network may hamper the market growth during the analyzed timeframe. On the contrary, rapid growth in hydrogen powered and solar powered hybrid trains is expected to create opportunities for the hybrid train market in the coming years.
Depending on propulsion type, the electro-diesel segment held the highest market share of around 48.6% in 2019 and is expected to maintain its dominance during the forecast period. This is attributed to rise in demand for electro-diesel trains from the joint electrified and non-electrified trains of the railway industry across the globe.
In addition, electro-diesel locomotives offer benefits, including reliability, sustainability, reduced emissions of harmful substances, and others. These features are anticipated to increase the demand for electro-diesel hybrid trains in the coming years.
Looking at operating speed, the 100-200 km/hr segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 6.8%. This is attributed to increase in demand for electro-diesel trains, which generally possess operating speed in between 100-200 km/hr. In addition, other propulsion types, including hydrogen fuel cell powered, battery operated, and other hybrid trains are now mostly produced with maximum speed in the range of 100-200 km/hr, which in turn, is expected to drive the growth of the market during the analyzed time frame.
Based on region, the market is analyzed across four major regions including North America, Europe, Asia-Pacific, and LAMEA. Europe held the dominant share in 2019 and is anticipated to maintain this trend during the forecast period. This is attributed to rise in adoption of hybrid trains from economies such as Germany, France, Spain, and the UK.
Other key findings include the fact that Asia-Pacific’s hybrid train market is expected to grow at the fastest rate, registering a CAGR of 6.8%, during the forecast period.