Train Battery Market worth $758 million by 2030 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 17, 2022 /PRNewswire/ -- According to the new market research report "Train Battery Market By Type & Technology (Lead Acid-Gel Tubular, VRLA, Conventional; Ni-Cd-Sinter, Fiber, Pocket, & Li-Ion), Advanced Train (Autonomous, Hybrid, Fully Battery-Operated), Rolling Stock Type, Application and Region - Global Forecast to 2030", published by MarketsandMarkets™, the global Train Battery Market size is projected to reach USD 758 million by 2030, from an estimated value of USD 518 million in 2022, at a CAGR of 4.9%.
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286 – Tables
48 – Figures
270 – Pages
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The growth is influenced by factors such as growth in the rail network, strengthening emission norms and growing operating cost of the urban rail network is considered to be the largest drivers of the Train Battery Market. The rapid urbanization and growing need for sustainable transport are expected to lead to the demand for energy storage systems and hence are expected to propel the demand for train batteries during the forecast period.
The Li-ion battery segment is expected to register the highest growth rate of 6.8% from 2022 to 2030
Li-Ion batteries as compared to other battery types are maintenance-free, have a longer life cycle, have higher energy density and are compact in design. Developments in lithium-ion batteries to enhance their performance is contributing to the increase in demand for lithium-ion batteries. The growth in adoption can also be attributed to the rising need of reducing weight of high-speed trains and their longer lifecycle. Also, Lithium and cobalt are primary constituents of Lithium-ion batteries which are abundantly found in China and as, China is the largest market for high-speed trains, the demand for Lithium-Ion batteries in the region is projected to grow during the forecast period.
Electric locomotive segment is expected to grow at the highest CAGR of 7.2% from 2022 to 2030
Electric locomotives derive their power directly from overhead electric lines. As they do not have to carry fuel with them like diesel locomotives, electric locomotives are lightweight and can travel faster. Electric locomotives are driven by electric motor which is above 90% efficient. Further, increasing use of regenerative braking and on-board battery system has been able to further improve power conversion efficiency. Hence, the growing use of auxiliary function batteries on Electric locomotives will drive the demand for train batteries in the forecast period.
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The Asia Pacific is estimated to be the largest market
The Train Battery Market in the Asia-Pacific has witnessed significant year-on-year growth. Asia-Pacific is the leading manufacturer of rolling stock and hosts manufacturing plants of leading rolling stock manufacturers such as Bombardier Transportation (India), Siemens Mobility (China), Alstom Transport (Singapore), the Stadler Rail AG(Taiwan) and, CRRC Corporation (China). Additionally, the expansion of high-speed rail networks in China, India, Japan, and South Korea is expected to drive the demand for train batteries in the region. Furthermore, developments such as diesel engine retrofitting and, electrification of the rail network will increase demand for train batteries for auxiliary functions.
Key Market Players
The Train Battery Market is led by globally established players such as EnerSys (US), Exide Industries (India), Saft (France), Amara Raja Batteries (India), and GS Yuasa Corporation (Japan).
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