Electric Train Market to be dominated by Passenger Electric Trains through 2027
New supportive government regulations and the trend toward
greener forms of transport are expected to drive the demand for the global
electric train market in the forecast period, 2023-2027.
According
to TechSci Research report, “Electric Train Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2017-2027”,
the global electric
train market is anticipated to grow at a significant rate in the forecast
period, 2023-2027. The rise in demand for technologies that can lower the
carbon emissions from trains and stringent emission norms are the primary
factors driving the demand for the global electric train market. Growing
efforts to increase railway connectivity in developing countries and the rise
in government expenditure on comfort for public transportation system is
expected to influence the market demand. The emerging dual mode technology and
changing preference for autonomous engines for longer routes are further expected
to bolster the global electric train market growth in the coming years.
However, the high initial infrastructure
development cost may restrain the global electric train market growth in the
forecast period.
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The global electric train market is
segmented into train type, speed, battery type, energy transfer, regional
distribution, and competitive landscape.
Based on the train type, the market is
bifurcated into passenger and freight. The passenger segment is expected to
hold the largest market share in the forecast period, 2023-2027. The electric
train offers cost-effective and efficient transportation of passengers. Major
cities across the globe are implementing new rail infrastructure projects and
supportive government policies to lower greenhouse emissions in their
respective countries. Passengers prefer to travel long distances via trains as
trains are more comfortable and can cover long distances in a short duration.
Rapid urbanization and enhanced demand for connectivity, comfort, and safety
from developing countries to carry a large number of passengers in a single go
are expected to fuel the demand for electric passenger trains in the coming
years.
Based on speed, the market is divided
into less than 100 km/h, 100-200 km/h, and above 200 km/h. The 100-200 km/h
segment is expected to capture the highest market share in the forecast period.
The majority of the electric trains run between the speed of 100-200 km/h, and
companies are also introducing electric trains in this range. The presence of a
large number of trains supporting this speed range is driving the segment
demand.
Based on battery type, the market is
divided into gel tubular, lead acid, lithium-ion, and others. The gel tubular
battery type is expected to account for a significant market share over the
next five years. They are maintenance-free and spill-proof. They have minimal
corrosion and are very safe. Gel tubular batteries are rugged and vibration
resistant. They have the lowest cost-per-month and lowest cost-per-cycle. The
advantages of using gel tubular batteries are expected to boost their demand in
the coming years.
Based on energy transfer, the market is
divided into overhead lines, third rail, and on-board energy storage. Overhead
lines are expected to drive the market demand over the next five years. They
are more cost-effective and can efficiently carry more power compared to other
modes of energy transfer since they allow the use of higher voltages than third
rails, which ultimately lowers the cost of power distribution. The benefits of
transferring energy through overhead lines are expected to accelerate the segment
growth over the forecast period.
Major operating companies operating in global
electric train market are:
- Siemens AG
- Bombardier Inc.
- General Electric Company
- CRRC Corporation Limited
- AEG Power Solutions
- Stadler Rail AG
- Alstom SA
- Kawasaki Heavy Industries Ltd.
- Transmash Holding AG
- Hitachi Ltd.
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“The Asia-pacific region dominates the
market and is expected to maintain its dominance in the coming years due to
several ongoing projects to launch electric trains. Asia-pacific is one of the
largest rail industries in the world, and the initiatives towards achieving
net-zero emissions are expected to drive the demand for electric vehicles.
China, India, and Japan are investing significant amounts in the development of
electric train infrastructure and are actively promoting eco-friendly trains in
their countries. Also, the high population rate, rapid urbanization, and the
expanding railway network, and massive popularity of public transportation
services are expected to propel the global electric train market growth till
2027” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Electric Train Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Train Type
(Passenger, Freight), By Speed (Less than 100 km/h, 100-200 km/h, Above 200
km/h), By Battery Type (Gel Tubular, Lead Acid, Lithium-Ion, Others), By Energy
Transfer (Overhead Lines, Third Rail, On-Board Energy Storage), and By Region”, has evaluated the future
growth potential of global electric train and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global electric train market.
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