Report : Europe Hybrid and Battery-Powered Train Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Propulsion Type (Hybrid, Battery-Powered, and Fuel Cell) and Charging System Type (Pantograph, Auxiliary Diesel Engine, and Dock-In)
According to our latest study on "Europe Hybrid and Battery-Powered Train Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Propulsion Type and Charging System Type," the hybrid and battery-powered train market size is projected to grow from US$ 4,462.08 million in 2022 to US$ 7,176.71 million by 2028; it is expected to record a CAGR of 8.6% from 2023 to 2028.
Increasing Demand for Energy-Efficient Transportation Fuels Europe Hybrid and Battery-Powered Train Market Growth
According to the United Nations Global Sustainable Transport Conference 2021 report, the transport sector accounted for 25% of EU greenhouse gas emissions. Governments of various European countries are taking initiatives to reduce carbon emissions. For instance, the European Union (EU) has adopted the United Nations (UN) 2030 agenda for sustainable development and the Paris Agreement on climate change. Furthermore, the European Green Deal is a part of the European Commission's strategy to implement the UN 2030 agenda and the Sustainable Development Goals (SDGs). EU is implementing these plans and policies to achieve climate neutrality by 2050. Through this Green Deal, the European Commission is aiming to reduce transport emissions by 90% by 2050. To achieve the goal of reducing carbon emissions, governments of various European countries are adopting fuel-efficient trains. For instance, in September 2021, Alstom announced that it delivered a battery-powered train and conducted a technical demonstration journey in Chemnitz, Germany. Thus, the rising demand for energy-efficient transportation is increasing the adoption of fuel-efficient trains in the region, thereby fueling the hybrid and battery-powered train market growth.
The COVID-19 pandemic dramatically impacted the Europe hybrid and battery-powered train market share of train manufacturers during its peak in 2020. The crisis hampered business activities in various industries, such as transportation, food & beverages, and industrial manufacturing. Factory shutdowns, trade restrictions, and border lockdowns to combat the virus infection spread negatively impacted the working of companies in Europe. The COVID-19 pandemic also hampered the growth of manufacturing companies, impacting every process, from supply chain and operations to capital spending, loans, and long-term strategies. The pandemic restricted the exports of parts and interrupted large-scale manufacturing across Europe. Assembly plants in Europe were also shut down. All these factors negatively impacted the manufacturing industry, bringing a huge downfall in demand for transporting goods and raw materials via railways. It caused a huge decline in revenue for railway operators in the region, which caused the railway connectivity expansion plans to be put on hold. Such factors limited the demand for new trains, hindering the Europe hybrid and battery-powered train market growth.
Key Findings of Study:
The Europe hybrid and battery-powered train market is segmented based on propulsion type, charging system type, and geography. Based on propulsion type, the Europe hybrid and battery-powered train market is segmented into hybrid, battery-powered, and fuel cell. Based on charging system type, the Europe hybrid and battery-powered train market is segmented into pantograph, auxiliary diesel engine, and dock-in. By geography, the Europe hybrid and battery-powered train market is segmented into Germany, France, Italy, Spain, the UK, Poland, Austria, Slovenia, Bulgaria, Hungary, Romania, Greece, Serbia, Scandinavia, Croatia, and the Rest of Europe.
The hybrid segment accounted for the largest Europe hybrid and battery-powered train market share in 2022. A hybrid train is an energy-saving system that is a combination of a conventional diesel and electric drive system. The train comprises a generator with a combustion engine, one or more electric motors with corresponding power electronics, and a battery. As the hybrid train helps reduce greenhouse gases and other exhaust gas emissions in the environment, its demand in the market is increasing, promoting the Europe hybrid and battery-powered train market growth. In addition, the use of a combustion engine as a generator in the hybrid train can help maximize the working time of a combustion engine, thus, improving the efficiency of the entire system by up to 30%. All the above advantages of hybrid trains are increasing their adoption in the market tremendously.
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