Market Size of Train Battery Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.28 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Train Battery Market Analysis
The train battery market is valued at USD 508.50 million, and it is expected to register a CAGR of 5.28% during the forecast period surpassing a net valuation of 694.52 million during the same period.
- Rising demand for passenger travel and expansion in freight and logistics transportation using railways is anticipated to propel the demand for the train battery market over the forecast period.
- During COVID-19, the global rail network witnessed a steady decline in freight and logistics transport and metro ridership frequency. This is attributed to the shutdown of various manufacturing and mineral processing plant which uses freight railway for their key transportation needs. Further, strict lockdowns were imposed across the country, which resulted in a downfall in passenger traffic at metro stations.
- Moreover, post-2021, the period witnessed a steady recovery with expanding metro projects and freight operations across the railway network. Demand for rolling stock has consistently risen with improving government uptake in the global railway transportation sector.
- To meet the growing transportation needs across the Railway, regional government across the globe is expanding their rapid transit networks within the states to make public transportation more accessible for the urban population. This is done by investing heavily in developing urban rail transit. The focus is on developing high-speed trains, especially Metro trains, for passenger travel which is anticipated to boost the demand for train batteries over the longer term forecast period.
- Further, Asia Pacific is expected to register the highest growth rate owing to the rapid expansion of the railway network in China, India, Japan, and South Korea. The regional government is focusing on FDI to bring localization which is anticipated to aid the demand for train batteries.
