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.
Train Battery Industry Segmentation
Train batteries are electrochemical batteries that leverage chemical reactions to produce an electric current. These batteries are used for engine start and power the different electrical components in the train, including HVAC units, lights, etc.
The train battery market is segmented by battery type (lead acid battery, nickel-cadmium battery, and lithium-ion battery), application type (starter battery and auxiliary battery), rolling stock type (locomotive, metro, monorail, tram, freight wagon, and passenger coaches), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).
The report offers market size and forecasts for the train battery market in value (USD million) for all the above segments.
| Battery Type | |
| Lead Acid Battery | |
| Nickel Cadmium Battery | |
| Lithium Ion Battery |
| Application Type | |
| Starter Battery | |
| Auxiliary Battery |
| By Rolling Stock | |
| Locomotive | |
| Metro | |
| Monorail | |
| Tram | |
| Freight Wagon | |
| Passenger Coaches |
| Geography | ||||||||
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Train Battery Market Size Summary
The train battery market is poised for significant growth, driven by the increasing demand for passenger travel and the expansion of freight and logistics transportation via railways. The market is recovering from the impacts of the COVID-19 pandemic, which had caused a decline in freight and metro ridership due to manufacturing shutdowns and strict lockdowns. However, post-2021, there has been a steady recovery with expanding metro projects and freight operations. Governments worldwide are investing heavily in urban rail transit to enhance public transportation accessibility, focusing on high-speed trains, particularly metro systems, which are expected to boost the demand for train batteries over the forecast period. The Asia Pacific region is anticipated to experience the highest growth rate, fueled by rapid railway network expansion in countries like China, India, Japan, and South Korea, where foreign direct investment is aiding localization efforts.
Globally, the railway passenger network has seen substantial growth due to expanded railway infrastructure and the cost-effectiveness of rail transportation. This expansion has increased the adoption of metros, passenger coaches, and trams equipped with advanced heating, ventilation, and air conditioning systems. Key companies and governments are actively upgrading train coaches and fleets with modern HVAC systems to enhance passenger comfort and safety. Notable projects, such as the development of semi-high-speed rail corridors in India and the smart makeover of premium trains like the Rajdhani Express, highlight the ongoing advancements in the sector. The train battery market is partially fragmented, with major players like Toshiba Corporation, Hitachi, and GS Yuasa Corporation expanding their presence through strategic alliances and acquisitions. These developments, along with significant investments in railway infrastructure, are expected to drive the demand for train batteries, particularly in locomotives, passenger coaches, and metro systems.
Train Battery Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porters Five Force Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in Value USD Million)
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2.1 Battery Type
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2.1.1 Lead Acid Battery
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2.1.2 Nickel Cadmium Battery
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2.1.3 Lithium Ion Battery
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2.2 Application Type
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2.2.1 Starter Battery
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2.2.2 Auxiliary Battery
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2.3 By Rolling Stock
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2.3.1 Locomotive
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2.3.2 Metro
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2.3.3 Monorail
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2.3.4 Tram
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2.3.5 Freight Wagon
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2.3.6 Passenger Coaches
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Rest of North America
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 India
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2.4.3.2 China
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2.4.3.3 Japan
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2.4.3.4 South Korea
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2.4.3.5 Rest of Asia-Pacific
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2.4.4 Rest of the World
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2.4.4.1 South America
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2.4.4.2 Middle-East and Africa
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Train Battery Market Size FAQs
What is the current Train Battery Market size?
The Train Battery Market is projected to register a CAGR of 5.28% during the forecast period (2024-2029)
Who are the key players in Train Battery Market?
Hitachi Rail Limited, BorgWarner Akasol AG, Shuangdeng Group Co, Ltd., Toshiba Corporation and Exide Batteries are the major companies operating in the Train Battery Market.
