Train Battery Market by Battery Type, by Rolling Stock Type, by Application, by Train Type: Global Opportunity Analysis and Industry Forecast, 2021-2031.
PORTLAND, OREGON, UNITED STATES, August 17, 2022 /EINPresswire.com/ — Rise in budget allocations for development of railways, increase in demand for a secure, safer, and efficient rail transport, and surge in demand for trains with improved passenger capacity drive the growth of the global train battery market. During the Covid-19 pandemic, production activities of different types of batteries used in trains were halted completely or partially due to lockdown measures implemented in various countries.
According to the report published by Allied Market Research, the global train battery market generated $483.0 million in 2021, and is expected to reach $748.30 million by 2031, witnessing a CAGR of 4.7% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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• The outbreak of the COVID-19 pandemic led to the implementation of lockdown in various countries, due to which, production activities of different types of batteries used in trains were halted completely or partially across several nations.
• Moreover, factors including supply chain disruptions, lack of workforce, and raw material shortage presented an array of challenges for manufacturers to continue production activities in a full sway.
• In addition, the railway sector was severely impacted during the initial stages of the pandemic as railway travel was banned to prevent the spread of the virus. This, in turn, reduced the demand for train batteries to a great extent.
• Owing to economic uncertainty, the development activities of battery-operated and hybrid trains were either cancelled or postponed.
• However, with initiation of coronavirus vaccination across the world and consequent resuming of all domestic and international ports, the global train battery market is expected to revive soon.
The report offers detailed segmentation of the global train battery market based on battery type, rolling stock type, application, train type, and region.
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Based on battery type, the lead acid segment accounted for the highest share in 2021, contributing to more than three-fifths of the total market share, and is estimated to continue its lead position during the forecast period. However, the lithium ion segment is projected to manifest the highest CAGR of 5.7% from 2022 to 2031.
Based on application, the auxiliary battery segment held the largest share in 2021, accounting for around three-fourths of the global train battery market, and is estimated to maintain its leadership status during the forecast period. However, the starter battery segment is expected to register the largest CAGR of 4.7% during the forecast period.
Based on train type, the hybrid segment held the largest share in 2021, accounting for around three-fourths of the global train battery market, and is estimated to maintain its leadership status during the forecast period. However, the battery-operated segment is expected to register the largest CAGR of 5.4% during the forecast period.
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Based on region, Asia-Pacific accounted for the highest share in 2021, contributing to nearly one-third of the total market share, and is projected to continue its dominant share by 2031. Moreover, this region is projected to portray the fastest CAGR of 5.1% during the forecast period. The report also analyzes regions such as North America, Europe, and LAMEA.
Leading players of the global train battery market analyzed in the research include AEG Power Solutions, BorgWarner Akasol AG, Amara Raja Batteries Limited, Ecobat, East Penn Manufacturing Company, Exide Industries Ltd., Fengri Power & Electric Co., Limited, ENERSYS, HBL Power Systems Limited, GS Yuasa Corporation, and others. The report provides a detailed analysis of these key players of the market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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