Shape the battery market to be worth $748.30 million by 2031:

Portland, OR, July 19 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the train battery market generated $483.0 million in 2021 and is projected to reach $748.30 million by 2031, growing at a CAGR of 4.7% from 2022 to 2031. The report offers a detailed analysis of the changing trends in the market, major segments, major investment pockets, value chain and regional landscape. , and competitive scenario.

Increasing budget allocations for railway development, increasing demand for safe, more secure and efficient rail transport, and increasing demand for trains with improved passenger capacity global train battery growth market. However, favorable government regulations for train batteries and increasing capital requirements are hampering the growth of the market. On the other hand, the improvement of railway infrastructure in developing countries and the increase in the development and testing of autonomous trains offer new opportunities in the coming years.

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Covid-19 scenario:

  • The production activities of different types of batteries used in trains have been totally or partially stopped due to the containment measures implemented in different countries. Additionally, supply chain disruptions and shortage of raw materials presented challenges in production.
  • Additionally, the rail sector was badly affected during the early stages of the pandemic as train travel was banned to prevent the spread of Covid-19. This, in turn, further reduced the demand for train batteries.
  • Due to economic uncertainty, battery and hybrid train development activities have been either canceled or postponed.

The report offers a detailed segmentation of the global train battery market on the basis of 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 more than three-fifths of the total market share, and is expected to maintain its leading position during the forecast period. However, the lithium-ion segment is expected to show the highest CAGR of 5.7% from 2022 to 2031.

Based on train type, the hybrid segment held the largest share in 2021, accounting for about three quarters of the global train battery market, and is expected to maintain its leading status during the forecast period. However, the battery-powered 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 nearly one-third of the total market share, and is expected to maintain its dominant share by 2031. Moreover, this region is expected to exhibit the fastest CAGR of 5.1% during the forecast period. The research also analyzes regions such as North America, Europe and LAMEA.

Key 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.

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