As per the reports published by FMI, the global train battery market is projected to have an average-paced CAGR of 5.0% during the forecast period. The current valuation of the market is US$ 599.1 million in 2023. The market value of the train battery market is anticipated to surpass a market valuation of US$ 975.9 million by the year 2033. A historical market valuation of US$ 567.9 million has been recorded by the analysts of Future Market Insights for the concerned market during the base year.
FMI has analyzed that there is an increasing need for raising the number of passenger trains and fleet management, which is resulting in more manufacture of trains, thereby surging the train battery market shares in 2023.
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Additionally, locomotive operators are looking out for sustainable options and energy-efficient solutions. They are willing to cut down on the usage of diesel fuel and reduce the number of carbon footprints. This is a key aspect bolstering the growth of the train battery market during the forecast period. Furthermore, the increased electrification of trains and rise in the allocation of railway budget for train modification is estimated to further fuel the growth of the market through 2033.
However, it is identified that some aspects are likely to deter market growth. This includes stringent regulations from the government and the high maintenance cost involved, coupled with high capital investments.
“Latest technology setups and heavy investment for developments in railway infrastructure are likely to curate a favorable market for the growth of the train battery industry.” – Says an FMI Analyst.
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Competitive Landscape in the Train Battery Market
The manufacturers in the train battery market are leveraging advancements in technology to launch new and advanced batteries and gain a competitive advantage. These firms are continually investing in research and development activities to keep themselves in tandem with the changing consumer preferences and end-use industry demands. Efforts are being made to comply with the safety regulations in the market and aid the further progression of the train battery market. Thus, the market is likely to witness significant growth through 2033.
HOPPECKE Carl Zoellner Sohn GmbH (Germany), FENGRI POWER ELECTRIC CO., LIMITED. (Japan), Power Industrial Battery Systems GmbH (Germany), Saft2022 (France), SEC Battery (Hong Kong), and Shuangdeng Group Co, Ltd (China) are some of the key companies marking their prominence in the train battery industry.
