In the evolving landscape of the train battery market in United Kingdom, Europe has positioned itself as a prominent region. Notably, Germany currently holds a substantial market share, amounting to 4.9% as of 2023. Meanwhile, the United Kingdom is making strides in this dynamic sector, showcasing a steady growth with a (CAGR) of 3.1%. This underscores Europe’s pivotal role in steering the trajectory of train battery technology and its integration into the rail industry.
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.
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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.
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.
Key Takeaways from the Train Battery Market
- The train battery market has witnessed an approximate rise of US$ 31.2 Mn from the base year to the current.
- The lithium-ion battery segment by battery type category is projected to hold a dominant share of the market. Currently, the segment is advancing at a CAGR of 13.1% in 2023.
- The auxiliary battery segment by application type is likely to hold dominant shares and has accounted for a market share of 66.4% in 2022.
- The U.S. has emerged as the leading country with a market share of 18.1% in 2023.
- The train battery market in Europe is estimated to foster at a moderate pace, registering a CAGR of 3.1% through 2033.
“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.
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.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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