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.
Key Takeaways from the Train Battery Market Report:
The train battery market is experiencing significant growth, with the lithium-ion battery segment leading the way. Auxiliary batteries are also playing a crucial role, holding a substantial market share. The U.S. stands out as a key player in this market, while Europe is expected to see steady growth in the coming years.
Competitive Landscape:
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.
Leading Key Players:
AEG Power Solutions (Netherlands), Amara Raja Group (India), East Penn Manufacturing Company (USA), ENERSYS. (USA), EXIDE INDUSTRIES LTD. (India), FIRST NATIONAL BATTERY, (South Africa), FURUKAWA ELECTRIC CO., LTD. (Japan), GS Yuasa International Ltd. (Japan), Hitachi Rail Limited (Japan), HOPPECKE Carl Zoellner & Sohn GmbH (Germany), FENGRI POWER & ELECTRIC CO., LIMITED. (Japan), Power & Industrial Battery Systems GmbH (Germany), Saft2022 (France), SEC Battery (Hong Kong), Shuangdeng Group Co, Ltd (China)
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