Train Battery Market – Analysis with Ongoing Trends & Market Revenue
The Global Train Battery Market size is expected to grow at a CAGR of 5.15% between 2018 and 2025. From a market value of USD 445 million in 2017, it is expected to reach USD 703.2 million by 2025. The train battery market is driven by the growing population and urbanization that has contributed to the demand for rail transport and electrification around the globe.
Starter batteries and lead-acid batteries are among the segments that are expected to grow the highest. The significant reason behind the growth of starter batteries is that they provide power and required energy to perform several “pre-start functions” such as powering up the hydraulic pumps, air compressors, and brake systems, which are obligatory for the smooth functioning of the engine, without causing any damage to the engine components.
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Various countries have started preferring lithium-ion batteries in various trains because of better density, efficiency, and longer life. Because these batteries do not require any maintenance, the operational cost is reduced significantly. The majority of the massive train networks around the world are expected to shift to these batteries during the forecast period. Because they offer huge advantages over other batteries, it is projected that lithium-ion batteries will have the largest train battery market share during the forecast period.
Autonomous trains are expected to be the industry that would likely undergo significant growth. It is equipped fully with advanced features such as automated doors, infotainment systems, safety systems, passenger information systems, and advanced lighting. These sophisticated features will demand a continuous high-power energy flow. This is the reason why the demand for train batteries is on the rise.
Also, the manual operations that were once handled by a human would now be managed by a computer; the power requirement would be high. The power supply for autonomous trains has to be reliable, thus significantly increasing the battery demand. The train battery market for advanced trains is expected to rise in between the year 2025 -2030. Among the advanced train systems, the need for autonomous trains is expected to be the largest by 2030. This is going to be a great inclusion to the modernization of the lifestyle of the society leading to the vogue of automated trains in the market. The demand for both freight and commuter autonomous trains is expected to rise as the technology becomes commercially viable. Also, the safety system in autonomous trains requires additional power; the demand for batteries is thus anticipated to grow during the forecast period.
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Currently, Asia Pacific dominated the global train battery market and is proposed to be the largest and fastest-growing market during the forecast period. Increasing demand for trains in India and China is expected to support the growth of the market. India and China have a substantial concentration of the world population that can immensely lead to the contribution to the market of train batteries. China has planned to launch an automated bullet train for Winter Olympics in 2022, whereas India is planning to commence operations of its first bullet train. The demand for bullet trains is expected to grow at the fastest pace over the next few years because of the growing population and increasing focus of the government on reducing air pollution. This would increase the train battery market growth as the power requirement in bullet trains is prominently higher than other trains.