The global Train Battery Market is projected to reach USD 758 million by 2030 from an estimated USD 518 million by value in 2022, registering a CAGR of 4.9% during the forecast period. Rapid urbanization is leading to increased demand for public transport, and the demand for long-distance rail journeys is expected to boost the Train Battery Market. Furthermore, the increasing number of high-speed trains equipped with advanced features has increased the demand for electrical systems and batteries. The increasing demand for metros and high-speed trains is driving the Train Battery Market. Developments in advanced train batteries and metros and high-speed train infrastructure are expected to boost the market demand in the forecast period.
The demand for rail expansion for both passenger mobility and freight transport has seen an exponential rise in the last few decades. As trains are considered the most fuel-efficient mode of transport due to their ability to carry four times more load than trucks with the same amount of fuel. Currently, the regulations on the emission of rolling stock are strengthening. Some countries like India have announced plans for total electrification and conversion of existing diesel locomotives into hybrid locomotives. Hence, the strengthening emission regulations and reducing the fuel and energy consumption of the rail network are projected to drive demand for energy storage systems like train batteries.
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The Li-ion battery segment is expected to register the highest growth rate of 6.9% from 2022 to 2030. Li-Ion batteries are presently being introduced by a few players in the global market. Additionally, Li-Ion batteries offer various advantages over other battery types such as they are maintenance-free, can be connected with the central monitoring system for battery health tracking, also they have a high energy density, lighter in weight, and are compact in design. Developed countries are expected to be the early adopters of Lithium-Ion battery technology in rail transport owing to the emission regulations. Also, Lithium-Ion batteries are best suited for high-speed trains and China is the largest market for high-speed trains, the demand for Lithium-Ion batteries in the region is projected to grow during the forecast period.
The train battery demand in electric locomotives is expected to grow at the highest CAGR by 2030. The significant demand is attributed to the fact that in electric locomotives, batteries are utilized for powering auxiliary functions such as engine electronics, fans, lights, wipers, and control panels. Further, electric locomotives offer enhanced acceleration, are quieter, and do not produce any exhaust as diesel locomotives hence, they are preferred over diesel engines. Additionally, a large number of battery units are used in electric locomotives for auxiliary functions, leading to the growth of the overall Train Battery Market.
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The Asia Pacific is estimated to be the largest and fastest-growing market due to growth in key countries such as China, Japan, India, and South Korea. The diesel-locomotive retrofitting industry in the Asia-Pacific has witnessed significant year-on-year growth. Therefore, it has created an opportunity for battery manufacturers to develop high-energy-density batteries. The region is also a leading manufacturer of rolling stock across the globe and is expected to retain this position during the forecast period. The boom in locomotive production can be attributed to the growth of the rail network, rapid urbanization, and government initiatives toward the development of energy-efficient transportation. Additionally, Asian countries such as China are planning to extend the high-speed network to 50,000 km by 2032. The adoption rate of High-speed trains, suburban trains, and urban transit systems is highest in China, which is expected to make the country the leading market for railway batteries. Furthermore, several developments are being undertaken in Indian railways (IR) and IR has fixed a target for the electrification of 7,000 RKM for the year 2020-21. Moreover, the Indian railways target 100% electrification of routes by 2024. This offers significant opportunities for train battery manufacturers in the coming future.
Thus, in the coming years, the Train Battery Market is expected to witness strong growth during the forecast period, mainly, due to stringent emission standards and the expansion of the urban networks. Also, the development of metros and high-speed trains and developments in Ni-Cd and Li-ion batteries is expected to drive the Train Battery Market.
Key Market Players:
The train battery market is led by globally established players such as EnerSys (US), Exide Industries (India), Saft (France), Amara Raja Batteries (India), and GS Yuasa Corporation (Japan).
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