The global hybrid train market size is projected to reach 745 units by 2030, from an estimated 470 units in 2022, at a CAGR of 5.9%. The base year for the report is 2022, and the forecast period is from 2022 to 2030. The scarcity of natural resources and the rising cost of fuel will likely shift the focus from diesel trains to eco-friendly transport and boost the demand for hybrid trains during the forecast period.
The hybrid train market is dominated by players such as CRRC (China), Alstom (France), Siemens (Germany), Wabtec Corporation (US), and Hyundai Rotem Company (South Korea). These companies developed new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth hybrid train market.
CRRC is the largest supplier of railway units and components in the world. The company is quite ahead of its competitors in terms of revenue generated. Also, the company has many subsidiaries across the globe, working on developing advanced hybrid train solutions. However, CRRC might have to suffer in the future a bit, due to political scenarios with countries such as India and the US, which are its customers. Despite such scenarios, the company will keep leading the hybrid train market due to large sales volumes across the world. CRRC has vigorously implement the strategy for internationalization, diversification and collaborative development, and strive to be the worlds leading provider of high-end equipment system solutions with rail transit equipment as the core, which is capable of multinational operations. For instance, In May 2022, CRRC signed a new energy light rail train contract online with Jujuy of Argentina. Train comprises two carriages, with a maximum capacity of 72 passengers and a maximum operating speed of 60km/h. Lithium batteries are adopted as the power supply, which will utilize the rich solar resources of Jujuy to bring green and comfortable traveling experience for passengers.
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Alstom focuses on inorganic strategies for technological growth such as collaborations, partnerships, and joint ventures. These strategies help the company in enabling access to newer markets and offer opportunities for growth. For instance, in September 2020, Alstom signed an MoU to acquire Bombardier Transportation. The deal is expected to be worth between USD 6.7 billion and USD 7.1 billion and took place in January 2021. Leveraging on its clear Alstom in Motion strategy and its strong operational fundamentals and financial trajectory, Alstom, integrating Bombardier Transportation, strengthens its leadership in the growing sustainable mobility market by reaching a critical size in all geographies and integrating further solutions and assets to better serve its customers worldwide.
Siemens has a very strong product portfolio. It constantly creates new and improved product lines for solutions related to hybrid trains. Siemens invested more than USD 5 billion in R&D in 2021. The company provides various emission free solutions for the hybrid train market which are adopted by railway OEMs. To cater to various needs of the global railway industry, the company launched new products and solutions in the recent past that includes a digital train control system, automatic train, auxiliary converters, Piccadilly line trains, and Nightjet trains. Apart from this, the company launched a new brand in 2021, Yunex Traffic solely for their intelligent traffic system segment, which is now operating as a separate business entity.
Wabtec focuses on organic and inorganic growth strategies, such as mergers, acquisitions, partnerships, and collaborations. For example, the acquisition of GE Transportation has created operating synergies across Wabtec. As a result, the company achieved over USD 250 million in annual run-rate operating synergies, primarily driven by cost and revenue opportunities due to the acquisition. This is estimated to boost the company’s margins and revenue growth opportunities.
Hyundai Rotem Company is an affiliate of the Hyundai Motor Group (South Korea), which specializes in the manufacturing of rolling stock and defense systems. The company is specializing in railway vehicles, including EMUs and high-speed trains and provides maintenance for these products under its railway systems business. The company focuses on the development and commercialization of eco-friendly trains and Maglev trains to satisfy the demand for environment-friendly and innovative technology.
Hybrid Train Market by Propulsion Type (Electro Diesel, Battery Operated, Hydrogen, CNG, LNG, and Solar), Application (Passenger and Freight), Operating Speed (>100 km/h, 100-200 km/h, <200 km/h), Battery Technology and Region - Global Forecast to 2030
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