Details a new publication from MarketsandMarkets which says that, from a market size of $470.5M in 2018, the train battery market is projected to reach $703.2M by 2025, at a CAGR of 5.15%. Major factors driving the growth of this market include an increasing population that depends on rail transport. However, a major restraint for the market is the high capital investments and operational costs required for the train and high-speed rail. The growth of lithium-ion battery can be attributed to the increasing demand for maintenance free battery for rail transport. The lead-acid battery is mainly used in rolling stocks at present. However, during the projected period, as lithium-ion batteries become economical, the industry is projected to shift toward them. As a result, lithium-ion battery is projected to be the largest battery type in this market. The Asia Pacific region is estimated to dominate the market and is projected to be the largest and fastest growing market during the forecast period. This growth can be attributed to the upcoming demand for trains in India and China. The demand for bullet trains in the region is projected to grow at the fastest pace because of the growing population and increasing focus of the governments on reducing air pollution. This, in turn, would increase the demand for train batteries as the power requirement in bullet trains is significantly higher than other trains.
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