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Major companies operating in the hybrid train market are
ABB, Alstom, CRRC, Cummins, Hitachi, Hyundai Rotem Company, Kawasaki, Mitsubishi, Progress Rail, Siemens,
Asia Pacific registered over 45% of the market share in 2022, owing to the increasing government initiatives supporting hybrid train projects in the region.
2. Why are hybrid trains gaining traction as a preferred source of transport in passenger applications?
The market size of hybrid train reached USD 16.4 billion in 2022 and is set to register over 5% CAGR from 2023 to 2032, due to the rising need to reduce greenhouse gas emissions and fuel consumption worldwide.