Albany, NY -- (SBWIRE) -- 09/11/2017 -- The global demand for electric traction systems has witnessed a steady rise in the past few years. Factors such as modernization of passenger railcars and growing urbanization, coupled with increase in electric locomotives, have primarily been the key driving forces for the market in the past few years.

Furthermore, rise in induction of air-conditioned coaches has greatly increased the demand for electric traction systems, to complement the increased uptake of power. Significant transformation in railway connectivity, metro connectivity, and other rail-based transports are expected to further propel the market for electric traction systems in the near future.

Transparency Market Research estimates that the market, which was valued in terms of revenue US$342.94 bn in 2016, will reach US$426.54 bn by 2025, at a CAGR of 2.5% from 2017 to 2025.

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On the basis of type, the market for electric traction systems has been segmented in the report into electric traction transformer, electric traction motor, electric traction generator, electric traction inverter, electric traction converters, and others.

Of these, the segment of electric traction motor accounted for a massive 63% of the global electric transformer market in 2016. Being one of the most important components of electric traction systems, traction motors find extensive demand across numerous applications.

The growth in all the product segments have been promoting the growth of others segment. The segment is expected to exhibit a 3.5% CAGR over the forecast period.

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In terms of geography, the market for electric traction systems in Asia Pacific dominated the global market in 2016, accounting more over 35.0% of the global market. China and India held the dominant share in the Asia Pacific electric traction systems market in the said year, followed by Australia and Japan.

Europe held the second leading position in the global electric traction systems market in terms of revenue contribution in 2016. Russia and Commonwealth of Independent State (CIS) countries are leading the market for electric traction systems, followed by Germany. The market in the region is primarily driven by the gradual shift from diesel-based to diesel-electric locomotives and electric locomotives.

Some of the leading players in the market are ABB, Ltd. (Switzerland), Alstom S.A., The KON?AR Group, Siemens AG, Delphi Automotive LLP, Voith GmbH , Mitsubishi Electric Corporation, Schneider Electric SE, The Curtiss-Wright Corporation, Prodrive Technologies, Toshiba Corporation, General Electric, Co.