Electric Traction Systems Market will exhibit a moderate 2.5% CAGR from 2017 to 2025, rising from a valuation of US$342.94 bn in 2016 to US$426.54 bn by 2025.

Albany, NY -- (SBWire) -- 02/20/2019 --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.

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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.

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. Traction motors act as the primary driving force for all railway vehicles, hence the massive share in the global market. However, the segment is expected to exhibit moderate growth over the forecast period, witnessing a slight decline in its present share in the global market by end of the forecast period.

However, the others segment, which covers the components of electric traction systems that are necessary for the proper functioning of all other traction system components and are required for installation, is expected to lead in terms of growth rate over the report's forecast period. 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, witnessing a substantial rise in its present share by the end of 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. Improvements in the transpiration infrastructure in the region, which includes metro rail systems, high speed bullet trains, hybrid electric vehicles, and railway connections, have remained key to the strong growth observed for electric traction systems in Asia Pacific.