Albany, NY -- (SBWIRE) -- 09/22/2017 -- The global traction equipment market is considerably fragmented due to the presence of numerous players in the market. Transparency Market Research (TMR) has found that this market is highly technology-centric and only the companies with efficient and effective products can sustain in the highly competitive nature of the market. The degree of competition is anticipated to remain intense over the forthcoming years due to escalating demand for traction equipment from emerging markets. Among various prominent players operating in this market, ABB Ltd. has piloted the competition due to innovative product portfolio. Kawasaki Heavy Industries, Ltd., TTM Rail - Transtech Melbourne Pty Ltd., Caterpillar Inc., Toshiba International Corporation, VEM Group, American Traction Systems, Bombardier Inc., General Electric Company, Alstom SA, Mitsubishi Electric Corporation, Crompton Greaves Limited, and Siemens AG are among other significant players employing in this market.
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Transparency Market Research has projected that the market sold about 1.1 mn units in 2015 and the demand will reach 1.3 mn units by the end of 2024, growing with a steady CAGR of 2.34% during the period 2016-2024.
Based on product type, traction motors segment has dominated the overall market and accounted for 80% of the share to the market in 2015. This segment is expected to sustain its leading position over the forecast period. Geographically, Asia Pacific emerged as a leading market, contributing to around 40% to the global market in terms of both volume and revenue.
Development of Railway Infrastructure for Better Transportation to Assist Market Expansion
The global traction equipment market is propelled by the development of railway sector and investments in this sector. The increasing demand for advanced equipment for railway sector has resulted in a tremendous growth in the overall market of traction equipment. The expansion and development of railway networks and the surging investments in countries such as Spain, South Africa, China, India, and the U.S., are expected to allot a potential rise to the revenue and the volume of the market. Furthermore, regulations and policies modulated by various governments to curb emissions from transportation are most likely to assist the market expand over the forecast period. Demand for EV traction motors is surging due to the emergence of electric vehicles. This trend in the automotive sector is envisioned to drive the market for traction equipment. In addition, the capability of traction motors of efficiently converting electrical power into mechanical power is most likely to fill-in the increasing demand for efficient power converting products from various industries.
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Poor Manufacturing and Shipping Services Could Restrain the Market Growth
The unit-wise shipment of products in the railway sector is exceptionally low. Furthermore, the delivery time and manufacturing time for the products of traction equipment in the railway sector is high compared to automobile sector. These factors could hinder the growth of the market. Furthermore, the replacement requests and off-the-shelf sales are rare, which is further limiting the market to grow with its concealed potential. However, the increasing applications of traction equipment products in the machinery and automotive is expected to sustain the market growth. The demand for equipment such as compressors, blowers, rectifiers, controllers, and other auxiliary systems in the railway segment is increasing, further helping the market to expand. Moreover, the increasing demand for vehicles commuting in all terrains are expected to register a high demand for advanced products. The evolution of hybrid technology is anticipated to sustain the market growth over the forecast period.
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This information is taken from the report, "Traction Equipment Market (Equipment Type - Traction Transformer, Traction Motor, Traction Converter) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024."