Traction Equipment Market Size, Share, Industry Strategy, Growth Outlook and Development Factors by Top Companies Analysis 2027

In terms of volume, the global traction equipment market was pegged at 1.18 million units in 2018. Expanding at a subdued CAGR of 2.14% from 2019 to 2027, the demand is expected to reach 1.40 million units by 2027. By cumulative revenue, the market is forecast to register a 2.40% CAGR during the same period.

Traction Equipment Market: Snapshot
The global traction equipment market is extremely technology-centric and is immensely fragmented. Despite the fact that only companies that can provide cost-effective and high-efficiency products can sustain in this market, the degree of competition is anticipated to remain high during the forecast period owing to the constant demand for traction equipment, especially from emerging markets.

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The global rise in the demand for mass transportation can be attributed to the surge in investments in the expansion of railway networks across both developing and developed economies. Traction equipment is what drives locomotives and countries such as China, India, the U.S., and Germany have been presenting an increased demand for the same.

Expansion and Upgrade of Rail Transit Systems Boost Demand for Traction Equipment in APAC
In terms of geography, the global traction equipment market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. In 2018, Asia Pacific a share of around 41% both by revenue and volume and has emerged as the leading revenue generator. The region is expected to remain one of the most attractive markets for traction equipment. The significant development of trade and rapidly growing economies have contributed toward the expansion of this market. China is building a major transcontinental cargo rail service under the Silk Road Economic Belt project, which is likely to increase China's trade with European countries. India recently announced its plans for the electrification of its existing railway network with a US$ 137 Bn investment. Australia is working toward expanding its light rail transit systems as well as intercity trains. This increased focus on expanding and upgrading railway networks and systems has boosted the APAC traction equipment market over the years.

Europe is one of the oldest markets for traction equipment as the first steam, electric, and diesel locomotives were invented in this region. The region is anticipated to trail Asia Pacific in terms of volume and revenue during the forecast period. The strengthening of emission control policies in Europe has made railways an attractive alternative to other modes of transport and this anticipated to fuel the demand for traction equipment in the region.

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Traction Motors Take the Lead as Suppliers Offer Customized Solutions
By type of equipment, the traction equipment market was led by traction motors. This segment accounted for a massive share of nearly 80% in 2018 and is expected to retain its lead through 2027. Traction motors are used in electric and diesel locomotives and the key suppliers of traction motors, such as ABB Ltd. and Siemens AG, have been offering customized traction motors to suit the unique requirements of locomotives. Traction converters and transformers are used in electric locomotives as well as in traction substations. The market for these will grow in the forecast period due to various projects being undertaken for the electrification of railway lines across the globe.

Leading vendors in the traction equipment market include
• ABB Ltd.
• Alstom SA
• American Traction Systems
• Bombardier Inc.
• Caterpillar Inc.
• Crompton Greaves Limited
• Siemens AG
• General Electric Company
• Kawasaki Heavy Industries, Ltd.
• Mitsubishi Electric Corporation
• VEM Group
• Toshiba International Corporation
• TTM Rail - Transtech Melbourne Pty Ltd.

Global Traction Equipment Market: Recent Developments
• In February 2020, ABB India has bagged two significant orders worth Rs 191 crore to supply traction equipment for Chittaranjan Locomotive Works, and industrial drives to Megha Engineering and Infrastructures.
• In July, 2019, ABB has won orders worth more than US$ 140 Mn from Swiss train manufacturer, Stadler, to supply state-of-the-art traction equipment for trains and locomotives in the U.S. and several European countries. The orders include ABB's highly efficient traction transformers and traction converters for 27 regional trains for the Norwegian state-owned passenger transport operator Norske Tog (NT).
• In August 2017, the Bombardier NUG Propulsion System Co joint venture of Bombardier and New United Group has won two contracts to supply metro train traction equipment.

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Global Traction Equipment Market - Segmentation
TMR's research study assesses the global traction equipment market in terms of equipment type, and region. This report presents extensive market dynamics and trends associated with different segments and how they are influencing the growth prospects for the global traction equipment market.

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