Traction Equipment Market Driven By Expansion of Railway Network 2024

ABB Ltd. is the clear leader in an otherwise fragmented traction equipment market. The company accounted for nearly a quarter of the market in 2014 and has a strong presence in the Americas, Europe, and RoW. The global traction equipment market is immensely capital-intensive and technology-driven and Transparency Market Research believes that technological advancements and brand creation are the best options for players to enhance their market share.

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

A number of emerging economies in Asia Pacific present lucrative options for players in the traction equipment market and several companies have been capitalizing on this opportunity in the recent past,” the lead author of the study states.

A case in point would be Alstom SA, which has strengthened its footprint in China’s blossoming railway sector. Under the joint venture Shanghai Alstom Transport Electrical Equipment Co. Ltd, the company has supplied traction equipment not just for the Shanghai metro line but also the Nanjing metro line since 2014.

Development and Expansion of Railway Networks Sole Driving Force

“The global market for traction equipment is entirely dependent on the growth of the railway sector and investments in railways networks globally will impact the demand for traction equipment,” a lead analyst at TMR states. The surge in investments, the development and expansion of railway networks in countries such as the U.S., India, China, South Africa, and Spain, and the increase in favorable policies and regulations to curb emissions from transportation are the factors that have driven the demand for traction equipment thus far.

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However, TMR predicts that the global market will witness a rather slow growth in demand over the course of the forecast period. This is mainly due to the fact that the manufacturing and delivery time in this market is quite high and compared to the automobile sector the unit-wise shipment in the railway sector is exceptionally low. “Off-the-shelf sales are rare, as are replacement requests,” the analyst reports. This limits the demand for traction equipment.

Asia Pacific Surges Ahead in Demand for Traction Equipment

The opportunity in the global traction equipment market is poised to increase for US$223.38 bn in 2014 to be worth US$322.35 bn by 2024. If these values hold true, the market is expected to register a modest CAGR of 2.34% during the forecast period. The demand for traction equipment is also anticipated to expand at a tepid 2.09% CAGR from 2016 to 2024.

At a revenue share of 39.44%, Asia Pacific led the overall traction equipment market in 2014 and is likely to retain its lead through 2024. Europe is a close second. The traction equipment market in the Rest of the World is anticipated to expand at the fastest pace from 2016 to 2024 in terms of both revenue and demand. By type of equipment, traction motors are the leading contributors to the growth of the traction equipment market by value as well as volume, while the segment of traction transformers is projected to register the highest CAGR during the forecast period.

“The growth rates of these equipment correspond to that of the electrified network and locomotives across the globe,” the TMR analyst states. “As a result, the demand for traction equipment will rise with the increase in investments made in railways.”

This review is based on the findings of a TMR report titled “Traction Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”

Traction Equipment Market, by Equipment Type

Traction Transformer
Traction Motor

Traction Equipment Market, by Region

North America
The U.S.
Canada
Europe
Germany
The U.K.
Spain
France
Russia
Rest of Europe
Asia Pacific
China
India
Australia
Japan
Rest of Asia Pacific
Rest of the World
Brazil
Other Countries

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