Electric Traction Systems Market: Popular Trends & Technological advancements to Watch Out for Near Future

The highly fragmented vendor landscape of the global Electric Traction Market had the top five vendors collectively accounting for only about 9.5% of the entire market’s revenue in 2016, observes Transparency Market Research in a recent report. Companies in the intensely competitive market strive to differentiate their offerings through pricing of components, market experience, and expertise of electric traction systems. Additionally, leading players are offering customized products and long-term maintenance services to make their mark in the market.

Companies are also focusing on strategic partnerships to achieve inorganic growth and gain strategic resources. A recent instance is the alliance between ABB Ltd. and Alstom. In November 2016, ABB Ltd. signed a partnership agreement with Alstom under which ABB Ltd. earned the contract from Alstom of supplying 1600 traction transformers for 800 new electric freight locomotives across India.

Transparency Market Research estimates that the global electric traction 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.

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Driven on Back of Infrastructure Development Activities, Asia Pacific Market to Exhibit Strong Growth

In terms of type, the market for electric traction systems is presently dominated by the segment of electric traction motor. The segment accounted for more than 67% of the global market for electric traction systems in 2016 and is expected to witness strong growth over the report’s forecast period as well, retaining its dominance over other product segments by a significant margin.

In terms of geography, Asia Pacific was the dominant regional market in terms of revenue contribution in 2016. Improvements in the transportation industry infrastructure, which includes metro rail systems, high speed bullet trains, hybrid electric vehicles, and railway connections, are the major factors which are propelling the market for electric traction systems across Asia Pacific. Rapid technological developments in the transportation industry across different countries; for instance, China, Japan, South Korea, and Australia fuel the demand for electric traction systems in this region.

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Rising Usage of Electric Vehicles to Contribute to Growth

Modernization of passenger railcars and the rapid rate of urbanization, coupled with the vast increase in the usage of electric locomotives, have been the primary growth factors driving the global market for electric traction systems of late. The steady rise in railway traffic across developed as well as developing economies is compelling government authorities, railroad companies, and rolling stock manufacturers to focusing on modernizing passenger railcars. Furthermore, the increased induction of air-conditioned coaches has also greatly increased the demand for electric traction systems, as power consumption of vehicles increase to support air conditioners.

Moreover, the demand for rail-based transportation is rapidly rising due to the rise in the global population and the rising demand for faster transportation facilities. This is driving significant transformation in railway connectivity and other rail-based transportation infrastructure, which is estimated to increase further. Suburban railways such as metros, trams, and intercity high speed networks are being planned across numerous big cities in several emerging economies, which is again expected to propel the market for electric traction systems in the next few years. Furthermore, continuous investment in research and development has impacted the market for electric traction systems positively.

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This review of the global electric traction systems market is based on a recent market research report published by Transparency Market Research, titled “Electric Traction Systems Market (Type - Electric Traction Transformer, Electric Traction Motor, Electric Traction Generator, Electric Traction Inverter, and Electric Traction Converter; End-use Industry - Automotive, Oil & Gas, Power Engineering / Electrical Engineering, Mining, and Transportation) - Global Industry Analysis Size Share Growth Trends and Forecast 2017 - 2025.”

For the study, the market has been segmented as follows:

Global Electric Traction Systems Market by Type

Electric Traction Transformer
Electric Traction Motor
Electric Traction Generator
Electric Traction Inverter
Electric Traction Converter
Others

Global Electric Traction Systems Market by End-use Industry

Automotive
Oil & Gas
Power Engineering/Electrical Engineering
Mining
Transportation
Railways
Electric Traction Transformer
Electric Traction Motor
Electric Traction Generator
Electric Traction Inverter
Electric Traction Converter
Others
Others
Others

Global Electric Traction Systems Market by Region

North America
The U.S.
Rest of North America
Europe
The U.K.
Germany
France
Russia
CIS (Except Russia)
Italy
Poland
The Czech Republic
Switzerland
Austria
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Australia
Rest of Asia Pacific
Middle East and Africa
United Arab Emirates
Iran
South Africa
Rest of Middle-East & Africa
South America
Argentina
Brazil
Rest of South America

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