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Strategic Overview of the Traction Equipment Market | 2024
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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.
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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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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