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.
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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.
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.
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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.