The 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.
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.
Request a PDF Brochure with Research Report Analysis @