Traction Equipment Market Research, 2031
The global traction equipment market size was valued at $300.1 million in 2021, and is projected to reach $390.7 million by 2031, growing at a CAGR of 2.8% from 2022 to 2031.
The action of pulling something along a surface and the power that is used for doing this is known as traction. However, the equipment used in the process are known as traction equipment which are widely in the electrical & mechanical applications. In addition, traction equipment is widely used in various industries such as railway, marine, aerospace & defense and others. Moreover, different types of traction systems are diversifying applications such as traction transformer is used to transform energy into speed that moves passengers and freight, and traction converters are used to supply an AC current with variable frequency to adjust the motor speed. Furthermore, traction equipment market plays a vital in the transport system as it is used in railway railways, aerospace, and other mode of transport. The development of on-board electronics of vehicles is related to the evolution of microcontrollers and microprocessor, both in hardware and software issues. Traction equipment has been based on such electronic controllers, but most of the systems are paralleled and have fewer interconnections. The interconnection of traction equipment mounted on the bus body and the same communication protocol applied for trams, thus allowing the vehicle to have full on-line diagnosis within the intelligent and advanced transport systems.
A rise in urbanization and infrastructural development across the globe led to increase in demand for transportation, which led to increase in demand for traction equipment market and may act as the major driving factor for the market. In addition, traction equipment market is highly used in aerospace & defense and rising investments in defense projects in developed and developing nations led to increase the demand of traction equipment and may create ample of opportunities for the market.
The global traction equipment market forecast is segmented on the basis of type, application, and region. Depending on type, the market is categorized into traction transformers, traction converters, traction motors & generators and others (Inverters and Cable protection (PMA)). On the basis of application, it is divided into railway, marine, industrial equipment, electrical vehicles and others (Aerospace and Military). Region wise, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
The global traction equipment market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include ABB, Alsrom SA, American traction systems, Bombardier Inc., Caterpillar Inc., Crompton Greaves Limited, Siemens AG, General Electric Company, Kawasaki Heavy Industries Ltd., Mitsubishi Electric Corporation, VEM Group, Toshiba International Corporation and TTM Railway- Transtech Melbourne Pty Ltd.
Based on type traction motors and generators witnessed highest market share during the forecast period. This is attributed to rising transportation through sea transport system and expansion of import and export activities across the globe led to increase the demand for traction motor and generator and may create ample of opportunities for the market
Based on application railways are fastest growing segment during the forecast period. Owing to the rising urbanization, which led to introduce the metro, rapid & electric trains which in turn to create ample of opportunities for the market. Moreover, high cost associated with railway projects may act as the restraining factor for the market.
Based on region asia-pacific is the largest segment during the forecast period. This is attributed to rapid expansion of bullet trains, high speed railways and electric trains in developing countries such as India also led to create wide opportunities for the traction equipment market. Moreover, developing countries majorly focusing on carbon free economy, which in turn to increase the demand of electric cars and is expected to create ample opportunities for the traction equipment market.
Impact of COVID-19 outbreak on the market
- The COVID-19 pandemic has curtailed the movement of people, goods and applications worldwide, including in most of the regions in which has production of traction equipment market on large scale. As part of intensifying efforts to contain the spread of COVID-19, a number of local, state and national governments have imposed various restrictions on the conduct of business and travel, such as stay-at-home orders and quarantines that have led to a significant number of business slowdowns and closures. The COVID-19 pandemic has resulted in, and is expected to continue to result in a substantial curtailment of business activities (including the decrease in demand for a broad variety of goods and applications), weakened economic conditions, supply chain disruptions, significant economic uncertainty and volatility in the financial and commodity markets, including the reduction in global demand for traction system.
- The manufacturing of traction equipment market was stopped for a specific period of time due to high peak of covid-19 situation which led to highly impact the sales of traction equipment market.
- Sales of traction equipment market is directly proportional to the demand of automobiles. Automobiles have been negatively impacted amid the lockdown imposed due to the COVID-19 outbreak and recorded a huge decline in sales in 2021. However, the demand of traction equipment system was negatively impacted during the lockdown.
- COVID-19 impacted almost all industries by hindering various industrial Applications and disrupting the supply chain. Maximum companies halted their application due to less workforce. However, there is a sluggish decline in the global traction equipment market due to impact of COVID-19.
- According to the UNIDO, 30.0%–70.0% of pre COVID-19 workforce of various industries, such as electrical and other third-party vendors migrated to their hometowns, due to uncertainties and loss of income during the lockdown. This unavailability or less availability of workforce is expected to directly affect the production and manufacturing activities, thereby resulting in decline in demand for raw materials used in traction equipment market this is expected to decline the traction equipment market growth during the forecast period.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the traction equipment market analysis from 2021 to 2031 to identify the prevailing traction equipment market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the traction equipment market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global traction equipment market trends, key players, market segments, application areas, and market growth strategies.
Traction Equipment Market Report Highlights
| Aspects | Details |
 By Type |
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 By Application |
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 By Region |
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 Key Market Players | Kawasaki Heavy Industries Ltd, TTM Rail – Transtech Melbourne Pty Ltd., Medha Servo Drives Private Limited, General Electric Company, Crompton Greaves Limited, Caterpillar Inc., American Traction Systems, VEM Group, Toshiba International Corporation, Alstom SA, ABB Ltd., Bombardier Inc., MITSUBISHI ELECTRIC CORPORATION, Siemens AG |
Analyst Review
The global traction equipment market has registered a dynamic growth over the past few years, owing to drastic growth in railways, aerospace & defense and automotive industries. In addition, huge investment plans of government of every nation with respect to defense infrastructure led to boost the traction equipment market across the globe. Moreover, traction equipment market is highly traction equipment market which may also create ample of opportunities for the market. Moreover, in the high-voltage electrical system of a car, truck or bus, the traction inverter sits between the high voltage system battery and the electric motor. It converts the HV system DC voltage into 3 AC output phases to drive the motor. However, mentioned advantages of traction equipment market may also act as the driving factor for the market. In addition, developing nations such as India, China & Japan, plan to increase the defense infrastructure, which led to increase in demand for traction equipment market and create wide opportunities for the market.
Railway is the leading application of Traction Equipment Market
A rise in demand for automobiles across the globe and rapid expansion of traction technology in vehicles led to introduce the traction features in automobiles, which lead to increase in demand for traction equipment, which act as the upcoming trend in the market
The global traction equipment market was valued at $300.1 million in 2021, and is projected to reach $390.7 million by 2031, growing at a CAGR of 2.8% from 2022 to 2031.
Asia-pacific is the largest regional market for traction equipment
ABB, Alsrom SA, American traction systems, Bombardier Inc., Caterpillar Inc., Crompton Greaves Limited, Siemens AG, General Electric Company are the top companies in traction equipment
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