The global traction equipment market revenue was around US$ 317.1 million in 2023 and is estimated to reach US$ 406.5 million by 2032, growing at a compound annual growth rate (CAGR) of 2.8% during the forecast period from 2024 to 2032.
Traction equipment is an important part of any automobile or transportation system as it provides the efficient transmission of motion and power. It contains components such as generators, motors, transformers, traction converters, and control systems. The performance and quality of traction equipment directly affect the overall efficiency and dependability of transportation systems.
Market Driving Factors
The increasing environmental consciousness and the requirement for sustainable transportation propel the demand for hybrid and electric vehicles. This is because traction equipment plays a crucial role in these automobiles by efficiently transferring power to the wheels, contributing to their surge adoption. Therefore, this factor is estimated to boost the market growth.
The integration of the Internet of Things (IoT) in transportation systems creates substantial possibilities for the market. This is mainly due to the that these technologies facilitate predictive maintenance, real-time monitoring, and remote diagnostics, enhancing the overall performance and dependability of traction systems.
An increase in technological advancements is predicted to drive the market growth. This is due to the constant advances in traction equipment technologies, such as regenerative braking systems and lightweight elements, which improve the total efficiency and transportation systems performance. These advancements increase the demand by offering energy-efficient solutions.
The initial prices associated with the integration and installation of cutting-edge traction equipment can be substantial, particularly for large-scale transportation projects. Thus, this factor is estimated to hinder market growth.
Regional Analysis
In 2023, Europe dominated the market in terms of the major shares. This can be mainly attributed to the increased developments made in the rail infrastructure and the surge in government spending for the deployment of high-speed trains. Moreover, raised investment in the transportation sector in the railway system indicated the possibilities for the key players in the market.
Asia-Pacific dominates the market in terms of the rate. This is primarily owing to the immediate expansion of high-speed railways, bullet trains, and electric trains in developing nations such as India. Furthermore, developing nations majorly concentrate on a carbon-free economy, which, in turn, surges the demand for electric vehicles and is estimated to create lucrative opportunities for market growth in the region.
Segmentation Insights
Type Insight
The traction motors and generators segment dominated the market in terms of revenue and is estimated to maintain its dominance during the forecast period. This can be generally attributed to surged transportation via the sea transport system and the expansion of export and import activities across the world.
Application Insight
The railways segment dominates the market in terms of the rate. This is primarily owing to the increasing urbanization, which led to the introduction of the metro, electric & rapid trains.
Electric vehicles segment is estimated to dominate the market in terms of the largest shares. This is primarily due to the increasing demand for electric vehicles, boosted by government initiatives and environmental concerns, driving the demand for traction equipment. Furthermore, efficient power transmission from the battery to the wheels is necessary for the electric vehicle's performance.
Prominent Companies
Segmentation Outline
The global traction equipment market segmentation focuses on the Type, Application, and Region.
By Type
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL TRACTION EQUIPMENT MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: TRACTION EQUIPMENT MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL TRACTION EQUIPMENT MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL TRACTION EQUIPMENT MARKET, BY TYPE
5.1 OVERVIEW
5.2 TRACTION TRANSFORMERS
5.3 TRACTION CONVERTERS
5.4 TRACTION MOTORS AND GENERATORS
5.5 OTHERS
6 GLOBAL TRACTION EQUIPMENT MARKET, BY APPLICATION
6.1 OVERVIEW
6.2 RAILWAYS
6.3 MARINE
6.4 INDUSTRIAL EQUIPMENTS
6.5 ELECTRICAL VEHICLES
6.6 OTHERS
7 GLOBAL TRACTION EQUIPMENT MARKET, BY GEOGRAPHY
7.1 OVERVIEW
7.2 NORTH AMERICA
7.2.1 NORTH AMERICA MARKET SNAPSHOT
7.2.2 U.S.
7.2.3 CANADA
7.2.4 MEXICO
7.3 EUROPE
7.3.1 EUROPE MARKET SNAPSHOT
7.3.2 WESTERN EUROPE
7.3.2.1 THE UK
7.3.2.2 GERMANY
7.3.2.3 FRANCE
7.3.2.4 ITALY
7.3.2.5 SPAIN
7.3.2.6 REST OF WESTERN EUROPE
7.3.3 EASTERN EUROPE
7.3.3.1 POLAND
7.3.3.2 RUSSIA
7.3.3.3 REST OF EASTERN EUROPE
7.4 ASIA PACIFIC
7.4.1 ASIA PACIFIC MARKET SNAPSHOT
7.4.2 CHINA
7.4.3 JAPAN
7.4.4 INDIA
7.4.5 AUSTRALIA & NEW ZEALAND
7.4.6 ASEAN
7.4.7 REST OF ASIA PACIFIC
7.5 MIDDLE EAST & AFRICA
7.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
7.5.2 UAE
7.5.3 SAUDI ARABIA
7.5.4 SOUTH AFRICA
7.5.5 REST OF MEA
7.6 SOUTH AMERICA
7.6.1 SOUTH AMERICA MARKET SNAPSHOT
7.6.2 BRAZIL
7.6.3 ARGENTINA
7.6.4 REST OF SOUTH AMERICA
8 GLOBAL TRACTION EQUIPMENT MARKET COMPETITIVE LANDSCAPE
8.1 OVERVIEW
8.2 COMPANY MARKET RANKING
8.3 KEY DEVELOPMENT STRATEGIES
8.4 COMPETITIVE DASHBOARD
8.5 PRODUCT MAPPING
8.6 TOP PLAYER POSITIONING, 2022
8.7 COMPETITIVE HEATMAP
8.8 TOP WINNING STRATEGIES
9 COMPANY PROFILES
9.1 TOSHIBA INTERNATIONAL CORPORATION
9.1.1 OVERVIEW
9.1.2 FINANCIAL PERFORMANCE
9.1.3 PRODUCT OUTLOOK
9.1.4 KEY DEVELOPMENTS
9.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.2 BOMBARDIER INC.
9.2.1 OVERVIEW
9.2.2 FINANCIAL PERFORMANCE
9.2.3 PRODUCT OUTLOOK
9.2.4 KEY DEVELOPMENTS
9.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.3 CATERPILLAR INC.
9.3.1 OVERVIEW
9.3.2 FINANCIAL PERFORMANCE
9.3.3 PRODUCT OUTLOOK
9.3.4 KEY DEVELOPMENTS
9.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.4 AMERICAN TRACTION SYSTEMS
9.4.1 OVERVIEW
9.4.2 FINANCIAL PERFORMANCE
9.4.3 PRODUCT OUTLOOK
9.4.4 KEY DEVELOPMENTS
9.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.5 TRANSTECH MELBOURNE PTY LTD
9.5.1 OVERVIEW
9.5.2 FINANCIAL PERFORMANCE
9.5.3 PRODUCT OUTLOOK
9.5.4 KEY DEVELOPMENTS
9.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.6 CROMPTON GREAVES LIMITED
9.6.1 OVERVIEW
9.6.2 FINANCIAL PERFORMANCE
9.6.3 PRODUCT OUTLOOK
9.6.4 KEY DEVELOPMENTS
9.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.7 ABB LTD.
9.7.1 OVERVIEW
9.7.2 FINANCIAL PERFORMANCE
9.7.3 PRODUCT OUTLOOK
9.7.4 KEY DEVELOPMENTS
9.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.8 VEM GROUP
9.8.1 OVERVIEW
9.8.2 FINANCIAL PERFORMANCE
9.8.3 PRODUCT OUTLOOK
9.8.4 KEY DEVELOPMENTS
9.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.9 MITSUBISHI ELECTRIC CORPORATION
9.9.1 OVERVIEW
9.9.2 FINANCIAL PERFORMANCE
9.9.3 PRODUCT OUTLOOK
9.9.4 KEY DEVELOPMENTS
9.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.10 MEDHA SERVO DRIVES PRIVATE LIMITED
9.10.1 OVERVIEW
9.10.2 FINANCIAL PERFORMANCE
9.10.3 PRODUCT OUTLOOK
9.10.4 KEY DEVELOPMENTS
9.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.11 KAWASAKI HEAVY INDUSTRIES LTD
9.11.1 OVERVIEW
9.11.2 FINANCIAL PERFORMANCE
9.11.3 PRODUCT OUTLOOK
9.11.4 KEY DEVELOPMENTS
9.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.12 SIEMENS AG
9.12.1 OVERVIEW
9.12.2 FINANCIAL PERFORMANCE
9.12.3 PRODUCT OUTLOOK
9.12.4 KEY DEVELOPMENTS
9.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.13 GENERAL ELECTRIC COMPANY
9.13.1 OVERVIEW
9.13.2 FINANCIAL PERFORMANCE
9.13.3 PRODUCT OUTLOOK
9.13.4 KEY DEVELOPMENTS
9.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.14 ALSTOM S.A.
9.14.1 OVERVIEW
9.14.2 FINANCIAL PERFORMANCE
9.14.3 PRODUCT OUTLOOK
9.14.4 KEY DEVELOPMENTS
9.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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