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Traction Equipment Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024

Report Description

Demand for traction equipment is increasing globally. The major factor driving this growth is increasing demand for efficient railway transportation. Due to the rapid increase in freight and passenger traffic, countries around the world are trying to develop and modernize their railway networks. Rising populations and growing economies have created demand for mass transportation. Many countries, such as China and Spain, are rapidly developing their high-speed rail networks. While countries such as India and the U.S. focus on increasing the electrified lines in their network, others, such as Brazil, Germany, and the U.K., are focusing on modernizing their aging fleets. Traction systems are used to pull or draw vehicles (i.e., they act as propulsion systems for trains). Hence with the increasing presence of locomotive and electrified rail lines, the traction equipment market will also expand during the forecast period. Asia Pacific occupied the largest share of the traction equipment market in 2015, closely followed by Europe.

This report by Transparency Market Research analyzes, estimates, and forecasts demand for traction equipment on the global and regional level for an eight-year period from 2016 to 2024 in terms of volume and cumulative revenue. The study also provides information on restraints, drivers, and opportunities along with their impact on the overall market during the forecast period. The report segments the market on the basis of equipment type and region and provides estimates and forecast of the traction equipment market for each segment.

The study analyzes the product value chain, from raw material suppliers to end-users. Additionally, it contains an evaluation of the market along the Porter’s Five Forces model, which analyzes the degree of competition in the market by considering factors such as the bargaining power of buyers and suppliers, threats from substitute products and new entrants. The report also includes a market attractiveness analysis for the traction equipment market on the basis of regions. The report includes a detailed competitive landscape of the traction equipment market including company market share analysis and the profiles of key market participants.

The report provides a comprehensive view of the traction equipment market by segmenting the market along the lines of equipment type and geography. The equipment type segment comprises the traction transformer, traction motor, and traction converter sub-segments. The traction system is the primary driving force of locomotives. In railway systems, it is supplemented by equipment such as controllers, rectifiers, blowers, compressors, and other auxiliary systems. Traction motors are widely used in all types of locomotives. Transformers and converters are also used in the electrification of railway lines. The requirement of traction motors, traction transformers, and traction convertors differs depending upon the type of locomotive, electrification system, and terrain suitability.

The traction equipment market has been segmented on the basis of geography into North America, Europe, Asia Pacific, and Rest of the World. The Rest of the World segment includes Latin America, the Middle East, and Africa. Demand for each type of traction equipment in terms of volume and cumulative revenue for each of these regions has been forecast in the report for the period from 2016 to 2024. The report also contains detailed analysis of some major countries in the traction equipment market, such as the U.S., China, India, Brazil, Germany, Spain, and Russia.

Leading manufacturers profiled in the report include ABB Ltd., Alstom 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 Rail - Transtech Melbourne Pty Ltd. These companies have been profiled in detail with features such as company overview, financial overview, business strategies, employee strength, and recent developments.

Traction Equipment Market – Equipment Type Segment Analysis

  • Traction Transformer
  • Traction Motor
  • Traction Converter

Traction Equipment Market – Regional Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • Germany
    • The U.K.
    • Spain
    • France
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Australia
    • Japan
    • Rest of Asia Pacific
  • Rest of the World
    • Brazil
    • Other Countries

Preview Analysis

Traction Equipment Market: Snapshot

The global traction equipment market is extremely technology-centric and is immensely fragmented. Despite the fact that only companies that can provide cost-effective and high-efficiency products can sustain in this market, the degree of competition is anticipated to remain high during the forecast period owing to the constant demand for traction equipment, especially from emerging markets.

The global rise in the demand for mass transportation can be attributed to the surge in investments in the expansion of railway networks across both developing and developed economies. Traction equipment is what drives locomotives and countries such as China, India, the U.S., and Germany have been presenting an increased demand for the same.

In terms of volume, the global traction equipment market was pegged at 1.1 mn units in 2015. Expanding at a subdued CAGR of 2.09% from 2016 to 2024, the demand is expected to reach 1.3 mn units by 2024. By cumulative revenue, the market is forecast to register a 2.34% CAGR during the same period.

Expansion and Upgrade of Rail Transit Systems Boost Demand for Traction Equipment in APAC

In terms of geography, the global traction equipment market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. In 2015, Asia Pacific a share of around 40% both by revenue and volume and has emerged as the leading revenue generator. The region is expected to remain one of the most attractive markets for traction equipment. The significant development of trade and rapidly growing economies have contributed toward the expansion of this market. China is building a major transcontinental cargo rail service under the Silk Road Economic Belt project, which is likely to increase China’s trade with European countries. India recently announced its plans for the electrification of its existing railway network with a US$137 bn investment. Australia is working toward expanding its light rail transit systems as well as intercity trains. This increased focus on expanding and upgrading railway networks and systems has boosted the APAC traction equipment market over the years.

Europe is one of the oldest markets for traction equipment as the first steam, electric, and diesel locomotives were invented in this region. The region is anticipated to trail Asia Pacific in terms of volume and revenue during the forecast period. The strengthening of emission control policies in Europe has made railways an attractive alternative to other modes of transport and this anticipated to fuel the demand for traction equipment in the region.

Traction Motors Take the Lead as Suppliers Offer Customized Solutions

By type of equipment, the traction equipment market was led by traction motors. This segment accounted for a massive share of nearly 80% in 2015 and is expected to retain its lead through 2024. Traction motors are used in electric and diesel locomotives and the key suppliers of traction motors, such as ABB Ltd. and Siemens AG, have been offering customized traction motors to suit the unique requirements of locomotives. Traction converters and transformers are used in electric locomotives as well as in traction substations. The market for these will grow in the forecast period due to various projects being undertaken for the electrification of railway lines across the globe.

Leading vendors in the traction equipment market include ABB Ltd., Alstom 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 Rail - Transtech Melbourne Pty Ltd.

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