Traction equipment serves as a propulsion system, making it useful in pulling or drawing vehicles. The demand for traction equipment is significantly growing on account of the high demand from railway transportation sector. Countries across the globe are trying to modernize and develop their railway networks owing to the growing economies and population, which create a heightened demand for mass transportation. The growing presence of electrified rail lines and locomotives will drive the global traction equipment market towards growth. As the congestion of roads and airways is becoming a major transportation concern for many developing and developed countries, governments are looking at projects such as high-speed trains and tramways to ease this pressure. As such, there is a significant funding from various governments, and this will aid the growth of the traction equipment market.
Some of the constraints impacting the market include operational issues with traction motors. Traction motors tend to get overheated and this is another reason affecting their demand. Commutation malfunctions and insulation breakdown are also hindering the adoption of traction motors.
Asia Pacific to Emerge as Leading Revenue Generator in Traction Equipment Market
On the basis of geography, Asia Pacific is expected to continue its leading position in the traction equipment market. The region accounted for 40% of the market in 2015 and will likely emerge as the leading revenue generator in the coming years. The reason behind the growth of the market in Asia Pacific is the development of trade and the growing economies. Electrification projects in the region will help the market to grow. For instance, India has recently announced the electrification of its existing railway network. China is building a transcontinental cargo rail service in order to increase trade with Europe. Australia is expanding its intercity trains and light rail transit systems. These upgradation and expansion railway projects will boost the Asia Pacific traction equipment market.
Europe will follow Asia Pacific and emerge as a lucrative market for traction equipment. Stringent emission policies is expected to make railways in Europe, an attractive mode of travel and transport, thus boosting the market.
Motors Segment to Emerge Dominant in Global Traction Equipment Market
By type of equipment, the traction equipment market is segmented into motors and transformers. Of these, it is expected that the motors segment will lead in the coming years. The segment also led in 2015, accounting for 80% of the traction equipment market. Traction motors are used in electric and diesel locomotives and thus, in high demand. Customization of traction motors to suit the specific requirements of locomotives is another factor driving their demand. The market for traction transformers will also grow in the coming years as electrification of railway lines will occur worldwide.
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Key vendors in the global traction equipment market include Crompton Greaves Limited, Alstom SA, ABB Ltd., Bombardier Inc., General Electric Company, TTM Rail – Transtech Melbourne Pty Ltd., American Traction Systems, Caterpillar Inc., Siemens AG, Kawasaki Heavy Industries, Ltd., VEM Group, Mitsubishi Electric Corporation, and Toshiba International Corporation.