The purpose of this research study titled ‘Traction Equipment Market - Growth, Future Prospects, and Competitive Analysis, 2023 – 2030’ is to provide investors, developers, company executives and industry participants with in-depth analysis to allow them to take strategic initiatives and decisions related to the prospects in the global traction equipment market. This report presents and analyzes the major trends prevalent in the global traction equipment market and the market size and forecast.

This report categorizes the global traction equipment market in terms of system type, components and geographical distribution. DC systems, AC systems and multi systems are types of traction systems considered in this study. Based on components, the global traction equipment market is categorized into traction transformers, traction motors and traction converters. 

This report also includes qualitative assessment factors such as market dynamics (drivers, restraints and opportunities), value chain, and Porter’s five forces model to have a good understanding of the current and anticipated trends in the global traction equipment market. Competition assessment tools such as market attractiveness assessment and competitive landscape analysis by key players are also demonstrated in the study. Furthermore, this report concludes with profiling of key market players currently enjoying prominent position in the traction equipment market. The key players profiled in this report are ABB Ltd., American Traction Systems, Alstom SA, Bombardier Inc., Crompton Greaves Limited, Caterpillar Inc., GE Company, Mitsubishi Electric Corporation, Kawasaki Heavy Industries Ltd., VEM Group, Siemens, Toshiba International Corporation, and TTM Rail.

Among the considered system units, multi systems are the most prominently used railway traction systems. Due to regional variation in railway electrification systems, trains often have to pass through one system to other during transit. Change of locomotives at switching stations is the most common way of attaining this. However, such switching stations have highly sophisticated components that are expensive for both installation and maintenance. Due to this, railway systems worldwide are rapidly adopting multi-system units that can operate at several voltage ranges. The adoption of multi systems is the highest in Europe where two, three or four system locomotives are commonly used for cross-frontier freight. Installation of multi systems has enabled passing from one electrification system to another without stoppage and at lower costs.

The overall trends in the traction equipment market are majorly driven by evolving technologies and the market is fragmented in nature. The degree of competition in this market is chiefly determined offering cost effective and high efficiency solutions for long-term sustenance. Overall, the demand for traction equipment is anticipated to be the highest in emerging economies of Asia Pacific, Latin America and Middle East and Africa, where intensive investment and funding are being siphoned for upgrading transportation infrastructure. Among the considered equipment type, traction motors dominate the overall market with a revenue share of over 75% in 2020. These equipments are widely used in both electric and diesel locomotives and are often customized as per the unique locomotive requirements. Furthermore, traction transformers and convertors are widely used across electric units and traction substations and the demand for these components is anticipated to further escalate in the light of upgrades and electrification of railway lines worldwide.

Geographically, the global traction equipment market is cumulative to North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

With an approximate revenue share of 40% in 2020, Asia Pacific is the largest market for traction equipment. Asia Pacific market is anticipate to retain its dominance through the forecast period and present lucrative expansion opportunities for solution providers. This market is majorly driven by growing government funding for upgrade and expansion of railway infrastructure in the emerging economies in the region. Building of transcontinental cargo in China to enhance trade opportunities with Europe is one such opportunistic example. Total electrification of railways in countries such as India and expansion of light transit system in Australia will present further investment opportunities for the global players in Asia Pacific market. On the other hand, Europe is the oldest and matured market for traction equipment. With constant upgrading of continental transit systems and current prevalence of multi voltage systems in the region, the demand for multi systems is anticipated to drive the Europe traction equipment market through the forecast period.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Traction Equipment market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Traction Equipment market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Traction Equipment market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Traction Equipment market?
• Which is the largest regional market for Traction Equipment market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Traction Equipment market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Traction Equipment market worldwide?