According to Vision Research Reports, the global traction equipment market size is expected to reach US$ 290 billion by 2030.
The research report expects the vendor landscape of the global market to remain fragmented as more number of players are expected to enter into the fray. The market is intensely competitive and innovation driven. Companies with high levels of technological infrastructure and highly viable and proficient products stand a chance for a sustainable future in the global traction equipment market. These leading players in the global market are expected to concentrate on developing technologically sound and advanced products in order to stay ahead of their competition.
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.
Based on equipment, the traction equipment market was driven by traction engines in 2020. The segment registered a huge share of around 80% and is anticipated to hold its lead through 2030.
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.
Asia Pacific to Continue Dominating Market
Depending on the type of equipment, the global traction equipment market has been consistently dominated by traction engines since 2020. The segmented accounted for the lion’s share of nearly 80% of the overall market and is projected to continue to dominate in the foreseeable future.
“Geographically speaking, the global traction market is expected to be led by the regional segment of Asia Pacific. The region accounted for around 41% of the market share in terms of both volume and share and has thus become the chief contributor for the growth of the global market”, observes VRR analysts. In addition to this, fast economic and industrial developments in emerging nations such as India, China, and Philippines among others are also responsible for driving the development of the traction equipment market in the Asia Pacific region. Other regional segments such as North America and Europe are expected to show moderate growth rates in the near future.
Some of the key names in the global traction equipment market include names such as Toshiba International Corporation, TTM Rail – Transtech Melbourne Pty Ltd., Caterpillar Inc., VEM Group, Kawasaki Heavy Industries, and ABB Ltd. among others.
|Market Size||US$ 290 billion by 2030|
|Historic Data||2017 to 2020|
|Forecast Period||2021 to 2030|
|Segments Covered||Equipment Type|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||Toshiba International Corporation, TTM Rail – Transtech Melbourne Pty Ltd., Caterpillar Inc., VEM Group, Kawasaki Heavy Industries, and ABB Ltd. among others|
Traction Equipment Market: Equipment Type
Traction Equipment Market: Regional Analysis
This report focuses on traction equipment market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall traction equipment market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global traction equipment market.
The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.
In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).
The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the traction equipment market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the traction equipment market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Traction equipment market.
Market Segments: This part of the report discusses about product, application and other segments of the traction equipment market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.
The report provides in-depth segment analysis of the global traction equipment market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the traction equipment market.
The report includes country-wise and region-wise market size for the period 2017-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2017-2030.
This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2017 to 2019.
The analysts have provided a comprehensive analysis of the competitive landscape of the global traction equipment market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users) and other segments.
The research methodology adopted by analysts for compiling the global traction equipment market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global traction equipment market.
The study objectives of this report are:
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