The global traction equipment market is anticipated to grow at a significant CAGR during the forecast period (2024-2031). The traction system is a component of the train and is installed on the roof or underneath the train which converts the electrical energy, collected from the catenary through the pantograph, into mechanical energy. This system enables the wheels to turn and the train to accelerate and brake. The major factor driving the demand for traction equipment is the increasing demand for mass transportation across the globe.
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Moreover, the market is also growing due to rising investments in the expansion of railway networks across both developing and developed economies. Additionally, the growth of the market can also be attributed to the key players present in the market. For instance, in July 2019, ABB has won orders of more than $140 million from Swiss train manufacturer Stadler. The order was intended to supply state-of-the-art traction equipment for trains and locomotives in the US and several European countries. Additionally, in February 2020, ABB India announced that it has received two significant orders worth $2.49 million. The order was to supply traction equipment for Chittaranjan Locomotive Works, and industrial drives to Megha Engineering and Infrastructures.
Some major players in the market include ABB Ltd., Alstom SA, and Caterpillar Inc., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in September 2019, Mitsubishi Electric Corp. announced that it has secured a contract from the Spanish train builder Construcciones y Auxiliar de Ferrocarriles (CAF). The contract was for the supply of high-tech traction equipment for 88 Sprinter New Generation (SNG) electric multiple unit trains.
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Market Coverage
Segment Covered-
- By Type
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape- ABB Ltd., Alstom SA, and Caterpillar Inc., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Traction Equipment Market Report by Segment
By Type
- Traction Transformer
- Traction Motor
- Traction Converter
- Others
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