Transparency Market Research has recently published a research report
about the global traction equipment market. 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.
Based on equipment, the traction equipment market was driven by traction
engines in 2018. The segment registered a huge share of
around 80% and is anticipated to hold its lead through 2027. Geographically,
the global traction equipment market, in 2018, was driven by
Asia Pacific with a share around 41% both by volume and
revenue, both and has developed as the main income generator. The rapid
development in economies and critical advancement of trade have contributed
toward the extension of this market.
Expanding Product Portfolio is Key for Market
Leaders’ Development
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. Of these notable brands, ABB Ltd., has been the
leading player that has set high industry standards. The company boasts of
strong product portfolio catering to variety of needs of consumers and thus is
expected to remain a dominant force in the market for a foreseeable future.
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According to the research report by Transparency Market Research, the
global traction equipment market is projected to exhibit a sluggish CAGR
of 2.14% in terms of volume, for the given assessment period
of 2019 to 2027. In 2018, the volume
sale of the global traction equipment market was around 1.18 million units.
With the mentioned rate of growth, the volume sales will rise to 1.40
million units by the end of 2027.
“On the other hand, in terms revenue growth, the global market is
expected to exhibit a slightly better CAGR of 2.40% till the
end of 2027”, says research analyst at TMR
Asia Pacific to Continue Dominating Global Traction
Equipment Market
Depending on the type of equipment, the global traction equipment market
has been consistently dominated by traction engines since 2018. 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.
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“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 TMR 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.
Global Traction Equipment Market – Key Developments
·
In September
2019, Mitsubishi Electric Corporation announced that it has been
awarded a contract by Spanish train builder Construcciones y Auxiliar de
Ferrocarriles, S.A. (CAF) to supply high tech traction equipment for 88
Sprinter New Generation Electric Multiple Unit trains for the Dutch rail operator
Nederlandse Spoorwegen.
·
In March
2019, Toshiba Infrastructure Systems & Solutions Corp (TISS) received
an order for traction system electrical equipment for 520 commuter train
carriages for the Taiwan Railways Administration (TRA). The order is for complete
sets of traction system electrical equipment such as transformers, power
converters and traction motors — primarily for commuter trains that run on a
line (about 430km long) along the west coast of Taiwan.
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