Traction Equipment Market: Snapshot
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.
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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.
In terms of volume, the global traction equipment market was pegged at 1.1 mn units in 2015. Expanding at a subdued CAGR of 2.09% from 2016 to 2024, the demand is expected to reach 1.3 mn units by 2024. By cumulative revenue, the market is forecast to register a 2.34% CAGR during the same period.
Expansion and Upgrade of Rail Transit Systems Boost Demand for Traction Equipment in APAC
In terms of geography, the global traction equipment market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. In 2015, Asia Pacific a share of around 40% both by revenue and volume and has emerged as the leading revenue generator. The region is expected to remain one of the most attractive markets for traction equipment.
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The significant development of trade and rapidly growing economies have contributed toward the expansion of this market. China is building a major transcontinental cargo rail service under the Silk Road Economic Belt project, which is likely to increase China’s trade with European countries. India recently announced its plans for the electrification of its existing railway network with a US$137 bn investment. Australia is working toward expanding its light rail transit systems as well as intercity trains. This increased focus on expanding and upgrading railway networks and systems has boosted the APAC traction equipment market over the years.