Traction Equipment Market Top Companies
The key players operating and profiled in the traction equipment market report include ABB, Alsrom SA, American traction systems, Bombardier Inc., Caterpillar Inc., Crompton Greaves Limited, Siemens AG, General Electric Company, Kawasaki Heavy Industries Ltd., Mitsubishi Electric Corporation, VEM Group, Toshiba International Corporation and TTM Railway- Transtech Melbourne Pty Ltd.
According to a new report published by Allied Market Research, titled, the traction equipment market size was valued at $300.1 million in 2021, and is estimated to reach $390.7 million by 2031, growing at a CAGR of 2.8% from 2022 to 2031.
On the basis of type, the traction motors and generators segment emerged as the global leader in 2021 and is anticipated to be the largest markets during the forecast period.
On the basis of application, the railway segment emerged as the global leader in 2021 and is anticipated to be the largest markets during the forecast period.
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On the basis of region, Asia-Pacific registered the highest market share and is projected to maintain the same during the forecast period.
Impact of COVID-19 outbreak on the market
The COVID-19 pandemic has curtailed the movement of people, goods and applications worldwide, including in most of the regions in which has production of traction equipment market on large scale. As part of intensifying efforts to contain the spread of COVID-19, a number of local, state and national governments have imposed various restrictions on the conduct of business and travel, such as stay-at-home orders and quarantines that have led to a significant number of business slowdowns and closures.
The COVID-19 pandemic has resulted in, and is expected to continue to result in a substantial curtailment of business activities (including the decrease in demand for a broad variety of goods and applications), weakened economic conditions, supply chain disruptions, significant economic uncertainty and volatility in the financial and commodity markets, including the reduction in global demand for traction system.
Sales of traction equipment market is directly proportional to the demand of automobiles. Automobiles have been negatively impacted amid the lockdown imposed due to the COVID-19 outbreak and recorded a huge decline in sales in 2021. However, the demand of traction equipment system was negatively impacted during the lockdown.
The global traction equipment market is analyzed and estimated in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2021–2031. The report includes the study of the market with respect to the growth prospects and restraints based on the regional analysis.
The simplest way of analyzing the traction produced by a traction device, such as a wheel or track, is to consider friction forces that act at the contact between a traction device and the surface when the system is in equilibrium.
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Traction is the adhesive friction of a body on a surface on which it moves or it is the drawing of a vehicle by motive power. In addition, traction is used on electrification systems around the world. However, equipment used in the traction are known as traction equipment. In addition, the main application of traction equipment is used in the railway, automobiles, aerospace and defense.
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