Portland, OR, Sept. 20, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global traction equipment market was estimated at $300.1 million in 2021 and is expected to hit $390.7 million by 2031, registering a CAGR of 2.8% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $300.1 Million |
| Market Size in 203 | $390.7 Million |
| CAGR | 2.8% |
| No. of Pages in Report | 270 |
| Segments Covered | Type, Application, and Region. |
| Drivers | Rise in urbanization and infrastructural development across the globe |
| Surge in demand for advanced transportation facilities | |
| Opportunities | Rising investments in defense projects in the developed and developing economies |
Covid-19 scenario-
- Business slowdowns and closures across the world impacted the global traction equipment market negatively, especially during the initial period.
- Less availability of workforce affected the production and manufacturing activities, thus leading to declined demand for raw materials used in traction equipment. However, the market has almost recovered at a swift pace.
The global traction equipment market is analyzed across type, application, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
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Based on type, the traction motors and generators segment held nearly two-thirds of the total market revenue in 2021, and is expected to dominate by 2031. The same segment would also manifest the fastest CAGR of 3.1% throughout the forecast period. The traction converters and traction transformers segments are also assessed in the study.
Based on application, the railways segment garnered around two-fifths of the total market revenue in 2021, and is expected to dominate by 2031. The same segment would also project the fastest CAGR of 3.1% throughout the forecast period. The other segments covered through the report include marine, industrial equipment, and electrical vehicles.
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Based on region, the global traction equipment market across Asia-Pacific generated more than two-fifths of the total market revenue in 2021, and is anticipated to retain the lion’s share by 2031. The same region would also manifest the fastest CAGR of 3.1% during the forecast period. The other provinces analyzed through the report include North America, Europe, and LAMEA.
The key market players analyzed in the global traction equipment market report include American traction systems, VEM Group, Caterpillar Inc., Crompton Greaves Limited, Siemens AG, General Electric Company, Kawasaki Heavy Industries Ltd., Bombardier Inc., ABB, Toshiba International Corporation, TTM Railway- Transtech Melbourne Pty Ltd., and Mitsubishi Electric Corporation. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance, product portfolio, operating segments, and developments by the top players.
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