Electric Traction Systems Market – Comprehensive Evaluation Of The Market Via In-Depth Qualitative Insights
Electric traction systems are most commonly seen in propulsion of railway vehicles. In general, diesel, steam and electric based traction systems are covered under traction systems. Under the scope of this report, electric traction systems are covered. Urbanization coupled with technological developments are the major drivers of the electric traction systems market globally. Among the different types of rolling stocks, electric traction systems are most commonly utilized for railways. Hence, the growing railway connectivity globally, coupled with environmental concerns, has been promoting the demand for electric traction systems.
North America and Asia Pacific have been witnessing higher adoption of diesel-electric engines and electric engines. This shift is primarily due to the advantages offered by electric traction systems over diesel or steam systems. Moreover, hybrid engines are being adopted in several developed nations. Such modernizations are anticipated to boost the demand for electric traction systems globally.Suburban railways such as trams, metros and intercity high speed networks are being planned across several major cities, which in turn are propelling the growth of electric traction systems market globally.
On the basis of type, the market for electric traction systems has been segmented in the report into electric traction transformer, electric traction motor, electric traction generator, electric traction inverter, electric traction converters, and others.
Of these, the segment of electric traction motor accounted for a massive 63% of the global electric transformer market in 2016. Being one of the most important components of electric traction systems, traction motors find extensive demand across numerous applications. Traction motors act as the primary driving force for all railway vehicles, hence the massive share in the global market. However, the segment is expected to exhibit moderate growth over the forecast period, witnessing a slight decline in its present share in the global market by end of the forecast period.
However, the others segment, which covers the components of electric traction systems that are necessary for the proper functioning of all other traction system components and are required for installation, is expected to lead in terms of growth rate over the report’s forecast period. The growth in all the product segments have been promoting the growth of others segment. The segment is expected to exhibit a 3.5% CAGR over the forecast period, witnessing a substantial rise in its present share by the end of the forecast period.
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In terms of geography, the market for electric traction systems in Asia Pacific dominated the global market in 2016, accounting more over 35.0% of the global market. China and India held the dominant share in the Asia Pacific electric traction systems market in the said year, followed by Australia and Japan. Improvements in the transpiration infrastructure in the region, which includes metro rail systems, high speed bullet trains, hybrid electric vehicles, and railway connections, have remained key to the strong growth observed for electric traction systems in Asia Pacific. Over the next few years, the rising demand for rolling stock for narrow gauge and industrial railways, including diesel-electric, hybrid, and electric locomotives, will continue to contribute to the positive development of the electric traction systems in this region.