The global electric traction systems market is highly fragmented. The five leading companies held around 9.5% share in the overall market in 2016. The market seems to be highly competitive, owing to which the firms are working to develop distinct offerings keeping mind the pricing of the components and advancement of electric traction systems. Moreover, the key players are also working on launching customized products, along with long term maintenance facilities in order to grow in the market. Several firms are concentrating on mergers and partnerships to gain access to strategic resources and up profit eventually.
In a recent merger between Alstom and ABB Ltd. in November 2016, ABB Ltd. contracted with Alstom for supplying 1600 traction transformers for 800 electric freight locomotives in India. Alstom S.A., ABB, Ltd. (Switzerland), The KONAR Group, Delphi Automotive LLP, Siemens AG, Voith GmbH , Schneider Electric SE, Mitsubishi Electric Corporation, The Curtiss-Wright Corporation, Toshiba Corporation, Prodrive Technologies, General Electric, Co., Bombardier Inc.
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According to Transparency Market Research, the electric traction systems market is anticipated to witness a tepid growth with 2.5% CAGR within the forecast period from 2017 to 2025. The market was valuated to be worth US$342.94 bn in year 2016 and is likely to reach around US$426.54 bn by the end of 2025. Based on type, the electric traction motor segment held 63% of overall shares in 2016 in electric traction systems market, owing to its several applications in electric traction systems. Geographically, Asia Pacific region led the entire market in 2016, with 35% of overall market, where India and China contributed majorly to its growth, trailed by Japan and Australia.
Rise in Use of Electric Locomotives to Propel Demand for Electric Traction Systems Market
Increased rate of urbanization, modernization of passenger railcars, combined with the tremendous rise in the utilization of electric trains, have been the major factors driving the global market for electric traction systems in past few years. The unfaltering ascent in railway traffic in developing and developed economies is encouraging railroad organizations, government experts, and rolling stock producers to concentrate on modernizing passenger railcars. Besides, the rise in popularity of AC coaches have also supported the demand for electric traction systems, as power utilization of vehicles increase to help ACs.
Urgent Need for Quicker Transportation Service to Boost Global Demand
In addition, the demand for rail-based commute is increasing rapidly because of the rapid surge in the global population and the growing demand for quicker transportation services. This is driving huge change in railroad connectivity and other rail-based transportation systems, which is evaluated to grow further. Rural railroads, for example, trams, metros, and intercity high-speed networks are being planned in various big cities in a many developing economies, which is again anticipated to push the market for electric traction systems in the following couple of years. Besides, ceaseless demand in innovative work has affected the market for electric traction systems.
