Traction Equipment Market - Global Industry Analysis; Latest Research Report 2016 - 2024 by Transparency Market Research - Seite 2

However, TMR predicts that the global market will witness a rather slow growth in demand over the course of the forecast period. This is mainly due to the fact that the manufacturing and delivery time in this market is quite high and compared to the automobile sector the unit-wise shipment in the railway sector is exceptionally low. "Off-the-shelf sales are rare, as are replacement requests," the analyst reports. This limits the demand for traction equipment.

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Asia Pacific Surges Ahead in Demand for Traction Equipment 

The opportunity in the global traction equipment market is poised to increase for US$223.38 bn in 2014 to be worth US$322.35 bn by 2024. If these values hold true, the market is expected to register a modest CAGR of 2.34% during the forecast period. The demand for traction equipment is also anticipated to expand at a tepid 2.09% CAGR from 2016 to 2024.

At a revenue share of 39.44%, Asia Pacific led the overall traction equipment market in 2014 and is likely to retain its lead through 2024. Europe is a close second. The traction equipment market in the Rest of the World is anticipated to expand at the fastest pace from 2016 to 2024 in terms of both revenue and demand. By type of equipment, traction motors are the leading contributors to the growth of the traction equipment market by value as well as volume, while the segment of traction transformers is projected to register the highest CAGR during the forecast period.

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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. 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.