Traction Equipment Market Expected to Reach $390.7 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Traction Equipment Market," 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.

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. Moreover, traction equipment provides the necessary traction power to move the train is referred as the traction or locomotive. This traction power can be diesel, steam or electric power. The traction system can be classified as non-electric and electric traction systems. According to the American Society of Agricultural and Biological Engineers (ASABE Standards, 2018), there are two types of surface contact devices associated with the motion of a vehicle: traction devices and transport devices. A traction device receives power from an engine and uses the reactions of forces from the supporting surface to propel the vehicle, while a transport device does not receive power, but is needed to support the vehicle on a surface while the vehicle is moving over that surface. Wheels, tires, and tracks can be traction devices if they are connected to an engine or other power source; if not connected, they are transport devices.

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. For simplification the machine is assumed to be moving at a constant velocity on a non-variable surface. A traction device (hereafter simplified to the most common implementation as a “wheel”) has two main functions: to support the load acting on the wheel axle and to produce a net tractive force. The force is generally called the dynamic load acting on the wheel. The dynamic load depends on how the weight of the tractor at that point in time is distributed to each wheel.

The global traction equipment market forecast is segmented on the basis of Type, Application, and region. Depending on type, the market is categorized into traction transformers, traction converters, traction motors & generators and others (Inverters and Cable protection (PMA)). On the basis of application, it is divided into railway, marine, industrial equipment, electrical vehicles and others (Aerospace and Military). Region wise, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.

The global traction equipment market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the 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.

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 study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the global traction market growth.

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.
• The manufacturing of traction equipment market was stopped for a specific period of time due to high peak of covid1-19 situation which led to highly impact the sales of traction equipment market.
• 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.

Key findings

• 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.
• On the basis of region, Asia-Pacific registered the highest market share and is projected to maintain the same during the forecast period.