The highly fragmented vendor landscape of the global electric traction market had the top five vendors collectively accounting for only about 9.5% of the entire market’s revenue in 2016, observes Transparency Market Research in a recent report. Companies in the intensely competitive market strive to differentiate their offerings through pricing of components, market experience, and expertise of electric traction systems.
Companies are also focusing on strategic partnerships to achieve inorganic growth and gain strategic resources.
Transparency Market Research estimates that the global electric traction market will exhibit a moderate 2.5% CAGR from 2017 to 2025, rising from a valuation of US$342.94 bn in 2016 to US$426.54 bn by 2025.
Browse the Report @
Driven on Back of Infrastructure Development Activities, Asia Pacific Market to Exhibit Strong Growth
In terms of type, the market for electric traction systems is presently dominated by the segment of electric traction motor. The segment accounted for more than 67% of the global market for electric traction systems in 2016 and is expected to witness strong growth over the report’s forecast period as well, retaining its dominance over other product segments by a significant margin.
In terms of geography, Asia Pacific was the dominant regional market in terms of revenue contribution in 2016. Improvements in the transportation industry infrastructure, which includes metro rail systems, high speed bullet trains, hybrid electric vehicles, and railway connections, are the major factors which are propelling the market for electric traction systems across Asia Pacific.
Request Sample @
Rising Usage of Electric Vehicles to Contribute to Growth
Modernization of passenger railcars and the rapid rate of urbanization, coupled with the vast increase in the usage of electric locomotives, have been the primary growth factors driving the global market for electric traction systems of late. The steady rise in railway traffic across developed as well as developing economies is compelling government authorities, railroad companies, and rolling stock manufacturers to focusing on modernizing passenger railcars.
Buy This Report@
Moreover, the demand for rail-based transportation is rapidly rising due to the rise in the global population and the rising demand for faster transportation facilities. This is driving significant transformation in railway connectivity and other rail-based transportation infrastructure, which is estimated to increase further. Suburban railways such as metros, trams, and intercity high speed networks are being planned across numerous big cities in several emerging economies, which is again expected to propel the market for electric traction systems in the next few years.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR Syndicated Research report covers a different sector – such as pharmaceuticals, chemical, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, our syndicated reports thrive to provide clients to serve their overall research requirement.
Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
USA – Canada Toll Free: 866-552-3453