The global traction equipment market revenue was around US$ 300.5 million in 2021 and is estimated to reach US$ 390.9 million by 2031, growing at a compound annual growth rate (CAGR) of 2.8% during the forecast period from 2022 to 2031.

Traction refers to both the movement of something being pulled along a surface and the force that is applied to do so. However, the tools used in the procedure are referred to as traction tools, and they are frequently used in mechanical and electrical applications. The traction equipment is also widely utilized in many different industries, including the railway, the maritime industry, the aerospace and defense industry, and others.

Factors Influencing Market Growth

Global urbanization and infrastructure expansion increased the demand for transportation, which fuels the traction equipment market.

The aerospace and defense industries make extensive use of traction equipment, and growing defense project investments in both developed and emerging countries have increased demand for this product and may create several market opportunities.

The demand for electric vehicles is likely to rise due to emerging nations concentrating primarily on a carbon-free economy, which is also anticipated to create opportunities in the traction equipment market.

Study of the COVID-19 Pandemic

COVID-19 pandemic has restricted the movement of people, goods, and applications including in the majority of the regions with a sizable traction equipment market. Some local, state, and federal governments have imposed various restrictions on how business is conducted and how people can travel, such as stay-at-home orders and quarantines, which have resulted in a sizable number of business slowdowns and closures. In addition, this declined the demand for a wide range of products and applications. Other effects include supply chain disruptions, weaker economic conditions, significant economic uncertainty, and volatility in the financial and commodity markets, including a decline in the demand for traction systems globally.

Regional Insights

Asia-Pacific region dominates the traction equipment market. This is attributable to the rapid development of high-speed railways, electric trains, and bullet trains in developing nations like India, which has created a variety of market opportunities for traction equipment. Additionally, developing nations are increasingly emphasizing a carbon-free economy, which is expected to boost demand for electric vehicles and open up a wide range of opportunities for the market for traction equipment.

Leading Competitors
The leading competitors in the global traction equipment market are:
ABB Ltd
Alstom 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
TTM Rail ? Transtech Melbourne Pty Ltd
Medha Servo Drives Private Limited
Others
Segmentation Analysis
The global traction equipment market segmentation focuses on Type, Application, and Region.
Segmentation based on Type
Traction Transformers
Traction Converters
Traction Motors and Generators
others
Segmentation based on Application
Railways
Marine
Industrial Equipments
Electrical Vehicles
Others
Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific

Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA

South America
Brazil
Argentina
Rest of South America