The global demand for Electric Traction System Market is presumed to reach the market size of nearly USD 40.94 BN by 2030 from USD 13.29 BN in 2022 with a CAGR of 15.1% under the study period 2023 - 2030.
An electric traction system refers to the technology used to power electric vehicles, such as trains, trams, and electric buses, by supplying electrical energy from an external source, such as an overhead line, a third rail, or a battery. The electric traction system consists of various components, including the power supply, the electric motor, and the control and monitoring systems. The power supply system provides the electrical energy needed to power the electric motor.
The increasing demand for electric vehicles, such as electric cars, electric buses, and electric trains, is responsible for the electric traction system market growth. This demand has been created due to the need to reduce carbon emissions and pollution caused by the burning of fossil fuel, as well as by government incentives and regulations that promote the adoption of electric vehicles. The advancements in electric vehicle technology, including improvements in battery technology, charging infrastructure, and motor efficiency, are driving the growth of the electric traction system market. These advancements are making electric vehicles more practical and cost-effective and are increasing their adoption in various transportation sectors. Governments are implementing initiatives to scale up the adoption of electric vehicles, including tax incentives, subsidies, and regulations that encourage the use of electric vehicles. These initiatives are creating a favourable environment for the growth of the electric traction system market. The increasing concern about environmental issues, such as climate change, is driving the demand for sustainable transportation solutions, including electric vehicles. The electric traction system market is expected to grow as more companies and governments adopt sustainable transportation practices. The increasing prices of traditional fuels, such as gasoline and diesel, are making electric vehicles more attractive to consumers and businesses. This is driving the growth of the electric traction system market as more companies and governments look for ways to reduce their fuel costs. The electric traction system market is also being driven by technological innovations, such as wireless charging, fast charging, and vehicle-to-grid technologies. These innovations are making electric vehicles more practical and convenient and are driving the adoption of electric vehicles in various transportation sectors.
The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of electric traction system. The growth and trends of electric traction system industry provide a holistic approach to this study.
This section of the electric traction system market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
- Alternating Current Supply
- Direct Current Supply
- Oil & Gas
- Power Engineering/Electrical Engineering
This section covers the regional outlook, which accentuates current and future demand for the Electric Traction System market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Electric Traction System Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the electric traction system market include ABB, Alstom, Siemens, Voith GmbH, Koncar, Mitsubishi Electric Corporation, Delphi Automotive LLP, Curtiss-Wright Corporation, Prodrive Technologies, Toshiba Corporation, General Electric, CG Power and Industrial Solutions Ltd, Bombardier Inc, American Traction Systems, VEM Group, Caterpillar Inc., TTM Rail - Transtech Melbourne Pty Ltd, Kawasaki Heavy Industries Ltd., Traktionssysteme Austria GmbH, Hyundai Rotem Company, Hitachi Ltd., Ansaldo Signalling and Transportation Systems, Skoda Transpiration a.s., Wabtec Corporation. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
In case you have any custom requirements, do write to us. Our research team can offer a customized report as per your need.