Traction Equipment Market Expanding Product Portfolio is Key for Market Leaders’ Development By 2024

Transparency Market Research has recently published a research report about the global traction equipment market. The research report expects the vendor landscape of the global market to remain fragmented as more number of players are expected to enter into the fray. The market is intensely competitive and innovation driven. Companies with high levels of technological infrastructure and highly viable and proficient products stand a chance for a sustainable future in the global traction equipment market. These leading players in the global market are expected to concentrate on developing technologically sound and advanced products in order to stay ahead of their competition.

Based on equipment, the traction equipment market was driven by traction engines in 2015. The segment registered a huge share of around 80% and is anticipated to hold its lead through 2024. Geographically, the global traction equipment market, In 2015, was driven by Asia Pacific with a share around 40% both by volume and revenue, both and has developed as the main income generator. The rapid development in economies and critical advancement of trade have contributed toward the extension of this market.

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Expanding Product Portfolio is Key for Market Leaders’ Development

Some of the key names in the global traction equipment market include names such as Toshiba International Corporation, TTM Rail – Transtech Melbourne Pty Ltd., Caterpillar Inc., VEM Group, Kawasaki Heavy Industries, and ABB Ltd. among others. Of these notable brands, ABB Ltd., has been the leading player that has set high industry standards. The company boasts of strong product portfolio catering to variety of needs of consumers and thus is expected to remain a dominant force in the market for a foreseeable future.

According to the research report by Transparency Market Research, the global traction equipment market is projected to exhibit a sluggish CAGR of 2.09% in terms of volume, for the given assessment period of 2016 to 2024. In 2015, the volume sale of the global traction equipment market was around 1.1 mn units. With the mentioned rate of growth, the volume sales will rise to 1.3 mn units by the end of 2024.

Depending on the type of equipment, the global traction equipment market has been consistently dominated by traction engines since 2015. The segmented accounted for the lion’s share of nearly 80% of the overall market and is projected to continue to dominate in the foreseeable future.

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