Market size, growth, trends, significance, and forecasts from 2023 to 2032.
The global traction equipment market is expected to experience significant growth during the period from 2023 to 2032. The market size, which was \$317.1 million in 2022, is projected to reach \$406.5 million by 2032, with an expected compound annual growth rate (CAGR) of 2.8%. This press release provides detailed information on market size, current status, new trends, significance, and future growth forecasts. Market Size and Current Status The traction equipment market refers to equipment used primarily to provide efficient transmission of motion and power in automotive and transportation systems. This includes components such as generators, motors, transformers, traction converters, and control systems. These devices directly impact the overall efficiency and reliability of transportation systems. In 2023, the market is valued at \$317.1 million, with future growth anticipated. In particular, the proliferation of electric vehicles (EVs) and hybrid vehicles (HVs) is driving market expansion. For application methods, please check the [PDF Download] button or apply directly through the related links.
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Major Companies: Toshiba International Corporation Bombardier Inc. Caterpillar Inc. American Traction Systems Transtech Melbourne Pty Ltd Crompton Greaves Limited ABB Ltd. VEM Group MITSUBISHI ELECTRIC CORPORATION Medha Servo Drives Private Limited Kawasaki Heavy Industries Ltd Siemens AG General Electric Company Alstom S.A. Importance Traction equipment plays a very important role in automobiles and transportation systems. Its performance and quality are directly linked to the overall efficiency and reliability of transportation systems, contributing to improved safety and reduced operational costs. In particular, technological innovations in traction equipment are essential to address challenges such as alleviating traffic congestion in urban areas and reducing carbon dioxide emissions.
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