Smart railways gaining popularity to trend in the market. The increase in air traffic and road transport congestion has made rail transport a superior alternative in emerging economies such as India and China. Rails are safer and provide a more credible and competitive alternative compared with road and air transport. Despite challenges such as high initial investment and maintenance cost, the geographical, financial, and environmental factors help foster the growth of rail infrastructure.
Acquire Market Research analysts have predicted that the railway traction motor market will register a CAGR of almost 4% by 2023.
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Market Overview
Railway infrastructure development in Asian countries
The railways industry in major developing countries in APAC is undergoing significant growth due to investments made in the development of existing railway infrastructure. Over the past decade, investment in railways has increased from 10% to 30%, with APAC countries accounting for a major share. The global transport market will be driven by the railway sector in APAC. Economic growth, urbanization, and population are critical factors that trigger the need for investment in railways. This trend is gaining significant ground in APAC, primarily in China and India as they account for vast population.
Delay in execution and development of railway projects
The delay in the development and execution of railway projects is another factor hindering the growth of the global railway traction motor market. Railway projects, in general, are large and are a major cost sink for the local as well as the national economy owing to which delays in project implementation are frequent, and the time spread between planning, construction start, and completion at times is very wide. The uncertainty and fluctuation in railway investments and project execution are major challenges for the vendors of railway couplers as they directly affect the demand for couplers.
For the detailed list of factors that will drive and challenge the growth of the railway traction motor market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including ABB and Alstom the competitive environment is quite intense. Factors such as the railway infrastructure development in Asian countries and the smart railways gaining popularity, will provide considerable growth opportunities to railway traction motor manufactures. ABB, Alstom, Bombardier, GENERAL ELECTRIC, Siemens, and Traktionssysteme Austria are some of the major companies covered in this report.
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