Traction Converters Market

Traction converters Market Size, Share & Growth (2021 - 2026)

The size of Traction Converters Market is estimated to reach USD 426.54 billion, growing at a CAGR of 2.5% by the end of 2026.

Traction converter's main application is to convert single-phase AC input to a stable DC. This Stable DC link voltage is taken as an input power for controlling the system. This equipment is highly used in the new generation vehicles, metro cars, and others.

Rise in the demand for transportation through railway, metro, and other rail-based transports is certainly a major factor leveling up the demand of the market. Increasing capital income in developed and developing countries is boosting up the growth of the market.

However, failure in the proper functioning of the system is impeding the demand of the market. Lack of standardization may also impact negatively on the growth of the traction converters market.

The adoption of advanced technologies and the introduction of innovative products is setting up growth opportunities for the market. Growing awareness over the utilization of appropriate systems for the applications to gain profits is greatly influencing the demand of the market.

REPORT COVERAGE

This research report on the Global Traction Converters Market includes the below and analyzed market size & forecast for each segment until 2024.

Traction Converters Market – By Type

• Propulsion Converter
• Integrated Compact Converter

On the basis of type, the Propulsion converter is leading with the largest shares of the market. Rise in support from the government through investments is bolstering the demand of the business.

Traction Converters Market – By Application

• Diesel Locomotive
• Electric Locomotive
• EMU
• Metro
• DEMU

On the basis of application, the diesel locomotive application is dominating with the highest shares of the industry. The rise in the demand for less fuel consumption motors is lavishing the demand of this market.

Traction Converters Market – By Region

• North America - (U.S, Canada)
• Europe - (UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe)
• Asia Pacific - (India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC)
• Latin America - (Brazil, Mexico, Argentina, Chile & Rest of LATAM)
• Middle East & Africa - (KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA)

Geographically, the global traction converters market is held by North America with the highest shares of the market due to the rise in the scale of automotive industries. The Asia Pacific is positioned second in leading the highest shares of the market by owing to increasing revenue and also to adopt new technologies in transportation. Europe is growing with the highest CAGR with increased applications in the railway sector. The Middle East and Africa are anticipated to have a significant growth rate in foreseen years.

Most promising companies leading the Global traction converters market profiled in this report are Toshiba, CAF Power & Automation, Medha Servo Drives Private Limited, Voith, RXPE, Nomad Digital Ltd & Cgglobal.