Global Traction Converters Market Size By Type (Propulsion Converter, Integrated Compact Converter), By Application (Diesel Locomotive, Electric Locomotive), By Geographic Scope And Forecast

Traction Converters Market Size And Forecast

Traction Converters Market size was valued at USD 2870.39 Million in 2021 and is projected to reach USD 3691.55 Million by 2030, growing at a CAGR of 3.19% from 2023 to 2030.

Traction converters are essential to transportation electrification, facilitating the deployment of electric trains and electric vehicles (EVs). Governments throughout the world are enacting rules to encourage greener sources of transportation, which is boosting the Traction Converters Market even further. The Global Traction Converters Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Traction Converters Market Definition

Traction converters are essential components of contemporary transportation. They have slightly different and particular issues in terms of design, operation mode, and safety than industrial converters. Traction converters are critical components in contemporary transportation, notably in the electrification of many forms of transportation. These advanced electronic devices are essential components of electric traction systems, allowing for the efficient and regulated conversion of electrical power for propulsion in trains, trams, and other electrically propelled vehicles.

Traction converters are devices that are utilized in the transportation industry, namely in electric and hybrid electric vehicles, as well as trains and trams. These converters are critical in transforming electrical power from one form to another in order to operate the vehicle’s traction motors. A traction converter’s primary role is to convert electrical energy from an external power source (such as the electric grid or an onboard energy storage device) into a form appropriate for the traction motors. In the case of electric vehicles, this usually entails converting direct current (DC) from batteries or other storage devices to alternating current (AC) to power the electric motor.

Global Traction Converters Market Overview

The Global Traction Converters Market is essential to the efficient and long-term operation of many types of transportation, including trains and electric vehicles. Traction converters are crucial components that transform electrical energy into the form required to operate traction motors. The global emphasis on lowering carbon emissions has increased demand for environmentally friendly transportation options. Traction converters are essential to transportation electrification, facilitating the deployment of electric trains and electric vehicles (EVs). Governments throughout the world are enacting rules to encourage greener sources of transportation, which is boosting the Traction Converters Market even further.

Power electronics and semiconductor technology improvements have resulted in the creation of more efficient and smaller traction converters. The incorporation of sophisticated features like as regenerative braking and predictive maintenance capabilities improves the overall performance and dependability of traction converters, resulting in their widespread usage across a variety of applications. Rapid urbanization and transport infrastructure growth, particularly in emerging nations, are driving up demand for electric rail systems. Traction converters are essential for contemporary and efficient urban transportation systems because they play an important role in powering electric locomotives and trains. As environmental concerns have grown, stricter emission standards and restrictions have been implemented.

Traction converters help to reduce carbon footprints by allowing transportation electrification, which aligns with regulatory requirements and industry sustainability goals. The initial capital expenditure required for traction converter installation, particularly when electrifying existing rail networks, can be significant. This is a barrier for some locations or operators with limited budgets, preventing the broad implementation of traction converters. Retrofitting existing transport systems with traction converters offers integration issues due to the necessity to carefully consider compatibility with old infrastructure and equipment. Overcoming interoperability concerns is critical to ensure that traction converters operate smoothly in a variety of operational scenarios.

Global Traction Converters Market Segmentation Analysis 

The Global Traction Converters Market is segmented on the basis of Type, Application, and Geography.

Traction Converters Market, By Type

• Propulsion Converter
• Integrated Compact Converter

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Based on Type, the market is segmented into Propulsion Converter and Integrated Compact Converter. Propulsion Converter accounted for the largest market share of 61.74% in 2022, with a market value of USD 1,772.10 Million, and is projected to grow at a CAGR of 3.31% during the forecast period. Integrated Compact Converter was the second-largest market in 2022, valued at USD 1,098.30 Million in 2022; it is projected to grow at a CAGR of 3.01%.

Traction Converters Market, By Application

• Diesel Locomotive
• Electric Locomotive
• DEMU

Based on Application, the market is segmented into Diesel Locomotive, Electric Locomotive, and DEMU.

Traction Converters Market, By Geography

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

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On the basis of Geography, the Global Traction Converters Market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific accounted for the largest market share of 41.93% in 2022, with a market value of USD 1,203.42 Million and is projected to grow at a CAGR of 3.50% during the forecast period. North America was the second-largest market in 2022, valued at USD 673.53 Million in 2022; it is projected to grow at a CAGR of 3.04%.

Key Players

The “Global Traction Converters Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are ABB, Siemens, TOSHIBA CORPORATION, CAF Power & Automation, Medha Servo Drives Private Limited, Voith Group, Ingeteam, CG Power & Industrial Solutions Ltd., Hirect (Hind Rectifiers Limited), Radiant Enterprises, and Nomad Tech.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.

Key Developments

• In October 2022, ABB received $170 million in orders from Stadler Valencia to power more than 300 new trains and locomotives with extremely energy-efficient traction systems. They will be utilized to modernize and enhance train transportation in nations like Spain, Portugal, the United Kingdom, Germany, and Austria, as well as in several European railway corridors. High-efficiency traction converters and motors for new train stock will be included in ABB packages.
• In September 2022, ABB acquired the PowerTech Converter (PTC) business, which is a leading provider of auxiliary power converter solutions for light rail vehicles and metros. The acquisition broadens ABB Traction’s market reach and complements its product line.
• In March 2023, Ingeteam will supply 120 high-power traction converters with integrated auxiliary parts and the TCMS for 60 locomotives purchased by the Polish manufacturer PESA. The new locomotives will operate in Poland and other countries, achieving top speeds of 160 km/h.
• In September 2022, Ingeteam will produce INGETRAC traction converters for Stadler to equip regional vehicles in Germany and Serbia. The company will design and deliver converters for 44 2-car BEMU FLIRT3 trains that will run at 140 km/h in Germany and 18 EMU FLIRT trains that will run at 160 km/h in Serbia.

Report Scope

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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