The paper deals with a theoretical and experimental evaluation of variable speed traction drive performance characteristics.These include their torque capacity, power rating, efficiency of transmission and percentage slip. Drives with a single and double counterformal Hertzian contacts have been analyzed to derive non-dimensional design expressions. Constant traction coefficient pertinent to the boundary lubrication mode nearing thin fluid film friction is adopted to evaluate torque and power ratings. An actual test rig with a single traction contact has been designed and used to get experimental values of the traction capacity and efficiency of power transmission in the range below the limits of gross slippage. Comparison between theory and experiments shows good correlation and promises for high efficiency of transmission and power to volume ratios.