Market
Highlight
The
global electric traction motor market’s 2020 profit rose as it is anticipated
to expand at a CAGR of 18.08% through the forecast period 2018–2023. Market
Research Future has published the reports.
Top
Market Drivers & Challenges
The
salient factor leading the global Electric
Traction Motor Market Analysis is the continuous increase in investment
in railways. The factor is demanding electric traction motor to a great extent,
which is motivating the market to expand considerably. The abilities of motors
in typically used in electrically powered rail vehicles like electric multiple
units and other electric vehicles that include elevators, conveyors, and
trolleybuses.
At
the same time, the traction motor is also used in electric vehicles having a
transmission system such as electric hybrid vehicles, diesel-electric, and
battery electric vehicles. Therefore, these are considered well suited
underground transport services, which is yet another vital factor propelling
the market during the forecast period.
As
an add-on, the developed countries such as India, China, UK, Germany, and more
are eminently focusing on cumulative their investment in rail projects. On
this, in a case of point, the Chinese government, back in 2018, swelling their
rail budget to over USD 116 billion. On a similar note, as per the Railway
Ministry, India will be investing around USD 126 billion for the process of
upgrading railways by the year 2020. These investment plans are giving ways
that would drive the demand for efficient electric traction motors and the
market as well.
Furthermore,
the global electric traction motor market is also projected to expand at a high
rate during the forecast period, mainly with the increased demand for
energy-efficient motors. Even factors
such as unstable fossil fuel prices, emission norms, and environmental
regulation are also equally anticipated to enhance market growth during the
forecast period.
Segmentation
of Market: Electric Traction Motor
The
segmental analysis of the global electric traction motors market has been
conducted by the elements of type, power rating, and application.
By
the type category: AC motors and DC motors are the segments. Among these, the
AC motor segment is touted to be the largest segment of the electric traction
motor. Since 2018, there has been an extraordinary demand for electric traction
motors in electric vehicles and railway applications, which is prospective to
drive the electric traction motor market.
By
the type of power: <200 kW, 200 kW to 400 kW, and >400 Kw are the
segments.
By
application type, the market includes railway, electric vehicles, elevators,
conveyors as well as industrial machinery. Among these, the railway segment is
estimated to register the highest growth rate during the assessment period.
Regional
Framework
Geologically,
the market of electric traction motors has also been globally studied among the
key regions such as North America, Europe, Middle East & Africa, Asia
Pacific as well as South America.
Among
these, the region of Asia Pacific has been the largest market for electric
traction motor. The extreme growth of the market in this region belongs to
factors such as high demand from the railway sector, rising urbanization, and
supportive government plans. These are likely to drive the market for electric
traction motor in this region. Whereas the developed countries such as China,
India, and Japan are the leading countries faces for the market by contributing
to a great extent for the electric traction motor market’s growth in the Asia
Pacific.
The
next is the European region that occupies a significant market share, which is
now expected to lead the global electric traction motor market in terms of
revenue. In this region, Germany is the leading one by contributing immensely
to the growth of the European market. The market is mainly driven by factors of
a gradual shift from diesel-based to diesel-electric locomotives and electric
locomotives.
Market
Key Players
The
significant key players of global electric traction motor market are listed as
Traktionsysteme Austria, Bosch (Germany), Alstom (France), CRRC (China), GE
(US), CG Power (India), Siemens (Germany), ABB (Switzerland), Skoda Electric
(Czech Republic) and Nidec (Japan).
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