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 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 Electric Traction Motor Market Share during the forecast period.
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.
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).
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.
