According to a new market research report published by Acute Market Reports “Global Electric Traction Motor Market (Types (AC Motor and DC Motor); Power Rating (Less than 150 kW, 150 kW to 300 kW and Greater than 300 kW), End-User (Railway and Electric Vehicles) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall electric traction motor market worldwide was valued at US$12.9 Bn in 2018 and is set to grow with a CAGR of 19.2% during the forecast period.
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The electric traction motor is driven by factors such as high adoption of traction motors in the locomotives. The electric traction motors play an important role in the locomotive. They provide energy efficiency to the electric power rail vehicles. Additionally, the rising investments in the railway’s sectors and the digitalization in these sectors are fueling the growth of the electric traction motor market. On the other hand, the fluctuations in the raw material prices are expected to restrain market growth.
The ongoing technological developments in the electric motors promoting its adoption in the battery-electric and the hybrid vehicles. The growing demand for the energy-efficient motors in the automotive is anticipated to boost the demand of the electric traction motor market in the near future. Furthermore, the key players in the electric traction motor are more focused on the development of new advanced and efficient products. For instance, in 2017, the Hyundai Rotem the Korean manufactures launched class 220 insulated heat-resistant electric traction motor to fulfill the growing demand for motors that are useful to operate in high temperatures in various industries.
The global electric traction motor market is categorized into types, power ration, and the end-users. Based on the end-users, the market is further bifurcated into railways and the electric vehicles. The traction motors used across several railways applications including locomotive, railroad cars, rapid transit vehicles, and others. The electrification of railways is the key factors that drive the growth of electric traction market in the railways. The growing awareness about the emission control and strict government regulation are promoting the growth of traction motors in the railway’s applications.
Regionally, North America dominates the electric traction motors market followed by Europe. The U.S. holds the largest market shares in the electric traction motor market in the North America region. Enhancements in the railway’s infrastructure and the technological advancements in the traction motors are primarily driving the growth electric traction motor market in the North American region. Growing investments in railway technologies in Europe is contributing to the growth of the market. Furthermore, Asia Pacific is the fastest-growing region in the traction motor market owing to the growing investments in the railway sectors and rapidly growing adoption of electric vehicles
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Some of the prominent players operating in the Electric Traction Motor market include Siemens Corp., General Electric, Skoda Electric, ABB, Weg SA, Toshiba Corporation, Benchmarking, CG Power, Traktionssysteme Austria GmbH, Alstom SA, Robert Bosch GmbH and others.
By Types Segment (2017–2027; US$ Bn)
By Power Rating Segment (2017–2027; US$ Bn)
By End-Users (2017–2027; US$ Bn)
By Geography Segment (2017-2027; US$ Bn)
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