The global electric traction motor market is projected to grow at a CAGR of close to 18% over the period of forecast. Increasing investments in railway sector along with a requirement for energy- efficient motors are likely to be the key driving forces of the market. The electric traction motor provides a variety of benefits over other motors, which include quick start & stop, high efficiency, pollution-free, easy handling, and speed control.
Electric traction systems are frequently utilized in railways. The growing railway connectivity coupled with environmental concerns is expected to boost the demand for electric traction systems over the coming years.
There is an increased awareness and need to reduce CO2 emissions globally. In order to boost production of electric vehicles, the demand for electric traction motors is expected to grow at a high rate. However, frequent fluctuations in raw material prices can potentially hinder the market growth up to some extent.
Electric Traction Motor Market: Type/ Power Rating Insights
The electric traction motor market is segmented into AC and DC, by type. AC is the fastest growing segment of the electric traction motor market. The increase in the demand for AC electric traction motor market is mainly due to the increasing investment in railways and electric vehicles.
By power rating, the electric traction motor market has been segmented into <200 kW, 200 kW to 400 kW, and >400 kW. The <200 kW segment is expected to grow at the highest rate during the projected period. Electric traction motors with a power rating <200 kW are largely used in electric vehicles and light rail vehicles such as trams, monorail, and others. Need for reducing carbon emissions in the transport sector and boosting investments in the light rail vehicles are expected to drive the segment growth over the coming years.
Electric Traction Motor Market: Application Insights
By application, the electric traction motor market is segmented into the railway, and electric vehicles, among others. The electric vehicle segment is expected to record the highest CAGR over the forecast period. The demand for electric vehicles is increasing along with awareness regarding eco-friendly substitutes for transport. Along with this, electric traction motors find applications in electric vehicles, elevators, and industrial machinery as well.
Electric Traction Motor Market: Regional Insights
The Asia Pacific is expected to lead the electric traction motor market over the forecast period owing to increased investments in the railway sector, mainly in India and countries in South-East Asia. The rising demand for electric vehicles in countries such as China and Japan to reduce carbon emission is also expected to boost the market for electric traction motors.
Electric Traction Motor Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase electric traction motors over the coming years. Some of the potential customers include Nissan, Volkswagen, and Stadler among others.
Electric Traction Motor Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Electric Traction Motor Market Share & Competitor Analysis
Some of the leading players in the electric traction motor market are Crrc, Traktionssysteme Austria, Alstom, Siemens, Bosch, ABB, CG Power, Bosch, General Electric (GE), and Skoda Electric among others. These companies have adopted growth strategies such as contracts & agreements, product launches, joint ventures, and expansions to capture a larger share of the electric traction motor market.