The increasing spending on the railway sector and the accelerating application of the electric traction motor are the major factors that are contributing to the growth of the electric traction motor market.
The significant factors boosting the growth of the electric traction motor market include the rising spending on the railway sector and numerous supportive government subsidies and regulations. Continuous technological advancements and the increasing R&D activities for the development of advanced and efficient electric traction motor are some other factors that are energizing the demand of the market. Additionally, the rising electrification in the railways and the strong demand for electric vehicles across various countries driven by the growing concerns regarding carbon emissions, are responsible for the expansion of the electric traction market size.
The implementation of electric traction motor provides remarkable benefits, including improved efficiency, ability to decrease the cost of electricity, and low maintenance requirement. The increasing focus towards the speed railways, along with the rising network of the metro rail network are creating innumerable growth opportunities in the global electric traction motor market. The major factors that are hampering the growth of the global electric traction motor market include the high cost required for the manufacturing and designing of the motor and challenge associated with the overheating of the motor.
On the basis of type, the AC electric traction motor segment exhibits substantial growth potential and is projected to gain traction over the forecast period. This is due to the increasing adoption of AC electric traction motor as compared to the DC electric traction motors as a result of its increased reliability, reduced requirements of maintenance, and improved efficiency.
Based on the application, the railways segment is poised to expand in the coming years owing to the increasing electrification in the rail routes and development in the railroad technologies. Furthermore, the growing implementation of electric traction motors driven by their ability to increase the efficiency range of the railway systems, smooth start with eliminated shocks, and provides the required speed control and protection from the risk of breakdowns & overload of railway engines, is further boosting the segment’s demand.
On the basis of the region, the Asia-pacific region is projected to be the fastest growing region during the forecast period. The growing adoption of electric vehicles driven by the rising concerns related to carbon emissions is the major factor that is surging the demand of the market in this region. Furthermore, the expansion in the metro rail network, growing urbanization, and the increasing emphasis on electrification are some other factors that are responsible for the growth of the market in this region.
The key players of the electric traction motor market include Robert Bosch GmbH, Hitachi, Ltd., Johnson Electric, AMETEK, Inc., CG Power and Industrial Solutions Limited, American Traction Systems, ABB, GE, CRRC Corporation Limited, and Nidec Corporation, among others.
The research report on the electric traction motor market provides an in-depth analysis of the market revenue based on type, power rating, application, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.