ID: MRFR/E&P/5537-HCR | February 2021 | Region: Global | 111 pages
Electric traction motor refers to type of electric motor which is used for the propulsion of a vehicle such as electric locomotive or electric vehicle. These motors are typically used in electrically powered rail vehicles such as electric multiple units and other electric vehicles such as elevators, conveyors, and trolleybuses. Traction motor is also used in electric vehicles with transmission system such as diesel-electric, electric hybrid vehicles, and battery electric vehicles. The motor has high starting torque which produces high acceleration rates. Moreover, traction motor has no smoke and so it is well suited in underground transport services.
Continuous increase in investment in railways is leading to growth in electric traction motor market. Countries such as India, China, UK, Germany, and others are focusing on increasing their investment in rail projects. For instance, in 2019, the Chinese government increased their rail budget to over USD 116 billion. Similarly, according to the Railway Ministry, India would invest USD 126 billion to upgrade railways by 2020. These investment plans would drive the demand for efficient electric traction motors.
The global electric traction motor market is projected to grow at a high rate during the forecast period, mainly due to the increased demand for energy efficient motors. Furthermore, unstable fossil fuel prices, emission norms, and environmental regulation are some of the factors expected to boost the market growth during forecast period.
Need for energy efficient motors in order to save energy in vehicles and involve less maintenance are few major drivers for the electric traction motor market. For instance, in February 2018, BNSF (US) invested USD 3.3 billion in network expansion. Moreover, Ford Co would double its electrical vehicle spending and invest USD 90 billion. China is estimated to be the leading market for electric vehicles. The sales of plug-in hybrids in China are projected to reach 12.43 million cars by 2035. These developments would positively impact the demand for traction motors globally.
Global electric traction motors market has been segmented based on type, power rating, application, and region. Based on type, the market is classified into AC motors and DC motors. The AC motor segment is expected to be the largest segment of electric traction motor, by type, in 2019. High demand for electric traction motors in electric vehicles and railway applications is likely to drive the electric traction motor market. The global electric traction motor market is further segmented based on power rating, including <200 kW, 200 kW to 400 kW, and >400 kW. The railway segment of the global electric traction motor market is estimated to register the highest growth rate during the forecast period.
The global electric traction motor market is expected to grow at 23.04% CAGR during the forecast period.
Global Electric Traction Motor Market
Global electric traction motor market is expected to witness substantial growth during the forecast period owing to investment in rolling stock and growing focus on electric vehicles in order to reduce carbon emission. Asia Pacific is the largest market for electric traction motor. Rising urbanization, demand from the railway sector, and supportive government plans are expected to drive the market for electric traction motor in this region. China, India, and Japan are the leading countries contributing to the growth of the electric traction motor market in Asia Pacific.
The key players of global electric traction motor market are CRRC (China), Alstom (France), ABB (Switzerland), GE (US), Siemens (Germany), Traktionsysteme Austria, Bosch (Germany), CG Power (India), Nidec (Japan), and Skoda Electric (Czech Republic).
Frequently Asked Questions (FAQ) :
Continuous increase in investment in railways is leading to growth in electric traction motor market
The countries such as India, China, UK, Germany are focusing on increasing their investment in rail projects.
The type, power rating, application are the segments of the market.
The market is going to grow at 18.08% CAGR.
CRRC (China), GE (US), Alstom (France), ABB (Switzerland), Traktionsysteme Austria, Bosch (Germany), Siemens (Germany), CG Power (India) are the key players of the market.