The report “Electric Traction Motor Market by Type (AC and DC), Power Rating (<200 kW, 200 kW to 400 kW, and >400 kW), Application (Railway, Electric Vehicles, Elevators, Conveyors, and Industrial Machinery), and Region – Global Forecast to 2023”,
The electric traction motor market is expected to grow from an estimated USD 12.41 Billion in 2018 to USD 28.51 Billion by 2023, at a CAGR of 18.10% during the forecast period. The market is set to witness significant growth due to the rising demand from railway sector and the increased demand for energy efficient motors. Moreover, the rising demand of electric vehicles offers promising business opportunity in the electric traction motor market.
Browse 61 market data Tables and 38 Figures spread through 129 Pages and in-depth TOC on “Electric Traction Motor Market”
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the key players in the electric traction motor market include
Some of the key Players in Electric Traction Motor Market:
- CRRC (China),
- Alstom (France),
- TSA (Austria),
- Siemens (Germany),
- ABB (Switzerland),
- Bosch (Germany), etc.
The railway segment is a key segment of the electric traction motor market, by application, from 2018 to 2023. The market for this segment is driven by increasing investments in metro systems and high-speed trains to reduce the traffic congestion and improve transport services. Need to upgrade aging rail infrastructure is leading to the increased demand for rolling stock applications. This, in turn, is causing the rise in demand for electric traction motors that would significantly boost the efficiency of rapid transit rail cars, light rail vehicles, and freight locomotives.
AC electric traction motor market segment is expected to grow at the fastest rate from 2018 to 2023. This is due to various factors, including high efficiency and low maintenance cost compared to DC electric traction motor. AC electric traction motors are widely used in railway trains, electric vehicles, elevators, conveyors, and industrial machinery, including drilling rigs. Improved speed performance, due to variable frequency drive and high starting torque, is expected to drive the AC segment of the electric traction motor market.
- Electric traction motor manufacturing companies
- Component manufacturers and suppliers
- Consulting companies in power sector
- Electric utilities
- State- or government-owned corporations
- Insulation raw material suppliers
The <200 kW segment of the electric traction motor market, by power rating, is estimated to grow at the fastest rate from 2018 to 2023. Factors such as growing investments in application areas such as electric cars, electric two-wheelers, and light rail transit are the reasons for the large share of electric traction motors with a power rating of <200 kW in the market.
Asia Pacific is expected to be the largest market for electric traction motor in 2018, followed by Europe and North America. China and Japan are expected to be the largest markets for electric traction motors in the region due to significant investments being made in the railway sector. Europe is the second largest market for electric traction motor, followed by North America and Middle East & Africa. Increasing investment in the aging railway sector and growing focus on electric vehicles would boost the demand for electric traction motor. The electric traction motor market is also growing at a good pace in countries such as India, Australia, and South Korea due to increasing investment in railway projects, especially related to high speed rail and metro trains.
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