Electric Traction Motor Market Synopsis
The Electric Traction Motor Market 2020 is projected to witness a boom. Electric traction motors are used for propulsion in automobiles. In the report presented by Market Research Future (MRFR), the global electric traction motor market is poised to register 18.08% CAGR across the forecast period 2018 to 2023. It is used in electric vehicles and electrically powered trains. The electric traction motor market resonates strong growth opportunities and is anticipated to witness an upswing in terms of revenue growth in the foreseeable future. The electric traction motor market size is expected to reach a decent mark by 2023.
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Industry Highlights
There has been a rise in the investments in railways and the upgradation of existing trains. It is supposed to benefit the growth curve of the electric traction motor market in the forthcoming years. A shift towards electrically powered railways is projected to help the market in attaining a decent valuation towards the end of the assessment period. It is also prognosticated that the endeavors directed towards environment protection are also poised to act in favor of the electric traction motor market. Rising implementation of environment friendly regulations and stricter emission norms are poised to boost the growth rate of the electric traction motor market. These motors emit no smoke, which is expected to lead the expansion of the market. In addition, these factors also make the product apt for underground transportation. Rising investments in metros and other transportation services that require underground access are expected to catapult the electric traction motor market on growth trajectory.
Rising demand for electric cars is projected to drive the augmentation of the electric traction motor market in the upcoming years. There has been a shift towards electric transportation in the automotive industry to increase green footprint. This, in turn, is supposed to augment the electric traction motor market in the forthcoming years. In addition, the rising fuel prices and depleting sources are also leading the shift in the automotive industry. It is also projected to influence the electric traction motor market growth greatly.
Competitive Dashboard:
- CRRC (China),
- ABB (Switzerland),
- Alstom (France),
- GE (US),
- Traktionsysteme Austria,
- Siemens (Germany),
- Bosch (Germany),
- Nidec (Japan),
- CG Power (India), and
- Skoda Electric (Czech Republic).
Electric Traction Motor Market Segmentation
On the basis of type, the segmental analysis of the electric traction motor market covers AC and DC. Among these, the AC segment held the largest share of the market in 2018. It is presumed to hold a significant market share through the prognosis period.
Based on power rating, the segments of the electric traction motor market are 200 kW to 400 kW, <200 kW, and >400 kW.
On the basis of application, the electric traction motor market has been segmented into railways, electric vehicles, and others. Among these, the railway segment is anticipated to witness the highest growth in the upcoming years.
Regional Analysis
The geographic evaluation of the global electric traction motor market is included in this report that spans across South America, Europe, Asia Pacific, the Middle East & Africa (MEA), and North America.
These regional segments are further sub-segmented into countries for a detailed analysis. Asia Pacific is projected to account for the largest electric traction motor market share. It is due to the rising investments in underground railways in the region. Also, the shift to electrically powered trains is projected to augment the electric traction motor industry. The automotive industry in the region has been witnessing a shift towards electric cars. Governments are also promoting the use of electric automobiles. These factors are expected to impact the electric traction motor market favorably. China is presumed to be one of the leading country-level markets of APAC.
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