Global Traction Motor Market Size, Share, Growth, Industry Trends and Forecast 2020-2030

The global Traction Motor Market size was valued at USD 12.2 billion in 2020, and is expected to reach USD 37.6 billion by 2030, registering a CAGR of 13.30% from 2020 to 2030.Traction literally means locomotion where the driving force is acquired from electrical motors. An electric traction motor is utilized to create a rotation torque on a machine. It is mainly used in electrically powered rail vehicles such as electrical locomotives, trams, and trolley buses. Traction motors use alternate or direct current, and most likely consist a group or individual electric drive to transmit the torque from the engine shaft for forward or backward motion. Electric traction motors are considered to be of a specific class in industrial motors segment as because they require a high rate of acceleration/deceleration, high torque low-speed hill-climbing, low-torque high-speed cruising, and a very wide range for operating speed. They are more efficient when compared to the non-electrical systems and offer several benefits such as quick start and stop, pollution-free, and easy to handle. Moreover, traction motors aid in decreasing the cooling time when vehicles are functioning at a relatively higher temperature, which in turn increases the efficiency of the motor.
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Market Dynamics and Factors:
The global traction motor market is mainly driven by factors such as increasing investments in the railway sector and rising demand for energy-efficient motors. For instance, as per the International Energy Agency (IEA), three-quarters of passenger rail transport is electrified. As the rail sector is very energy-efficient, private and government funding in the sector is increasing rapidly, especially in the high-speed rail and metro rail segment. Moreover, fluctuating fossil fuel prices, emission norms, and environmental regulations are some of the factors expected to boost the traction motor market growth during forecast period. Growing focus on electric vehicles in order to reduce carbon emissions is expected to create a significant opportunity for the market to grow over the forecast period. For instance, according to the International Energy Agency (IEA), in 2018, around 5.1 million electric cars were operational globally, which is 2 million more compared to the previous year. Electric two-wheelers were 260 million in 2018 and electric buses were 0.46 million in total. Also, the number of electric vehicles in shipping is also rising sharply. However, certain factors like price volatility of raw materials such as copper and aluminium and safety and reliability concerns are major factors hindering the market growth.
Market Segmentation:
Global Traction Motor Market – By Type
AC Traction Motor
DC Traction Motor
Global Traction Motor Market – By Voltage Ratings
Low Voltage Traction Motor
High Voltage Traction Motor
Global Traction Motor Market – By Power Ratings
<500kw 500-1000kw >1000kw
Global Traction Motor Market – By Geography
North America
U.S.
Canada
Mexico
Europe
U.K.
France
Germany
Italy
Rest of Europe
Asia-Pacific
Japan
China
India
Australia
Rest of Asia Pacific
ROW
Latin America
Middle East
Africa
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Geographic Analysis:
Asia Pacific region is expected to dominate the global traction motor market during the forecast period in terms of market share. In fact, it is also anticipated to be the fastest growing market during this timeframe. Rising investments in electric vehicles and the growing metro rail network in the region are the key factors which are likely to drive the demand for electric traction motors in APAC. China, Japan and India are the major manufacturers and even the consumers in the region. For instance, China’s current plans to increase intercity rail networks, possibly reaching 93,000 miles by 2020, along with mushrooming subway and light rail lines, the country is anticipated to account for over half of the global rail equipment expenditures in the next five years. Additionally, as per Ministry of Railways, India is also looking forward to electrify all its remaining railway network by 2024. North America is the second most dominating region for traction motors followed by Europe during the forecast period. For instance, in the European region, Germany is leading country contributing to the growth of the market. Government initiatives towards improvement of the transportation system, especially the railway sector and the transformation from diesel-based to electric-based locomotion is mainly fuelling the growing demand for traction motors in the market.
Competitive Scenario:
The key players operating in the global traction motor market are –
ABB Ltd., Siemens AG, General Electric, Skoda Electric, Toshiba, Bosch, Mitsubishi, CG Power & Industrial Solutions, Hitachi, Eaton, Hyundai, and Kawasaki.
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How will this Market Intelligence Report Benefit You?
The report offers statistical data in terms of value (US$) as well as Volume (units) till 2030.
Exclusive insight into the key trends affecting the Global Traction Motor industry, although key threats, opportunities and disruptive technologies that could shape the Global Traction Motor Market supply and demand.
The report tracks the leading market players that will shape and impact the Global Traction Motor Market most.
The data analysis present in the Global Traction Motor Market report is based on the combination of both primary and secondary resources.
The report helps you to understand the real effects of key market drivers or retainers on Global Traction Motor Market business.
The 2021 Annual Global Traction Motor Market offers:
100+ charts exploring and analysing the Global Traction Motor Market from critical angles including retail forecasts, consumer demand, production and more
15+ profiles of top producing states, with highlights of market conditions and retail trends
Regulatory outlook, best practices, and future considerations for manufacturers and industry players seeking to meet consumer demand
Benchmark wholesale prices, market position, plus prices for raw materials involved in Global Traction Motor Market type
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