Global Electric Traction Motor Market: Key Highlights
Global Electric Traction Motor Market: Key Market Dynamics
Global Electric Traction Motor Market: Regional Overview
According to a study by German Organization Allianz Pro Schiene, Luxembourg has the highest per capita railway investments in Europe. In 2018 Luxembourg funded 600 euros per capita for rail infrastructure investments which is highest in Europe, followed by Switzerland with 365 euros, and Austria ranks third with 218 euros. Also in the case of electric vehicles, Norway is the global leader in the electric car market with a market share of 46% in 2018, followed by Iceland with 17% and third is Sweden at 8%.
Thus, the notable expansion in rail sector and electric vehicle segment is expected to boost the market in the region.
Asia Pacific is the fastest-growing market for electric traction motors. India covers 39% of global passenger movements, followed by China with 27%, and then with 11% is Japan. Also in shipping goods using rail network China accounts for one-quarter of global rail freight shipping. In 2015, an agreement was signed between India and Japan for developing a high-speed rail line, which will come into operation by 2023.
Thus, expanding rail sector is expected to boost the market in the region.
Global Electric Traction Motor Market: Key Players Overview
CRRC Corporation Limited is a Chinese company that supplies rail transit equipment. The company is engaged in research and development, design, manufacture, repair, sale, lease and technical services for rolling stock, urban rail transit, consulting services, amongst others. It manufactures traction motors for locomotive, urban rail vehicle, oil drilling machine, mining machinery. It also provides repair and maintenance services for the existing traction motors as per customer requirements.
Wabtec Corporation is an American company that is a leading supplier of freight car and locomotive products. Company functions in two segments, freight segment, and transit segment. It manufactures traction motors with various specifications, also it provides maintenance kits and components of traction motor like pinion gears, inspection covers, gasket kits, amongst others.
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