Electric Traction Motor Market To Reach USD 30.9 Billion By 2025

Global Electric Traction Motor Market: Key Highlights

According to the new market research report “Electric Traction Motor Market by Component (Hardware, Services), by Type (AC, DC), by Power Rating (Below 500 kW, 500-1000 kW, Above 1000 kW), by Application (Railway, Electric Vehicle, Others) by Region (Asia Pacific, Europe, Middle East and Africa, South America, North America) – Global Forecast (2018 to 2025)”, the global electric traction motor market is estimated to reach USD 30.9 Billion by 2025 at a CAGR of 18% during forecast period 2020-2025.
The growing funding in the rail sector, increasing adoption of electrification in rail, growing adoption of electric vehicles, are some of the factors which are expected to drive the electric traction motor market during the forecasted period.
However, the fluctuating prices of input commodities are expected to restrain the market during the forecast period.

Electric Traction Motor Market

Global Electric Traction Motor Market: Key Market Dynamics

The rising funding in rail sector is expected to drive the market of electric traction motor as the rail sector is energy-efficient its attracting investment in a huge amount and these investments are directed towards the electrified high-speed rail and metro.
The rising adoption of electric vehicles is expected to drive the market as the electric vehicle market is growing remarkably and electric traction motor is an inseparable component of the electric vehicle.
The fluctuating prices of input commodities may restraint the growth of the market as the raw materials required in the manufacturing of traction motor are obtained by mining and fluctuation in their prices may affect the margin of the manufacturer significantly.
The designing of better speed estimator may contributor to the growth of the market in near future as research is required for designing a speed estimator which can perform at low speed with high robustness.
Complexity in designing the electric traction motor can hinder the growth of the market as the manufacturer has to take care of several constraints such as temperature, weight, compactness, or cost.

Global Electric Traction Motor Market: Regional Overview

Europe

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

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:

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:

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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