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.
Top Market Drivers & Challenges
The salient factor leading the global Electric Traction Motor Industry is the continuous increase in investment in railways. The factor is demanding electric traction motor to a great extent, which is motivating the market to expand considerably. The abilities of motors in typically used in electrically powered rail vehicles like electric multiple units and other electric vehicles that include elevators, conveyors, and trolleybuses.
At the same time, the traction motor is also used in electric vehicles having a transmission system such as electric hybrid vehicles, diesel-electric, and battery electric vehicles. Therefore, these are considered well suited underground transport services, which is yet another vital factor propelling the market during the forecast period.
As an add-on, the developed countries such as India, China, UK, Germany, and more are eminently focusing on cumulative their investment in rail projects. On this, in a case of point, the Chinese government, back in 2018, swelling their rail budget to over USD 116 billion. On a similar note, as per the Railway Ministry, India will be investing around USD 126 billion for the process of upgrading railways by the year 2020. These investment plans are giving ways that would drive the demand for efficient electric traction motors and the market as well.
Furthermore, the global electric traction motor market is also projected to expand at a high rate during the forecast period, mainly with the increased demand for energy-efficient motors. Even factors such as unstable fossil fuel prices, emission norms, and environmental regulation are also equally anticipated to enhance market growth during the forecast period.
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, 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.
Competitive Dashboard
The key players participating in the electric traction motor market are CRRC (China), ABB (Switzerland), Alstom (France), GE (US), Traktionsysteme Austria, Siemens (Germany), Bosch (Germany), Nidec (Japan), CG Power (India), and Skoda Electric (Czech Republic).
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