Electric Traction Motor Market, By Type (AC and DC), By Power Rating (<200 kW, 200 kW to 400 kW, and

Published Date: May 2020 | Report Code : EP2062131

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Electric Traction Motor Market, By Type (AC and DC), By Power Rating (<200 kW, 200 kW to 400 kW, and >400 kW), By Application (Railway, Electric Vehicles, Elevators, Conveyors, and Industrial Machinery), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting To 2028

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Domain : Energy

Report Code : EP2062131

Status : Published May 2020

Traction means producing frictional force between two surfaces without slipping and this can be produced electrically or non-electrically. Electrical traction is defined as the system that uses electrical power for traction system such as railway, trams, and trolleys. Furthermore, electric traction means locomotion in which the driving force is obtained from electrical motors. An electric traction motor is utilized to make rotation torque on a machine. It is used in electrically powered rail vehicles such as electric multiple units and electric locomotives.

Fig 1 ELECTRIC TRACTION MOTOR MARKET DRCOFig 1: ELECTRIC TRACTION MOTOR MARKET DRCO

The global electric traction motor market is driven majorly by factors such as increasing investments in the railway sector and growing demand for energy-efficient motors. Furthermore, unstable fossil fuel prices, emission norms, and environmental regulation are some of the factors expected to boost the market growth during forecast period. However, price volatility of raw materials such as copper and aluminum and safety and reliability concerns are major factors hindering the market growth. Growing focus on electric vehicles in order to reduce carbon emissions is expected to create a significant opportunity for market players to boost growth of the market over forecast period. A motor failure due to overheating is one of the major challenges faced by market players.

The electric traction motor market size is estimated to be USD 14,125.3 million in 2020 and is projected to register a CAGR of 21.2% to reach USD 65,962.4 million by 2028.

Fig 2: ELECTRIC TRACTION MOTOR MARKET: BY SEGMENTATIONFig 2: ELECTRIC TRACTION MOTOR MARKET: BY SEGMENTATION

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. Furthermore, rising investments in metros and other transportation services that require underground access are expected to catapult the electric traction motor market on growth trajectory.

Fig 3: ELECTRIC TRACTION MOTOR MARKET: BY TYPE, 2020 & 2028

Fig 3:  ELECTRIC TRACTION MOTOR MARKET: BY TYPE, 2020 & 2028

Based on type, electric traction motor market segmented into AC and DC. The AC segment is expected to be the largest market for electric traction motors, by type holding the largest market share 2020. This segment is also projected to be the dominante one during the forecast period. Earlier, DC motors were preferred for railway applications; however, AC motors are now increasingly being used due to modern power electronics. Compared to DC motors, AC motors are more efficient and easier to control.

Fig 4: ELECTRIC TRACTION MOTOR MARKET: BY POWER RATING, 2020 & 2028

Fig 4:  ELECTRIC TRACTION MOTOR MARKET: BY POWER RATING, 2020 & 2028

Based on power rating, electric traction motor market segmented into <200 kW, 200-400 kW, and >400 kW. The <200kW segment is expected to account for the largest share in the global electric traction motor market in 2020. This market is projected to grow at a CAGR of 22.2% during the forecast. The large share of this segment can mainly be attributed to the extensive use of below 200 kW power rated motors in electric vehicles and light rail transit vehicles, which is expected to grow at a faster pace in the coming years.

Fig 5 : ELECTRIC TRACTION MOTOR MARKET: BY APPLICATION, 2020-2028

Fig 5:  ELECTRIC TRACTION MOTOR MARKET: BY APPLICATION, 2020 & 2028

Based on application, electric traction motor market segmented into railway, electric vehicles, elevators, conveyors, and industrial machinery. Railways is expcted to account for the largest share in the global electric traction motor market in 2020. Electric traction motors are an essential part of railway trains. The railways segment is likely to dominate the market in the coming years due to the increased reliance of the railway industry on electric traction motors for enhanced speed control and high start-up torque.

On the basis of the region, electric traction motor market has been segmented by North America, Europe, Asia Pacific, Middle East, and Rest of the World.

Fig 6: ELECTRIC TRACTION MOTOR MARKET: BY REGION, 2017-2028

Fig 6: ELECTRIC TRACTION MOTOR MARKET: BY REGION, 2017-2028

Asia-Pacific is the largest regional segment of the global market. This regional segment is projected to account for a significant market share during the forecast period on account of the rising investments in electric vehicles and the growing metro rail network in the region. Asia Pacific is also expected to be the fastest growing market for electric traction motors owing to the increasing need to reduce carbon emissions in the region. China, India, and Japan are the leading countries contributing to the market growth observed in Asia Pacific.

Major Companies: Abb Ltd, American Traction Systems, Robert Bosch, Ametek, CG Power And Industrial Solutions, CRRC, Hitachi, Hyundai Rotem, Johnson Electric, Kawasaki, Mitsubishi, Siemens, Skoda, Traktionssysteme Austria, Wabtec, Eaton, Nidec Corporation, Otis

Market Segmentation:

By Type:

  • AC
  • DC

By Power Rating:

  • <200 kW
  • 200 kW to 400 kW
  • >400 kW

By Application:

  • Railway
  • Electric Vehicles
  • Elevators
  • Conveyors
  • Industrial Machinery

By Region:

  • North America Electric Traction Motor Market 
    • By Country (US, Canada, Mexico)
    • By Type
    • By Power Rating
    • By Application
  • Europe Electric Traction Motor Market 
    • By Country (Germany, Russia, UK, France, Italy, Spain, Rest of Europe)
    • By Type
    • By Power Rating
    • By Application
  • Asia Pacific Electric Traction Motor Market 
    • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
    • By Type
    • By Power Rating
    • By Application
  • Middle East & Africa Electric Traction Motor Market 
    • By Country (UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa)
    • By Type
    • By Power Rating
    • By Application
  • Rest of the World Electric Traction Motor Market 
    • By Region (South America, Africa)
    • By Type
    • By Power Rating
    • By Application

Reasons to Buy This Report:

  • Provides niche insights for decision about every possible segment helping in strategic decision making process.
  • Market size estimation of the electric traction motor market on a regional and global basis.
  • A unique research design for market size estimation and forecast.
  • Identification of major companies operating in the market with related developments
  • Exhaustive scope to cover all the possible segments helping every stakeholder in the electric traction motor market.

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