Dublin, Sept. 15, 2023 (GLOBE NEWSWIRE) -- The "Traction Motor Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
The global traction motor market was valued at USD 13.833 billion in 2021. Traction motors are electric motors used to propel various types of vehicles, including locomotives, electric or hydrogen cars, electric multiple units, elevators, and roller coasters.
The market is expected to grow due to rising demand for high-performance electric traction motors, government regulations and subsidies supporting electric vehicles, and an increase in railway electrification projects. Growing demand for electric vehicles and increased construction investments are expected to drive demand for traction motors.
Key Market Trends and Drivers
Several key trends and drivers are contributing to the growth of the global traction motor market:
- Growing Infrastructure and Construction Investments: The demand for traction motors, especially DC series motors, is increasing in the construction sector due to their use in heavy-duty applications such as electric locomotives, steel rolling mills, hoists, lifts, and cranes. Government investments in construction projects, such as infrastructure development, are expected to boost demand for traction motors. China's authorization of 26 infrastructure projects with completion dates projected for 2023 and the increase in significant infrastructure projects in various countries are driving the market.
- Rising Demand in the Transportation Sector: The need for transportation is expanding rapidly, leading to increased usage of traction motors in electric trolley buses and railway networks. Traction motors play a crucial role in railway transportation due to their strong torque and precise speed control. Government investments in railway electrification and infrastructure are boosting the market.
- Asia Pacific Dominance: The Asia Pacific region is expected to dominate the market due to increased construction investments and the production of electric vehicles for transportation. The region has witnessed a significant increase in bus and coach production, particularly in India and China. Indian railways' electrification efforts and plans for high-speed trains are driving the market in the region.
Market Segmentation
The global traction motor market is segmented based on type, end-user, and geography:
By Type:
- Three-Phase Induction Motor
- Linear Induction Motor
- AC Series Motor
- DC Series Motor
By End-User:
- Transportation
- Industrial
- Construction
- Others
By Geography:
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- UK
- France
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Others
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Others
Market Developments
- In November 2022, Elimen Group and Flash announced their collaboration to produce traction motors and controllers for electric vehicles in India.
- In September 2022, Sona Comstar announced that it had reached a production milestone of 100,000 EV traction motors at its Chennai plant.
Companies Mentioned
- ABB Ltd.
- Toyo Denki Seizo K.K
- Siemens
- Toshiba International Corporation
- Nidec Motor Corporation (Nidec Group)
- CG Power & Industrial Solution Ltd.
- TITAGARH Wagon Limited
- Kirloskar Electric Company
For more information about this report visit https://www.researchandmarkets.com/r/8rovop
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