Pune, India, July 21, 2020 (GLOBE NEWSWIRE) -- Global Electric Traction Motor Market is expected to reach USD 65,962.4 million by 2028 from initial valuation of USD 14,125.3 million in 2020. As the demand for Electric Traction Motor is expanding at an extraordinary rate, the market is anticipated over the projected period.
Electric traction Mortars used in rail industry for the purpose of propulsion are installed to provide a safe, user friendly, and environmentally friendly alternative to more traditional petrol powered equipment. The traction motor has led to reduction of the weight and size. Higher efficiency traction motor is also being developed to realize a totally enclosed motor that requires less maintenance, which is expected fuel demand of Electric Traction Motors in the future.
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The technological shift seen in the automotive sector has led to a rapid change and advancement in manufacturing of automotive vehicles. Moreover, growing preference for electric vehicles (Evs) has further helped manufacturers in developing near-zero emissions and high fuel efficient vehicles, thus driving the demand in the global Electric Traction Motor market. Governments across the globe are also contributing extensively in augmenting the development of Electric Traction Motor, as adoption of EVs will help in reducing pollution caused by diesel automotive and also assist in managing the growing traffic. Governments are also offering subsidies on electric vehicles mainly to encourage higher use of electric busses. Additionally, increasing government subsidies, reduction in air pollution, and minimizing traffic are other key advantages that are responsible to facilitate the Electric Traction Motor market.
EVs and Railway to boost the Below 200 kW Power Segment of the Electric Traction Motor Market
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.
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Railways to Play a Major Role in Bolstering the Growth of the Electric Traction Motor Market
Based on application, railways segment is expected 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. More than 90,000 motors are in use in a variety of rail vehicles, from trams to high-speed trains to powerful locomotives.
Rising Government Subsidies in Asia Pacific Fostering the Global Electric Traction Motor Market
With respect to regional growth, Asia Pacific is likely to lead the global Electric Traction Motor market. The demand for Electric Traction Motor in this region is rising significantly due to rising trade between countries and increasing number of emerging economies in the region. China is considered as a major player in the driving demand for Electric Traction Motor in this region, owing to the increasing need to reduce carbon emissions in the region.
Keeping in mind this growth rate, Electric Traction Motor manufacturers are making significant efforts in adopting advanced technologies largely by entering into collaboration and partnerships that will help in increasing sales of Electric Traction Motor.
Market Players Engage in Mergers and Expansions to Strengthen Geographical Presence
- February 20, 2019 - Swiss power major ABB said Tuesday that it has bagged a Rs 270-crore order for train technologies from Indian Railways. The converters are custom-designed for Indian Railways and will be manufactured at one of ABB's largest factories for locomotive applications in Nelamangala, near Bengaluru, according to the statement.
- 6th November 2019 - MAHLE Electric Drives India, based in Coimbatore in the southern Indian state of Tamil Nadu, will initially focus on the development and production of electric traction motors and control units for the new and promising market segments of electric two and three-wheelers.
- Oct 31, 2019 - Japan's Mitsui & Co on Thursday said it is planning to invest USD 14 million to set up a manufacturing facility for electric vehicle (EV) motors in India in partnership with Taiwanese motor manufacturer TECO Electric & Machinery Co. The joint venture (JV) will establish a local company, TEMICO India, to build the plant, which will produce traction motor for electric vehicles.
Some of the leading players in the global Electric Traction Motor market are 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.
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The study presented here is based on a report by Quince Market Insights titled, “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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