Rockville , March 23, 2023 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, reveals that worldwide demand for railway traction motors has reached US$ 11 billion and is projected to increase at a CAGR of 4.4% from 2022 to 2032.
In railways, a traction motor is an electric motor that transforms electrical energy into torque energy and is attached to a shaft, resulting in a linear motion. Traction motors are typically utilized to power heavy vehicles such as railways, industrial machinery, and locomotives. The use of traction motors in railway engines leads to reduced emissions and excellent performance. Moreover, traction motors have various advantages, including high power efficiency, longevity, small design, and inexpensive maintenance expenses, which contribute to their widespread use in railways.
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Report Attributes | Details |
| Forecast Period | 2022 - 2032 |
| Value Projection (2032) | US$ 17 Billion |
| Growth Rate (2022-2032) | 4.4% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 25 Tables |
| No. of Figures | 132 Figures |
Increased use of railways and expanding acceptance of metro lines are projected to drive up demand for traction motors. Furthermore, rise in the budget allocation for railway expansion across countries is projected to provide lucrative opportunities to market players. In addition, increase in the demand for metro locomotives, particularly in metropolitan regions, is anticipated to boost the sales of railway traction motors. The advent of eco-friendly technologies, railcar modernization, and electrification of railways are expected to support the growth of the railway traction motors market.
To expand their international presence, some of the key market participants are focusing on the development of more effective electric traction motors.
Key Takeaways from Market Study
- The global railway traction motors market is valued at US$ 11 billion in 2022.
- Worldwide sales of railway traction motors are estimated to reach US$ 17 billion by 2032.
- The global market is expected to develop at a CAGR of 4.4% from 2022 to 2032.
- Asia Pacific captured 48% of the global market share in 2021.
- AC motors accounted for 45.2% share of the global railway traction motors market in 2021.
“Factors such as rise in railroad freight movement and increasing popularity of metro rails are predicted to drive demand for railway traction motors,” says a Fact.MR analyst
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Key Companies Profiled in Railway Traction Motors Market Report
- Mitsubishi Electric Corporation
- ABB Ltd
- ALSTOM Holdings SA
- Caterpillar Inc.
- Bharat Heavy Electricals Limited
- Bombardier Inc
- Saini Group
- Siemens AG
- Sulzer Ltd
- Traktionssysteme Austria GmbH
- Toshiba International Corporation
Winning Strategy
To stay ahead of the competition, major market players are aggressively pursuing growth tactics such as investments, collaborations, technological developments, R&D activities, and acquisitions.
- Hyundai Rotem produced a class 220 insulated heat-resistant electric traction motor in July 2021 that performs typical insulation tasks in high-temperature conditions of up to 220oC.
- ABB stated in April 2022 that they are building a traction motor manufacturing unit for rail and metro in India. The unit will be able to generate 1,500 traction motors per year.
- Parker-Hannifin released a new high-power, GVM310 permanent magnet AC motor with a 310 mm frame in December 2021.
- Mercedes-Benz acquired YASA Motors Ltd., a forerunner in next-generation electric powertrain technologies, in July 2021. According to the terms of the acquisition, YASA will operate its own Mercedes-Benz subsidiary, which will produce high-performance electric motors.
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Key Segments of Railway Traction Motors Industry Research
- By Type:
- DC Motors
- AC Motors
- Synchronous AC Motors
- By Application:
- Diesel Locomotives
- Diesel-Electric Locomotives
- Electric Locomotives
- Electric Multiple Units (EMUs)
- By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global railway traction motors market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of type (DC motors, AC motors, synchronous AC motors) and application (diesel locomotives, diesel-electric locomotives, electric locomotives, electric multiple units (EMUs), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
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