Portland, OR, Aug. 03, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global traction motor market generated $10.78 billion in 2019 and is estimated to reach $30.06 billion by 2027, registering a CAGR of 13.7% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
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The growing incorporation of traction motors in railways engines and the rise in demand due to low maintenance and manufacturing cost drives the growth of the global traction motor market. However, a surge in the pricing of raw material used for the manufacturing of the traction motors is anticipated to restrain market growth. Furthermore, a surge in the electrification of railroads and locomotives across the developing economies such as China and India is expected to provide new growth opportunities to the market.
COVID-19 Scenario:
- The manufacturing of traction motors across the globe have been halted due to lockdown restrictions and disruption in supply of raw materials.
- Amid lockdown, the restriction on mobility has halted railway networks across the developing economies. Also, pre-COVID electrification of railroads and locomotives has been stopped due to nationwide lockdown, which resulted in declined demand for traction motor.
- The demand for traction motors is also anticipated to be reduced from the automotive sector, as the production of electric vehicles (EV) has been stopped across the globe.
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The report offers detailed segmentation of the global traction motor market based on type, power rating, application, and region.
Based on type, the AC traction motor segment contributed to the largest share in 2019, accounting for nearly half of the total share, and is estimated to maintain its dominant position during the forecast period. In addition, it is also estimated to portray the highest CAGR of 14.0% during the forecast period.
Based on power rating, the less than 200 kW segment accounted for the largest share in 2019, holding more than two-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the 200-400 kW segment is expected to register the highest CAGR of 14.2% from 2020 to 2027.
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Based on region, Asia-Pacific contributed the highest share, accounting for more than one-third of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, LAMEA is expected to grow at the highest CAGR of 15.4% from 2020 to 2027.
Leading market players analyzed in the research include American Traction System, ABB, Hyundai Rotem, Hitachi, Mitsubishi, CRRC, Skoda, Siemens, Wabtec, and Toshiba.
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