The Global Railway Traction Motor Market size was valued at USD 33.69 billion in 2019 and is projected to reach 47.64 billion by 2030, growing at a CAGR of 3.2% from 2020 to 2030
Advancement in railway technologies, favorable government policies and increase in railway electrification projects are factors driving the growth of the railway traction motor market.
Railway traction motor is a specially designed motor for propelling locomotive. These motors provide effective torque and mechanical force, which is required for the effective functioning of the railway coaches due to their heavy weight and long-distance travel. The traction motor provides high torque at low speed and vice versa that acts as a key driver for the market growth and propulsion. However, high investment for designing and manufacturing traction motors may hinder the railways traction motors market growth.
The global railway traction motor market is segmented based on type, application and geography. On the basis of type, the market is segmented into direct current traction motor, alternating current traction motor, and synchronous alternating current traction motor. On the basis of application, the market is divided into diesel locomotive, electric multiple units, electric locomotive, and direct electric locomotive. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
North America is anticipated to hold the largest market share of railways traction motor market throughout the forecast period. This is attributable to the factors such as stringent government regulation to control pollution, developed infrastructure, and increased use of mono and metro rails in this region.
Asia-Pacific is also expected to witness increasing market size with rapid growth rate owing to increasing focus on electrification of the railways, growth in tourism, which are expected to promote the market growth in this region.
Browse Key Industry Insights from the Report,” Railway Traction Motor Market by Type (Direct Current Traction Motors, Alternating Current Traction Motors, and Synchronous Alternating Current Traction Motor) and by Application (Diesel Locomotive, Electric Multiple Units, Electric Locomotives, and Diesel Electric Locomotives) - Global Opportunities Analysis and Industry Forecast, 2020-2030.”
The railway traction motor market is highly competitive and consists of various market players. Some of the major market players include Aisin Seiki Co. Ltd., Bombardier Inc., Mitsubishi Electric Corporation, Saini Heavy Electrical & Engineering Co Private Ltd., Hyundai Rotem Company, ALSTOM, Bharat Heavy Electricals Ltd., Sulzer Ltd., Zytek Automotive Ltd., VEM Sachsenwerk GmbH, and ABB Group among others.
Key Insights from the Railway Traction Motor Market:
This report provides an extensive analysis of the current and emerging market trends and dynamics in the railway traction motor market.
In-depth analysis of the industry is conducted by constructing market estimations for the key market segments between 2020 and 2030.
Extensive analysis is conducted by studying the key product positioning and monitoring the top competitors within the market framework.
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