Global Electric Traction Motor Market Overview
Electric traction motor is a type of electric motor which is used for propulsion of a vehicle. It is used in electrically powered rail vehicles such as electric multiple units and electric locomotives. Furthermore, traction motor is installed in fully hybrid and battery electric vehicles. The global electric traction motor market is expected to grow at 18.08% CAGR during the forecast period.
Electric traction motor is used for propulsion of a vehicle, usually in electrically powered rail vehicles such as electric multiple units and other electric vehicles such as elevators, conveyors, and others. These motors are also installed in fully hybrid and battery electric vehicles to provide rotation torque and maintain energy efficiency.
The growing demand for electric traction motor market is attributed to the increasing investment in electric vehicles which would help in reducing carbon emission. This would in turn require energy efficient electric traction motors. Growing focus on electric vehicles in order to reduce carbon emissions is expected to create an opportunity for market players to boost the growth of electric traction motor market during the forecast period. One of the major restraints for the global electric traction motor market is the volatility in raw material prices.
Industry Segmentation
The electric traction motor market has been segmented based on motors type into AC and DC motor. Among these types, AC segment is the fastest growing segment in the electric traction motor market as it widely used in electric vehicles and railway sector. It has various advantages such as high efficiency, better speed acceleration, and less maintenance compared to DC motors.
Regional Outlook
Region wise, Asia Pacific held the largest market share of the global electric traction motor market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to the rising investment in railway sector, rising urbanization and proliferation of electrification. Europe region holds significant market share and is expected to dominate the global electric traction motor market in terms of revenue contribution. Germany is leading country contributing to the growth of the European market. The market is mainly driven by factors such as the gradual shift from diesel-based to diesel-electric locomotives and electric locomotives.
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Leading Players
The key players of the global electric traction motor market are CRRC (China), Alstom (France), ABB (Switzerland), GE (US), Siemens (Germany), Traktionsysteme Austria, Bosch (Germany), CG Power (India), Nidec (Japan), and Skoda Electric (Czech Republic).
Scope of the Report
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging & high-growth segments. The market data comprises the basic assessment of the competitive scenarios and strategies in the global electric traction motor market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both & cost analysis
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