Electric Traction Motor Market 2021: COVID-19 Impact – Industry Trends and Forecast to 2023
Market Highlights
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. Permanent magnet synchronous motor and asynchronous motors are two main types of traction motor which is currently driving the electric traction motors.
Based on type, the market is segmented as AC motor and DC motor. AC segment is estimated to dominate the market during the forecast period due to its wide application in railways and electric vehicles. Increasing demand for electric vehicles and need for energy efficient motor worldwide would lead to growth in electric traction motor market. Considering the application, the market is segmented as railways, electric vehicles, elevators, conveyors, industrial machinery. Railways is the estimated to be the largest segment in electric traction motor, by application, in 2018. This is due to huge investments in expanding railway network and modernization of existing rolling stock majorly in Asia Pacific, North America, and Europe.
The global electric traction motor market is expected to grow at 18.08% CAGR during the forecast period.
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Market Research Analysis
Asia Pacific accounts for the largest market share whereas Asia-Pacific is the fastest growing region.
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.
Scope of the Report
This report provides an in-depth analysis of the global electric traction motor market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Asia-Pacific (APAC), Europe, Middle East & Africa, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the electric traction motor market by its type, power rating, application, and by region.
By Type
- AC
- DC
By Power Rating
- <200 kW
- 200 kW to 400 kW
- >400 kW
By Application
- Railway
- Electric Vehicle
- Elevators
- |Conveyors
- Industrial Machinery
By Regions
- North America
- Asia-Pacific
- Europe
- Middle East & Africa
- South America
Key Players
The key players of the global electric traction motor market CRRC (China), Alstom (France), ABB (Switzerland), GE (US), Siemens (Germany), Traktionsysteme Austria, Bosch (Germany), CG Power (India), Nidec (Japan), and Skoda Electric (Czech Republic).
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