Electric Traction Motor Market is Estimated to Reach USD 30.9 Billion by 2025
Electric Traction Motor Market is Estimated to Reach USD 30.9 Billion by 2025
The Global Electric Traction Motor Market is estimated to reach USD 30.9 Billion by 2025 at a CAGR of 18%, observes forencis research (FSR).
Traction means producing frictional force between two surfaces without slipping and this can be produced electrically or non-electrically. Electric traction motor is an electric motor which is used for driving a vehicle such as electric railways or electric vehicles. It is more efficient compared to the non-electric system and offers several benefits also such as quick start and stop, pollution-free, and easy to handle. Electric traction motor is considered as a specific class in industrial motors as they require a high rate of acceleration/deceleration, high torque low-speed hill-climbing, low-torque high-speed cruising, and a very wide range for operating speed.
Electric Traction Motor Market: Drivers & Challenges
Rising Funding in Rail Sector
Rail sector is considered as the most energy-efficient mode of transport for shipping goods and passengers. Out of total rail carries 8% of passengers globally and 7% of world shipping goods, which is only 2%of total transport energy demand. This sector is widely electrified, as per International Energy Agency (IEA), three-quarters of passenger rail transport is electrified. As the rail sector is very energy-efficient funding in this sector is increasing exponentially, especially in the segment of high-speed rail and metro. All these funding are directed towards the electrified rails and metro which are manufactured using electric traction motor.
Thus, the rising funding in the rail sector may contribute to the growth of the electric traction motor market, during the forecasted period.
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Rising Adoption of Electric Vehicles
Electric vehicles are growing rapidly worldwide. According to International Energy Agency (IEA), in 2018, 5.1 million electric cars were operating globally, which is 2 million more than the previous year. Electric two-wheelers were 260 million in 2018 and electric buses were 0.46 million. Also, the number of electric vehicles in shipping is also increasing robustly. Such rapid adoption of electric vehicles in every sector can open new market channels for the traction motor manufacturers.
Thus, the rising adopting of electric vehicles may contribute to the overall growth of the electric traction motor market, during the forecasted period.
Complexity in Designing
The designing of an electric traction motor is more difficult as compared to any other electric motor because the load characteristic of traction motor is fluctuating in nature. There are numerous challenges faced by the manufacturers while designing the traction motor. Limited space and volume are available for installing physical weight per axle in the envelope of the traction motor. Many constraints have to be taken care of while designing like temperature, weight, compactness or cost.
Thus, complexity in designing can be challenging for the growth of the electric traction motor market, during the forecast period.
Electric Traction Motor Market: Key Segments
- Component segment comprises of: Hardware and
- Type segment comprises of: DC and AC.
- Power rating segment comprises of: Below 500 kW, 500 kW-1000 kW, and Above 1000kW
- Application segment comprises of: Railway, Electric Vehicle, and
- Regional segmentation comprises of: North America, South America, Europe, Asia-Pacific, Middle East & Africa and South America, with individual country-level analysis.
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Electric Traction Motor Market: Report Scope
The report on the electric traction motor market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
List of the leading companies operating in the Electric Traction Motor Market include:
- CRRC Corporation Limited (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Wabtec Corporation
- Siemens AG
- Parker-Hannifin Corp
- SKF AB
- ABB Ltd.
- Alstom SA
- Robert Bosch GmbH
- Nidec Corporation
- Toshiba Corp
- Other Key Companies
Electric Traction Motor Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Electric Traction Motor Market, by Component
- Pinion Gears
- Gasket Kits
- Inspection Covers
Electric Traction Motor Market, by Type
Electric Traction Motor Market, by Power Rating
- Below 500 kW
- 500–1000 kW
- Above 1000 kW
Electric Traction Motor Market, by Application
- Light Rail Vehicle
- Commuter Rail
- High-speed Train
- Battery Electric Vehicle
- Plug-in Hybrid
- Hybrid Electric Vehicle
- Fuel Cell Electric Vehicle
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Electric Traction Motor Market by Region
- Asia-Pacific (China, Japan, South Korea, India, Taiwan, Rest of Asia-Pacific)
- North America (US, Canada, Mexico)
- Europe (Germany, Russia, France, Italy, UK, Spain, The Netherlands, Rest of Europe)
- Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)
- South America (Brazil, Argentina, Rest of South America)
Key Questions Answered by The Report
- What are the primary advancements affecting the global market and its growth?
- What will be the effects of the advancements in the market on the industry globally and on the market players in the near and far future?
- What are the emerging types of the global market?
- What are the emerging applications of the global market?
- What are the primary aspects that will impact market growth globally during the study period?
- Who are the leading global players functioning in the market?
- How are the leading players expanding in the existing global market conditions?
Table of Content
- RESEARCH DESIGN & SCOPE
- EXECUTIVE SUMMARY
- MARKET DYNAMICS
- INDUSTRY TRENDS — PORTERS FIVE FORCES ANALYSIS
- GLOBAL ELECTRIC TRACTION MOTOR MARKET BY COMPONENT, Market Size in USD Million (2018–2025)
- GLOBAL ELECTRIC TRACTION MOTOR MARKET BY TYPE, Market Size in USD Million (2018–2025)
- GLOBAL ELECTRIC TRACTION MOTOR MARKET BY POWER RATING, Market Size in USD Million (2018–2025)
- GLOBAL ELECTRIC TRACTION MOTOR MARKET BY APPLICATION, Market Size in USD Million (2018–2025)
- GLOBAL ELECTRIC TRACTION MOTOR MARKET BY REGION, Market Size in USD Million (2018–2025)
- COMPETITIVE LANDSCAPE
- COMPANY PROFILES
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