Global Traction Motor Market Report 2019: Market Value is Expected to Reach USD 48,250 Million in 2026
The traction motor is a type of electric motor used for propulsion of a vehicle. It is used to make rotation torque on a machine and in electrically powered rail vehicles such as electric multiple units and electric locomotives. They are also used in electric vehicles such as electric milk floats, elevators, and conveyors.
Market Snapshot
This report categorizes the market with various types, applications, companies, and regions. It focuses on the present scenario and the future growth of the global Traction Motor market, especially in regions like North America, Asia-Pacific, Europe, South America, Middle East and Africa.
The global Traction Motor market is expected to increase from USD 17,186 million in 2019 to USD 48,250 million by 2026, registering a CAGR of 15.89% from 2019 to 2026.
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Competitive Landscape
Major manufacturers profiled in the analysis report include ABB, ALSTOM, Siemens, Toshiba, GE, Hyundai Rotem, Traktionssysteme Austria, Skoda, Rotomac Electricals, Bombardier, Hitachi Ltd, Mitsubishi Electric Corporation, and others.
Growth Driver
Major factors contributing to the growth of the global Traction Motor market include the rising demand from the railway sector and the increased demand for energy efficient motors. Moreover, increasing investments in the railway sector and a growing focus on electric vehicles to reduce carbon emissions are projected to propel the growth of the market.
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Regional Overview
In 2018, the global Traction Motor market was mainly concentrated in the three regions of Asia-Pacific, North America, and Europe. Asia-Pacific is the global market leader at a share of 31.98%. This can be attributed to the rising urbanization and electrification, the needs of the railway sector and government support programs. China and Japan are expected to become the largest electric traction motor market in the region, owing to the large investment in the railway sector. Europe is the largest producer with a proportion of 42.65%. Europe is currently leading North America with a share of 28.47% and 25.93%.
Type Overview
By product type, the Traction Motor market is segmented into DC Series Motor and Induction Motor.
Application Overview
Based on application, this market is divided into Transportation, Industrial Machinery and Equipment, and Others.
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Target Audience:
• Traction Motor manufacturers
• Raw material suppliers of Traction Motor
• Distributors and resellers of Traction Motor
• Traction Motor industry associations
• Product managers, Traction Motor industry administrator, C-level executives of the industries
• Market Research and consulting firms
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