Global Railway Traction Motor Market by Type and Application During 2017-2025 | ABB Group, Saini Group, Sulzer Ltd, ALSTOM, Bombardier, BHEL, Hyundai Rotem Company, Mitsubishi Electric Corporation, Siemens and VEM Group
The global railway traction motor market was valued at $30.3 billion in 2016, and is projected to reach at $41.6 billion by 2025, growing at a CAGR of 3.8% from 2017 to 2025.
In 2016, the diesel locomotive segment dominated the global market, in terms of revenue with 47.9% share, followed by the diesel electric locomotive motor.
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Europe was the highest revenue contributor to the railway traction motor market in 2016, accounting for around 34.4% share, owing to the surge in demand for electrification of automobiles.
The report provides a comprehensive analysis of the key growth strategies adopted by the major players of the railway traction motor market. The key players profiled in the report are ABB Group, Saini Group, Sulzer Ltd, ALSTOM, Bombardier, BHEL, Hyundai Rotem Company, Mitsubishi Electric Corporation, Siemens, and VEM Group. They have adopted competitive strategies such as innovation, new product development, and market expansion to boost the growth of the market.
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Top Impacting Factors
Low Manufacturing and Maintenance Cost
Increasing applications of traction motors in locomotives, heavy machineries, and multiple electric units brings down the cost of production and maintenance. The cost benefits associated with the production and aftermarket services of traction motors are expected to drive the railway traction motor market growth.
Factors such as surge in the global warming threats, industrial pollution, and exploitation of the natural resources has shifted the focus towards sustainable development. Stringent regulations have been passed by the government to curb the emissions from industries. Thus, traction motors are now being used instead of steam and diesel engines, as these motors assist in reducing emissions, and are estimated to drive the market during the forecast period.
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High Investment Cost
The cost of a traction motor is high due to the excessive cost incurred toward designing and manufacturing. Moreover, the technical expertise required to customize the motor increases the cost of production. It restricts the adoption of the railway traction; thereby, hampers the market growth.
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