Railway Traction Motor Market Outlook 2021: Top Companies, Trends, Growth Factors Details by Regions, Types and Applications

The global Railway Traction Motor Market size was valued at USD 33.69 billion in 2019 and is projected to reach 47.64 billion by 2030, growing at a CAGR of 3.2% from 2020 to 2030.

Traction motor is an electric motor used to generate the power for rotating the wheels of a train. Traction motors are widely used in railways due to its high performance and greater durability. These traction motors provide effective torque and mechanical force required for the effective functioning of the railway coaches with heavy weights.

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Competitive Landscape :

The railway traction motor market is highly competitive and consists of various market players. Some of the major market players include Aisin Seiki Co. Ltd., Bombardier Inc., Mitsubishi Electric Corporation, Saini Heavy Electrical & Engineering Co Private Ltd., Hyundai Rotem Company, ALSTOM, Bharat Heavy Electricals Ltd., Sulzer Ltd., Zytek Automotive Ltd., VEM Sachsenwerk GmbH, and ABB Group among others.

There have been various developments taken place in the past and will take place in future, which will contribute to the overall growth of the market. For instance, in July 2019, Hyundai Rotem has developed a class 220 insulated heat-resistant electric traction motor, which performs normal insulation functions in high temperature environments of up to 220oC, a first for Korea.

Market Dynamics and Trends:

The global railway traction motor market is majorly driven by the development in railroad technologies and stringent regulations pertaining to vehicular emissions in countries around the world. Also, increased demand of metro and mono rails for better transport within the city coupled with expanding in tourism industry is expected to fuel the growth of railway traction motor market.

The other factors such as increase in the number of railway projects, railway logistics, and electrification in conventional railways are expected to boost the market growth during the forecast period. However, high investment is required for designing and manufacturing traction motors. This high capital investment is expected to inhibit the growth of railway traction motor market. On the other hand, research and development to reduce the cost are expected to create numerous opportunities in the market over the forecast period.

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Market Segmentations and Scope of the Study:

The global railway traction motor market share is analyzed on the basis of type, application and geography. On the basis of type, the market is segmented into direct current traction motor, alternating current traction motor, and synchronous alternating current traction motor. On the basis of application, the market is divided into diesel locomotive, electric multiple units, electric locomotive, and direct electric locomotive. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis:

North America denotes the higher adoption of railway traction motors and is anticipated to hold the largest market share throughout the forecast period. This is attributable to the factors such as developed infrastructure, stringent government regulation to control pollution and increased use of mono and metro rails in this region.

It is expected that the emerging economies, specifically in the Asia-Pacific region would witness increasing market size with rapid growth rate owing to increasing focus on electrification of the railways, growth in tourism, which are expected to promote the market growth in this region.

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