Press release
Railway Traction Motor Market 2022 Industrial Chain, Regional Scope, Key Players Profiles And Sales Data To 2030
Railway Traction Motor Market
Traction motors are powered by electricity and generate the power to rotate the wheels of the train. The turning force produced by traction motors is transmitted to the wheels via the driving gear unit and axle.
Traction motors are typically mounted in the railway rolling stocks where the wheels are housed. Reduced number of components for fewer items requiring maintenance and reduced frequency.
Completely sealed structure and improved accessory devices such as cooling fans help keep noise levels low in railway traction motors.
Global Railway Traction Motor Market: Overview
The Global Railway Traction Motor Market is valued at USD 3426.46 billion in 2022 and is projected to reach a value of USD 4836.01 billion in 2030 expanding at a CAGR of 4.4% over the forecast period of 2022-2030.
The increase in demand for high-performance motors, favourable government policies and subsidies, and the rise in investments in the railway sector are likely to drive the market growth.
Railway traction motors market worldwide is a rapidly growing market supported by the rising adoption of metros and monorails and swift transition towards railway electrification systems in almost all major regions.
Advancements in railroad technologies coupled with vehicular emissions reforms represent factors accelerating market growth.
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Key Trends: Growth Determinants and Challenges
• Increasing stringency of emission regulations to push OEMs to manufacture and sell electric and hybrid vehicles
Growing concerns about the harmful effects of various means of transportation on the environment, such as air pollution, are increasing day by day. The rising concerns about environmental pollution have forced automotive manufacturers to develop vehicles that comply with regional regulatory standards. According to the International Energy Agency (IEA), in 2020, the worldwide electric car fleet grew to 10 million vehicles, with battery electric vehicles (BEVs) accounting for two-thirds of the total.
• Motor failure due to overheating
Excessive heat due to overheating can result in motor failure by weakening the winding insulation in electric motors. Overheating occurs due to overload, poor power conditions, highly effective service factors, frequent turning on-off of the motor, and lack of air circulation around the motor. Electric motors also tend to overheat in high-temperature environments.
Around 30% of all motor failures occur due to insulation failure, and approximately 60% happen due to overheating. Permanent magnet motors are challenged with significant reliability issues; these motors lose their magnetism if exposed to high temperatures.
Competitive Landscape:
• ABB Group
• ALSTOM
• BHEL
• Bombardier
• Hyundai Rotem Company
• Mitsubishi Electric Corporation
• Saini Group
• Siemens
• Sulzer Ltd.
• VEM Group
Segmental Analysis of Global Railway Traction Motor Market:
Based on Type
• AC
• DC
The AC segment is expected to be the largest segment by type for electric traction motors market, during the forecast period. These motors are widely used in rail industries, electric vehicles, and industrial machinery for their propulsion.
Based on Power Rating
• Below 200 Kw
• 200-400 Kw
• Above 400 kw
The 200-400 kW segment is expected to be the second largest segment by power rating of the electric traction motor market, during the forecast period
Based on Application
• Railways
• Electric Vehicle
• Other
The electric vehicle segment is expected to be the fastest growing segment, during the forecast period. The increasing number of electric vehicles worldwide is leading to a higher demand for efficient traction motors.
Based on Region
North America (US, Canada), Europe (UK, France, Spain, Italy, Germany), Asia-pacific (India, China, Japan, South Korea, Australia), Latin America (Mexico, Brazil), Middle East and Africa (UAE, Saudi Arabia, South Africa)
Asia Pacific is projected to be the fastest growing market for electric traction motors. The rising population within the region has led to a significant increase in the demand for transportation connectivity, which has correspondingly driven investments in the railway sector and is likely to further increase the demand for the electric traction motor market.
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Major Developments:
• In February 2020, ABB will supply traction equipment worth USD 26 million to Chittaranjan Locomotives Works (India)
• In February 2020, NIDEC CORPORATION expanded its footprints by inaugurating three new manufacturing plants in China, Poland, and Mexico. These plants would supply millions of electric motors at significantly reduced prices.
Major questions answered in the report:
• What are the major challenges, trends and growth factors in global Railways Traction Motor market?
• Which top companies are contributing in the growth of global Railways Traction Motor market?
• Which regional segment accounts for the largest revenue in the global Railways Traction Motor market?
Key takeaway from the report:
• Deep insights on regional segments along with segmental analysis.
• Trends, challenges, and growth determinants
• The Global Railway Traction Motor Market is valued at USD 3426.46 billion in 2022 and is projected to reach a value of USD 4836.01 billion in 2030 expanding at a CAGR of 4.4% over the forecast period of 2022-2030.
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About We Market Research
WE MARKET RESEARCH is an established market analytics and research firm with a domain experience sprawling across different industries. We have been working on multi-county market studies right from our inception. Over the time, from our existence, we have gained laurels for our deep rooted market studies and insightful analysis of different markets.
Our strategic market analysis and capability to comprehend deep cultural, conceptual and social aspects of various tangled markets has helped us make a mark for ourselves in the industry. WE MARKET RESEARCH is a frontrunner in helping numerous companies; both regional and international to successfully achieve their business goals based on our in-depth market analysis. Moreover, we are also capable of devising market strategies that ensure guaranteed customer bases for our clients.
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