Traction Motor Market foreseen to drive at $30.06 Billion by 2027: Siemens, CRRC, Hitachi, Mitsubishi, Toshiba, ABB

The global traction motor market size was valued at $10.78 billion in 2019, and is projected to reach $30.06 billion by 2027, registering a CAGR of 13.7%.

Traction motors are electric motors specifically designed to drive vehicles. As technology has evolved, these motors are now employed in a variety of vehicles, from locomotives and electric cars to elevators and excavators. In the past, vehicles primarily relied on diesel or petrol engines coupled with mechanical or hydraulic transmission systems. However, as vehicles have transitioned to electrification, traction motors have become the preferred choice for manufacturers. This is largely due to their ability to produce regenerative energy, offering numerous benefits.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭@ https://www.alliedmarketresearch.com/traction-motor-market/purchase-options

Asia-Pacific dominates the market in terms of revenue, followed by Europe, North America and LAMEA. China dominated the global traction motor market share in 2019, and is expected to grow at a significant rate during the forecast period, due to increase in the adoption of electric vehicles.

The usage of traction motors in vehicles has several advantages such as they are clean and are easy to handle as compared to traditional motors, are easy to control as well as have high efficiency and low maintenance and running cost. Also, AC traction motors have become the first choice of manufacturers due to the factor that they have adhesion level up to 100% as compared to other motors. Also, the wider usage of AC traction motor is governed by the factors such as higher reliability and reduced maintenance requirements, which leads to the growth of the global Traction Motor Market.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬- https://www.alliedmarketresearch.com/request-sample/7000

By application, the market is categorized into railways, electric vehicles and industrial vehicles. The railways accounted for the highest revenue in 2019, owing to the higher adoption in railways to offer a better and cleaner propulsion. However, the electric vehicle segment is anticipated to witness the highest CAGR during the forecast period, owing to increased adoption of emission free vehicles, thus leading to the growth of the global traction motor industry.

On the basis of power rating, the traction motor market is segregated into less than 200 kW, 200-400 kW and more than 400 kW power ratings. The less than 200 kW power rating segment accounted for over 44% market share in 2019, and is anticipated to lead the market during the forecast period, owing to its wider application in the transportation sector across the globe.

𝐌𝐚𝐤𝐞 𝐚𝐧 𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠- https://www.alliedmarketresearch.com/purchase-enquiry/7000

Factors such as incorporation of traction motors in railway engines, lower emission, less manufacturing and maintenance cost and reduction in loss in performance drives the global traction motor market. Moreover, rise in price of materials used for production and high investment cost are the factors that are expected to restrain the global traction motor market during the forecast period. However, increase in R&D is expected to supplement the global traction motor market; thus, providing a better opportunity for the growth of the market in the near future.

By region, LAMEA is anticipated to register the highest CAGR owing to the increased investments carried out across different LAMEA countries.
The key players analyzed in this report are ABB, American Traction Systems, Hitachi, Hyundai Rotem, CRRC, Mitsubishi, Siemens, Skoda, Toshiba and Wabtec.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭:

David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.

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