Traction Motor Market: Driving Growth Towards $30.06 Billion by 2027

Inclusion of traction motors in railway engines, lesser emissions, and minimal costs related to manufacturing and maintenance drive the growth of the global 𝐓𝐫𝐚𝐜𝐭𝐢𝐨𝐧 𝐌𝐨𝐭𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭. The global traction motor market was valued at $10.78 billion in 2019, and is projected to reach $30.06 billion by 2027, registering a CAGR of 13.7%. Asia-Pacific was the highest revenue contributor, accounting for $3.74 billion in 2019, and is estimated to reach $10.88 billion by 2027, with a CAGR of 14.3%.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/request-sample/A06635

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞

HYUNDAI ROTEM COMPANY (subsidiary of Hyundai Motor Company), Mitsubishi Electric Corporation, Wabtec Corporation, CRRC, Hitachi, Ltd, American Traction Systems, ŠKODA TRANSPORTATION, ABB, Toshiba International Corporation, Siemens

Drivers, restraints, and opportunities-

Incorporation of traction motors in railway engines, lower emission rate, and low manufacturing and maintenance cost drive the growth of the global traction motor market. On the other hand, rise in price of materials used for production and high investment cost curb the growth to some extent. However, increase in research and development activities is expected to create multiple opportunities in the near future.

𝐁𝐮𝐲 𝐍𝐨𝐰 𝐭𝐡𝐞 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/fd124a957357584f029cec81c7c6da83

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 market.

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.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮'𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/A06635

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.

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘

By application, the electric vehicle segment is expected to register a significant growth during the forecast period.

Depending on power rating, the less than 200 kW segment is anticipated to exhibit significant growth in the near future.

On the basis of type, the AC traction motor segment is projected to lead the global traction motor market owing to higher CAGR as compared to other motors.

By region, LAMEA is anticipated to register the highest CAGR owing to the increased investments carried out across different LAMEA countries.

𝐂𝐡𝐞𝐜𝐤 𝐨𝐮𝐭 𝐦𝐨𝐫𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐬𝐭𝐮𝐝𝐢𝐞𝐬 𝐩𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐛𝐲 𝐀𝐌𝐑 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

Electric Vehicle Motor Market - https://www.alliedmarketresearch.com/electric-vehicle-motor-market

Electric Vehicle Market - https://www.alliedmarketresearch.com/electric-vehicle-market

Marine Battery Market - https://www.alliedmarketresearch.com/marine-battery-market-A10029

Recreational Boating Market - https://www.alliedmarketresearch.com/recreational-boating-market

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