Forecast and Analysis on Traction Motors Market by Future Market Insights
Traction motors have been a significant component in various electrical and industrial devices such as elevators, escalators and locomotives. The rising trend of incorporating automation to every mechanical operation has propelled the importance of traction motors. The application of traction motors in consumer appliances such as washing machines will continue to fuel the demand in the global market. Additionally, the need for traction motors will remain for decades, owing to the motors’ rotational properties that provide the required torque in engines and machines. Also, the developments in hybrid technology of the combustion engines will integrate traction motors for higher efficiency. The growing demand for vehicles that commute on land, in air and on water will also register the growth in the adoption of traction motors in the global market.
Dynamics of Global Traction Motors Market
The key driver of the global market for traction motors is the extensive application in the automotive and machinery sector. Besides this, the growth of global traction motors is also influenced by factors such as,
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Rising demand for efficient power conversion
Under normal conditions, traction motors are efficient in converting a majority of the electrical power into mechanical energy, which assists the locomotive operations such as dynamic braking.
Increasing electrification of automobiles
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The demand for electric vehicles (EV) has gained considerable traction in the automotive industry. As a result, there is a subsequent upsurge in the demand for EV traction motors.
Varying emission standards
Technological developments owing to the changing emission regulations has generated the demand for engines with reduce emissions. This is steering the demand for more enhanced and fuel-efficient traction motors in the global market.
The only constraints reshaping the dynamics of the market include the operational glitches of traction motors. The overheating of traction motors is one of the major restraints hampering the growth of the global market. The insulation breakdown and the commutation malfunctions are also observed as the factors limiting the adoption of traction motors.
Market Segmentation & Regional Overview
The global market for traction motors is segmented on the basis of the applications and the end-users. On the basis of application, the market can be segmented into,
Industrial machinery and equipment
On the basis of end-users, the global traction motors market can be segmented into,
Compact construction equipment
Other (Washing machines, Electric Aircraft, etc.)
Among the regional segmentation of the global market, Asia Pacific is expected to witness higher production of traction motors, owing to the booming automobile sales in countries such as China, Japan and South Korea. The rising industrialisation in North America is anticipated to promote the use of traction motors in several manufacturing machinery. Also, the advancements incorporated with traction motor technology are also predicted to boost the demand in European countries such as United Kingdom.
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Leading Industrial Contributors
Expanding the product portfolio by enhancing the existing range of traction motors will be observed as the key strategy by manufacturers. Aisin, ABB, Alstom, General Electric, Continental, Mitsubishi, Magna International, and Toshiba, among others can be regarded as the leading companies in the global market for traction motors.
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