Global Electric Traction Motor Market Scenario:
The electric traction motor market comprises several stakeholders such as companies related to the industry, consulting companies in the power sector, power companies, government & research organizations, organizations, forums, alliances & associations, electric traction motor service providers, state & national energy authorities, dealers & suppliers, and vendors. The demand side of the market is characterized by the electric traction motor expenditure across regions, investments by key power companies, and maturing of the renewable energy sector. The demand is also driven by a change in rules and regulations, and active participation from environmental bodies have pushed the electric traction motor market.
The electric traction motor market is expected to grow from an estimated market size of USD 14.2 billion in 2020 to USD 36.6 billion by 2025, at a CAGR of 20.9% during the forecast period. The market is set to witness growth, due to the increase in demand for high-performance motors, favorable government policies and subsidies, and the rise in investments in the railway sector.
Key market players:
To enable an in-depth understanding of the competitive landscape, the report includes some of the top players in the electric traction motor market. ABB (Switzerland), CG Power and Industrial Solutions (India), CRRC (China), GE (US), and Siemens (Germany) are some of the leading players in the electric traction motor market. They are trying to understand the markets in developing economies and are adopting various strategies to increase their market share. Other dominant players in this market include Toshiba, VEM Group, Nidec, Robert Bosch, Traktionssysteme, AMETEK, Škoda, Voith, American Traction Systems, Eaton, Hyundai Rotem, WEG, Mitsubishi, Kawasaki, Lynch, Johnson Electric, Wabtec, Prodrive, Hitachi, Magna
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The AC segment is expected to hold the largest share of the electric traction motor market, by type, during the forecast period
The AC electric traction motor segment is expected to be the largest market for electric traction motors during the forecast period. The market is witnessing the replacement of DC electric traction motors with AC electric traction motors as a result of advantages such as higher reliability and efficiency and are expected to drive the AC electric traction motor segment of the electric traction motor market.
Below 200 kW is expected to be the largest segment in the electric traction motor market, by power rating, in 2020
The below 200 kW segment dominated the electric traction motor market during the forecast period. The large share of this segment can mainly be attributed to the extensive use of below 200 kW power rated motors in electric vehicles and light rail transit vehicles, which is expected to grow at a faster pace in the coming years. The widespread installation of these motors in plug-in hybrid cars, hybrid cars, and battery-electric cars, which are all experiencing high sales growth in China, Norway, the UK, France, and Japan, is further driving the segment.
Asia Pacific: Expected to be the leading market for electric traction motors during the forecast period
Asia Pacific is expected to dominate the global electric traction motor market from 2020 to 2025. Rising investments in electric vehicles and the growing metro rail network in the region are likely to drive the demand for electric traction motors in Asia Pacific.
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- To define, describe, segment, and forecast the electric traction motor market on the basis of type, power rating, application, and region
- To provide detailed information on the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To strategically analyze the electric traction motor market with respect to individual growth trends, future expansions, and contribution of each segment to the market
- To analyze market opportunities for stakeholders and details of the competitive landscape for market leaders
- To forecast the growth of the electric traction motor market with respect to the main regions (Asia Pacific, Europe, North America, South America, and the Middle East & Africa)
- To strategically profile key players and comprehensively analyze their market ranking and core competencies
- To track and analyze competitive developments such as contracts & agreements, investments & expansions, new product developments, and mergers & acquisitions in the electric traction motor market