Electric Traction Motors Market worth USD 38.9 billion by 2025

Electric Traction Motors Market Analysis Size, Growth rate and Overview:

The Electric Traction Motor Market was valued at USD 7.9 billion in 2017 and is expected to reach almost USD 38.9 billion by the end of 2025, growing at a CAGR of around 17.50% over the predicted period. Electric traction is defined as the system that uses electric power for traction systems such as railways and trams. An electric traction motor is used to create a rotating torque in a machine. It is used in electrically propelled railway vehicles, such as multiple electric units and electric locomotives.

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Electric Traction Motors Market Key Drivers, Challenges, and Opportunities:

The global market of electric traction motors is mainly influenced by factors such as the increase in investment in the railway sector and the growing demand for energy efficient motors. In addition, instability in fossil fuel prices, emission standards and environmental regulation are some of the factors that can stimulate market growth during the forecast period.

However, volatility in the prices of commodities such as copper and aluminum, as well as concerns about safety and reliability, are major obstacles to market growth. The growing focus on electric vehicles to reduce carbon emissions should provide market participants with an important opportunity to stimulate market growth during the forecast period. An engine failure due to overheating is one of the main challenges for market players.

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Electric Traction Motors Market – Regional Presence:

The Asia-Pacific region has a significant market share and dominates the market for electric traction engines during the forecast period. The main drivers of regional market growth are the growing urbanization and the proliferation of electrification projects, railway sector demand and government support. China, India and Japan are the main contributors to the growth of the Asia-Pacific market. The European region has a significant market share and is expected to dominate the global market in terms of revenue contribution. In Europe, Germany is the leading country that contributes to the growth of the market. The market is driven mainly by factors such as the gradual change of locomotives and diesel electric locomotives. Government initiatives to improve the transportation system, particularly the rail sector, are fueling the growing market demand. The market is growing at an accelerated pace in countries such as India, Australia and South Korea, as a result of increased investment in railway projects, including high-speed trains and subway trains.

Some of the Key Players Profiled in this Electric Traction Motors Market Report are:

CRRC, Alstom (France), TSA, CG Power, Siemens, General Electric (GE), Skoda Electric, ABB, Benchmarking, Toshiba, Weg SA, and Bosch, among others.

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