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%.
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Key Market Players
- ABB
- American Traction Systems
- Hitachi, Ltd
- HYUNDAI ROTEM COMPANY (subsidiary of Hyundai Motor Company)
- CRRC
- Mitsubishi Electric Corporation
- Siemens
- ŠKODA TRANSPORTATION
- Toshiba International Corporation
- Wabtec Corporation
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Key Market Segments
- By Application
- RAILWAYS
- ELECTRIC VEHICLES
- INDUSTRIAL VEHICLES
- By Type
- AC TRACTION MOTOR
- DC TRACTION MOTOR
- SYNCHRONOUS MOTOR
- By Power Rating
- Less than 200 kW
- 200-400 kW
- More than 400 kW
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Significant transformation owing to increasing investment in R&D for enhancement of railway and transportation system in the region will induce immense potential for manufacturing the motors and will provide enhance product features for different applications. R&D represents a key trend stimulating the growth of the traction motor market. Government initiatives to promote the electric motor usage will support the electric motors demand. The combination of increasing investment in R&D and government initiatives is expected to provide major opportunities for the growth in the global traction motor market in near future.
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Key Benefits For Stakeholders
- This study presents the analytical depiction of the global traction motor market analysis along with the current trends and future estimations to depict imminent investment pockets.
- The overall traction motor market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the global traction motor market with a detailed impact analysis.
- The current traction motor market is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
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