According to a recent report published by Allied Market Research, titled, “Traction Motor Market by Application, Type and Power Rating: Opportunity Analysis and Industry Forecast, 2020–2027,” 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%.
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Asia-Pacific dominates the market in terms of revenue, followed by Europe, North America and LAMEA. China dominated the global traction motor market share in 2019, and is expected to grow at a significant rate during the forecast period, due to increase in the adoption of electric vehicles.
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The key players analyzed in this report are ABB, American Traction Systems, Hitachi, Hyundai Rotem, CRRC, Mitsubishi, Siemens, Skoda, Toshiba and Wabtec.
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Traction motors are a form of electric motors that are used for propulsion of vehicles. With the advancement in technology, traction motor has found its application in different types of vehicles such as locomotives, electric vehicles, as well as elevators and excavators. Earlier, vehicles involved diesel or petrol based engines along with a mechanical or hydraulic system for transmission, but with the electrification of vehicles, traction motors have been the first choice of manufacturers owing to the factor that the usage of traction motors produces regenerative energy, which is helpful in many aspects.
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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.
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Similar Research Report:
Brake Caliper Market https://www.alliedmarketresearch.com/brake-caliper-market-A09109
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