The report “Electric traction motor Market by Type (AC and DC), Power Rating (Below 200 kW, 200-400 kW, and Above 400 kW), Application (Railways, Electric Vehicles, Elevators, Conveyors, and Industrial Machinery), and Region: Global Forecast to 2025″ 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.
Browse 100 market data Tables and 42 Figures spread through 160 Pages and in-depth TOC on “Electric traction motor Market – Global Forecast to 2025”
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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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Key Market Players
The major players in the electric traction motor market include ABB (Switzerland), CG Power and Industrial Solutions (India), CRRC (China), GE (US), and Siemens (Germany).
ABB is a power and automation technology company. It provides electric traction motor under the motion business segment. ABB has strong electrical motor product portfolio catering to industrial, commercial and residential applications. The company also offers services that complement its products and solutions, including design and project management, engineering, installation, training and life cycle care, energy efficiency appraisals, preventive maintenance and digital services such as remote monitoring and software tools. The company is strengthening its market position and gaining market share through new contracts and long-term supply agreements. For instance, in February 2020, ABB was awarded a contract by Chittaranjan Locomotives Works to supply traction equipment worth USD 26 million. Also, in July 2019, the company has won traction equipment orders worth more than USD 140 million from Swiss rolling stock manufacturer Stadler.
Another major player in the market is GE (US). GE aims to hold a competitive position in the market with respect to technological innovations & solutions and infrastructural capabilities. It is strengthening its competitive advantage by expanding its infrastructure facilities. For instance, in July 2017, the company expanded its footprint by inaugurating its first locomotive repair center in Kazakhstan for the corrective and overhaul preventive works, which includes spare parts and repairing of traction and brake systems. The company also aims to enhance its technological competence through continuous R&D investments as well. For this, the company invested USD 4.2 billion in 2019 in R&D activities, to accelerate the technology and innovation into the next-generation cutting-edge products. GE over the past three years has consistently spent about 4% of its total revenue on R&D activities.
