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“The electric traction motor market is projected to grow at a CAGR of 20.9% from 2020 to 2025”
The electric traction motor market is projected to reach USD 36.6 billion, by 2025 from an estimated market size of USD 14.2 billion in 2020, growing at a CAGR of 20.9%, from 2020 to 2025. The increase in demand for high-performance motors, favorable government policies and subsidies, and the rise in investments in the railway sector are expected to drive the electric traction motor market. Increased demand for electric vehicles is the major growth opportunity for the electric traction motor market.
“The AC segment, by type, is expected to grow at the highest CAGR from 2020 to 2025”
The AC segment is estimated to be the fastest growing market from 2020 to 2025. AC electric traction motor are more into demand as compared to DC electric traction motor because of various reasons such as they are simple to construct, does not require any additional mechanical contacts such as brushes to work, and are lighter as compared to DC electric traction motor for equivalent power. These factors are expected to boost the demand for AC electric traction motors during the forecast period.
“Asia Pacific: The largest market for electric traction motor”
Asia Pacific accounted for the largest size of the electric traction motor market, followed by Europe and North America in 2019. The region is the largest market for electric traction motors and home to some of the fastest-growing economies in the world. Moreover, increasing investments in electric vehicles and rolling stock are the key factors driving the electric traction motor market in Asia Pacific. China is estimated to be the fastest growing market in the region, followed by the markets in US and Japan, during the forecast period.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier 155%, Tier 225%, Tier 320%
- By Designation: C-Level35%, D-Level30%, Others35%
- By Region: North America15%, Europe20%, Asia Pacific 25%, Middle East 25%, South America 10%, Africa 5%
Note: The tier for companies has been defined on the basis of their total revenue, as of 2016: Tier I = > USD 5 billion, Tier II = from USD 1 billion to USD 5 billion, and Tier III = < USD 1 billion
The global electric traction motor market is dominated by leading players that have an extensive regional presence. The leading players in the electric traction motor market include ABB (Switzerland), CG Power and Industrial Solutions (India), CRRC (China), GE (US), and Siemens (Germany).
The report defines, describes, and forecasts the electric traction motor market, by type, power rating, application, and region. It also offers a detailed qualitative and quantitative analyses of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the electric traction motor market.
Why buy this report?
- The report identifies and addresses key markets for implementing electric traction motor systems in the power industry, which would help manufacturers review the growth in demand.
- The report helps solution providers understand the pulse of the market and provide insights into drivers, restraints, opportunities, and challenges.
- The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.