Electric Traction Motor Market worth US$28.51 Billion by 2023
May 11, 2018
Increasing demand for carbon emission-free vehicles, greater transportation system efficiency, and the need for reducing air pollution are expected to propel the global electric traction motor market at a compound annual growth rate (CAGR) of 18.10% from 2018 to 2023, according to market research conducted by MarketsandMarkets.
Increasing demand for carbon emission-free vehicles, greater transportation system efficiency, and the need for reducing air pollution are expected to propel the global electric traction motor market at a compound annual growth rate (CAGR) of 18.10% from 2018 to 2023, according to market research conducted by MarketsandMarkets.The electric traction motor market is dominated by major players that are established brand names with wide regional presence, along with many local and regional players in emerging economies. The leading players in the electric traction motor industry include CRRC (China), Alstom (France), TSA (Austria), Siemens (Germany), ABB (Switzerland), and Bosch (Germany).
The railway segment is a key segment of the electric traction motor market, by application, from 2018 to 2023. The market for this segment is driven by increasing investments in metro systems and high-speed trains to reduce the traffic congestion and improve transport services. Need to upgrade aging rail infrastructure is leading to the increased demand for rolling stock applications. This, in turn, is causing the rise in demand for electric traction motors that would significantly boost the efficiency of rapid transit rail cars, light rail vehicles, and freight locomotives.
AC electric traction motor market segment is expected to grow at the fastest rate from 2018 to 2023. This is due to various factors, including high efficiency and low maintenance cost compared to DC electric traction motor. AC electric traction motors are widely used in railway trains, electric vehicles, elevators, conveyors, and industrial machinery, including drilling rigs. Improved speed performance, due to variable frequency drive and high starting torque, is expected to drive the AC segment of the electric traction motor market. AC electric traction motor market segment is expected to grow at the fastest rate from 2018 to 2023. This is due to various factors, including high efficiency and low maintenance cost compared to DC electric traction motor. AC electric traction motors are widely used in railway trains, electric vehicles, elevators, conveyors, and industrial machinery, including drilling rigs. Improved speed performance, due to variable frequency drive and high starting torque, is expected to drive the AC segment of the electric traction motor market.
Find out more: www.marketsandmarkets.com/Market-Reports/electric-traction-motor-market-248269129.html
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