BANGALORE, India, March 3, 2021 /PRNewswire/ -- Electric Traction Motor Market is Segmented by Type - AC & DC, by Application - Railway, Electric vehicles, Others (Elevators, conveyors, and industrial machinery), by Regions & Key players Regional Growth: Global Opportunity Analysis and Industry Forecast, 2021-2026. This report is published on Valuates Reports in the Energy & Utilities Category.
The global Electric Traction Motor market size is projected to reach USD 27860 Million by 2026, from USD 12260 Million in 2020, at a CAGR of 14.7% during 2021-2026.
Major factors that are expected to drive the electric traction motor market size are increased demand for high-performance motors, favorable government policies, subsidies, and the rise in investments in the railway sector are expected to drive the electric traction motor market during the forecast period.
This report focuses on Electric Traction Motor volume and value at the global, regional, and company levels. This report represents the overall Electric Traction Motor market size from a global perspective by analyzing historical data and future prospects. Regionally, this report focuses on several key regions: North America, Europe, Japan, China, Southeast Asia, India, etc.
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TRENDS INFLUENCING THE ELECTRIC TRACTION MOTOR MARKET SIZE
Increased investment in the railway sector and a range of supportive government subsidies and regulations are factors driving the growth of the electric traction motor market size. Furthermore, increasing focus on high-speed rail, followed by the expanding metro rail networks across cities, are expected to increase the electric traction motor market size.
The implementation of the electric traction motor offers exceptional advantages, such as increased efficiency, the ability to reduce the use of electricity, and requires minimum maintenance. These factors are further expected to increase the growth of the electric traction motor market size.
The rising electrification of railways and the increasing demand for electric vehicles across many countries will generate a range of growth opportunities in the market in order to resolve the growing concerns about carbon emissions. Electric vehicles are expected to create significant demand for traction motors during the forecast period. Due to growing concerns about air pollution, governments across nations have set targets for implementing or converting existing modes of transport from fossil fuels to electricity. Thus the increase in the number of electric vehicles due to supportive government initiatives and incentives is in turn expected to drive the electric traction motor market size.
Technological advancements in areas such as nanotechnology and material science are focused on reducing the cost, and the weight of the electric traction motor is expected to create lucrative growth opportunities for the market players.
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ELECTRIC TRACTION MOTOR MARKET SHARE ANALYSIS
Based on application, the railway segment is expected to hold the largest electric motor market share during the forecast period. Electric traction motors are installed in every type of train for propulsion. With the growing population in developing economies and the increasing demand for intercity and interurban mobility, the need for efficient rail transport is steadily increasing. These factors are likely to drive the electric traction motor market size.
Based on type, the AC segment is projected to hold the largest electric traction motor market share during the forecast period. Previously, DC engines were preferred for rail applications; however, AC engines are increasingly being used due to modern power electronics. Compared to DC engines, AC engines are more efficient and easier to control. They are simple to construct, do not require any additional mechanical contact, such as brushes for operation, and are lighter than DC electric traction motors for equivalent power.
Based on the region, Asia Pacific is expected to hold the largest electric traction motor market share during the forecast period. This is due to the rising investments in electric vehicles and the growing metro rail network in the region. China is estimated to be the fastest-growing market in the region.
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- Electric vehicles
- Others (Elevators, conveyors, and industrial machinery)
- Traktionssysteme AustriA
- CG Power
- General Electric (GE)
- Skoda Electric
- Weg Sa.
"The research report includes a detailed study of regions of North America, Europe, China and Japan. "
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SIMILAR REPORTS :
-Railway Traction Motor market is expected to reach USD 41.6 Billion in 2025, from USD 30.3 Billion in 2016, growing at a CAGR of 3.8% from 2017 to 2025.
-EV Traction Motor market was valued at USD 6146 Million in 2019 and it is expected to reach USD 60480 Million by the end of 2026, growing at a CAGR of 38.2% during 2021-2026. This study also analyzes the market status, market share, growth rate, future trends, market drivers, opportunities and challenges, risks and entry barriers, sales channels, distributors, and Porter's Five Forces Analysis.
-AC Traction Motor Market by Product-Type: Below 200 kW, 200-400 kW, Above 400 kW, Application: Railways, Electric Vehicle, Others, by key players , by Regions: North America, Europe, China and Japan, etc.
-Synchronous Traction Motor Market by Product-Type: Less than 200 kW, 200-400 kW, More than 400 kW, Application: Railways, Electric Vehicles, Industrial Vehicles, by key players , by Regions: North America, Europe, China and Japan, etc.
-Electric Traction Transformer Market by Product-Type: AC Electric Traction Transformer, DC Electric Traction Transformer, Application: High-speed Trains, Electric Locomotives, Others,by key players , by Regions: North America, Europe, China and Japan, etc.
-Electric Traction System Market by Product-Type: Alternating Current Supply, Direct Types, Application: Passenger cars, Commercial vehicles, Others, by key players , by Regions: North America, Europe, China and Japan, etc.
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