Railway Traction Motor Market
Railway Traction Motor Market: Global Market Size, Trends, Competitive, Historical and Forecast Analysis, 2020–2030. Increase in the number of railway projects, railway logistics, and electrification in conventional railways are expected to fuel the railway traction motor market growth.
The Global Railway Traction Motor Market size was valued at USD 33.69 billion in 2019 and is projected to reach 47.64 billion by 2030, growing at a CAGR of 3.2% from 2020 to 2030.
Traction motor is an electric motor used to generate the power for rotating the wheels of a train. These motors are widely used in railways due to its high performance and greater durability. The traction motor provides high torque at low speed and vice versa that acts as a key driver for the market growth and propulsion. Also, the development in railroad technologies and stringent regulations pertaining to vehicular emissions in countries around the world are expected to boosts the market growth. Moreover, increased demand of metro and mono rails for better transport within the city coupled with expanding tourism industry is expected to further fuel the growth of railway traction motor market. However, high investment for designing and manufacturing traction motors may hinder the railways traction motors market growth.
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The global railway traction motor market is segmented based on type, application, and geography. On the basis of type, the market is classified into DC traction motor, AC traction motor, and synchronous AC traction motor. By application, it is categorized into diesel locomotive, electric multiple units, electric locomotives, diesel electric locomotives. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and rest of the world (RoW).
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North America denotes the higher adoption of railway traction motors and is anticipated to hold the largest market share throughout the forecast period. This is attributable to the factors such as developed infrastructure, stringent government regulation to control pollution and increased use of mono and metro rails in this region.
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