Electric Traction Motor Market is expected to Register a high CAGR in the forecast period
Global Electric Traction Motor Market is
growing with rising subsidies for electric vehicles over the forecast period.
According to TechSci Research report, “Electric Traction Motor - Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028,”
the Global Electric Traction Motor Market is expected
to register robust growth during the forecast period, 2024-2028. The
requirement for strong motors for propulsion applications, rising investments
in the railway sector, and a growing interest in electric cars as a means of
lowering carbon emissions are all driving the global market for electric
traction motors. The market for electric traction motors is expanding favorably
in many countries as a result of increased investments in railway projects,
notably those involving high-speed rail and metro trains.
Electric traction motors
are motors designed for high mechanical power. Demonstrates high performance in
the high-speed range of medium to high torque. Traction motors typically rotate
at speeds between 10,000 and 20,000 rpm with nominal torques between 10 and 250
Nm. Industrial servo or torque motors use permanent magnet synchronous motors
(PMSM) with surface magnets, while traction motors use internal magnets. The
reason for this is the centrifugal force that occurs at high speed. Magnets
glued to the outside of the rotor hub can only withstand a certain amount of
centrifugal force. Traction motors therefore rely on internal magnets. Magnets
are placed in slots below the surface of the rotor hub. This keeps them in
place and counteracts the effects of centrifugal force.
Browse over XX market data Figures spread
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The Global Electric Traction Motor Market is
segmented based on type, power rating, application, region and competitive
landscape. Based on type, the market is bifurcated into alternating current and
direct current. Based on power rating, the market is divided into below 200 kW,
200 - 400 kW and Above 400 kW. Based on region, the market is further segmented
into North America, Asia-Pacific, Europe, South America, Middle East &
Africa.
Based on application, the market is bifurcated into railway,
electric vehicle, industrial machinery and others. During the forecast period, electric
vehicle is expected to dominate the market. Over the past three years, the
electric vehicle (EV) market has grown significantly due to the need to meet
future energy demands. The need to achieve sustainable transport will play a
key role in driving the demand for electric vehicles. The EV market is becoming
an integral part of the automotive industry. It represents a way to achieve
energy efficiency while reducing pollutants and other greenhouse gas emissions.
Electric vehicles are rapidly becoming popular. In 2018, there were over 5.1
million electric vehicles worldwide, nearly 2 million more than the previous
year. The main reasons for the growth are high fossil fuel prices and subsidies
given by various governments for the purchase of electric vehicles. Technological
advances have brought significant cost savings and are expected to reduce the
cost of electric vehicles in the coming years. As battery technology advances,
the cost of electric vehicles could drop. Moreover, the market for electric
vehicles and electric traction motors is expected to increase in the next years
due to the mergers of private companies and various research and development
centers.
Based on type, the market is segmented into
alternating current and direct current. During the forecast period, alternating current segment is expected to
dominate the market. AC motors are simpler to construct and
lighter than DC motors of the same power because they don't need any mechanical
components to function. Modern electronics allows the AC units to operate
precisely and successfully to improve traction and adhesion. Microprocessors
can precisely track it, and they also help to keep developing current until it
ceases. DC regeneration decreases dramatically at low speeds. These products
are most typically used in a range of industrial applications nowadays, such as
electric cars, conveyors, and industrial equipment. AC motors are employed more
often in the automotive industry. These factors are expected to increase demand
for AC motors.
Key market players in the Global Electric
Traction Motor Market are: -
- ABB Ltd
- Siemens
AG
- General
Electric Company
- Kirloskar
Electric Company Ltd
- CG Power
and Industrial Solutions Ltd
- CRRC
Corporation Limited
- Alstom
SA
- Toshiba
Corporation
- Skoda
Transportation AS
- Robert
Bosch GmbH
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"Due
to growing expenditures in the railway industry, particularly in India and
South-East Asian nations, the Asia Pacific region is anticipated to dominate
the Global Electric Traction Motor Market during the forecast period. The
market for electric traction motors is anticipated to benefit from the growing
demand for electric automobiles to reduce carbon emissions in nations like
China and Japan.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Electric Traction Motor Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast 2018-2028 Segmented By Type (Alternating Current, Direct Current), By Power Rating
(Below 200 kW, 200 - 400 kW, Above 400 kW), By Application (Railway, Electric
Vehicle, Industrial Machinery, Others), By Region, Competition,” has evaluated the future growth potential of Global Electric
Traction Motor Market and provides statistics & information on market size,
structure, and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Electric Traction Motor Market.
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