According to a new report by Allied Market Research, titled, Railway Traction Motor Market by Type and by Application: Global Opportunities Analysis and Industry Forecast, 2017-2023, the global railway traction motor market was valued at $30.3 billion in 2016, and is projected to reach at $41.6 billion by 2025, growing at a CAGR of 3.8% from 2017 to 2025.
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A traction motor is used for propelling heavy vehicles such as railways, locomotives, and industrial machineries. A railway traction motor generates enough torque to propel a heavy vehicle. These motors are durable and deliver high performance.
In 2016, the diesel locomotive segment dominated the global market, in terms of revenue with 47.9% share, followed by the diesel electric locomotive motor.
Europe was the highest revenue contributor to the railway traction motor market in 2016, accounting for around 34.4% share, owing to the surge in demand for electrification of automobiles.
The report provides a comprehensive analysis of the key growth strategies adopted by the major players of the railway traction motor market. The key players profiled in the report are ABB Group, Saini Group, Sulzer Ltd, ALSTOM, Bombardier, BHEL, Hyundai Rotem Company, Mitsubishi Electric Corporation, Siemens, and VEM Group. They have adopted competitive strategies such as innovation, new product development, and market expansion to boost the growth of the market.
Key Findings of the Railway Traction Motor Market:
- The synchronous motor segment accounted for the highest share in 2017, growing at a CAGR of 4.6% from 2017 to 2025.
- AC traction motor segment generated the highest revenue, accounting for $15.1 billion in 2017.
- Europe is expected to dominate the market, in terms of market share, during the forecast period.