According to a recent report published by Allied Market Research, titled, “Traction Motor Market by Application, Type and Power Rating: Opportunity Analysis and Industry Forecast, 2020–2027,” the global traction motor market was valued at $10.78 billion in 2019, and is projected to reach $30.06 billion by 2027, registering a CAGR of 13.7%.
Asia-Pacific dominates the market in terms of revenue, followed by Europe, North America and LAMEA. China dominated the global traction motor market share in 2019, and is expected to grow at a significant rate during the forecast period, due to increase in the adoption of electric vehicles.
Traction motors are a form of electric motors that are used for propulsion of vehicles. With the advancement in technology, traction motor has found its application in different types of vehicles such as locomotives, electric vehicles, as well as elevators and excavators. Earlier, vehicles involved diesel or petrol based engines along with a mechanical or hydraulic system for transmission, but with the electrification of vehicles, traction motors have been the first choice of manufacturers owing to the factor that the usage of traction motors produces regenerative energy, which is helpful in many aspects.
The usage of traction motors in vehicles has several advantages such as they are clean and are easy to handle as compared to traditional motors, are easy to control as well as have high efficiency and low maintenance and running cost. Also, AC traction motors have become the first choice of manufacturers due to the factor that they have adhesion level up to 100% as compared to other motors. Also, the wider usage of AC traction motor is governed by the factors such as higher reliability and reduced maintenance requirements, which leads to the growth of the global market.
By application, the market is categorized into railways, electric vehicles and industrial vehicles. The railways accounted for the highest revenue in 2019, owing to the higher adoption in railways to offer a better and cleaner propulsion. However, the electric vehicle segment is anticipated to witness the highest CAGR during the forecast period, owing to increased adoption of emission free vehicles, thus leading to the growth of the global traction motor market.
On the basis of power rating, the traction motor market is segregated into less than 200 kW, 200-400 kW and more than 400 kW power ratings. The less than 200 kW power rating segment accounted for over 44% market share in 2019, and is anticipated to lead the market during the forecast period, owing to its wider application in the transportation sector across the globe.
Factors such as incorporation of traction motors in railway engines, lower emission, less manufacturing and maintenance cost and reduction in loss in performance drives the global traction motor market. Moreover, rise in price of materials used for production and high investment cost are the factors that are expected to restrain the global traction motor market during the forecast period. However, increase in R&D is expected to supplement the global traction motor market; thus, providing a better opportunity for the growth of the market in the near future.
COVID-19 impact analysis:
- Due to COVID-19 pandemic, the global traction motor market has been affected as the supply chain has been affected.
- Due to the imposed lockdown, manufacturing units across the globe has halted their production which has affected the traction motor demand.
- The unavailability of skilled labor has also affected the traction motor market as people preferred to maintain social distancing thus affecting the traction motor production.
Key Findings Of The Study
- By application, the electric vehicle segment is expected to register a significant growth during the forecast period.
- Depending on power rating, the less than 200 kW segment is anticipated to exhibit significant growth in the near future.
- On the basis of type, the AC traction motor segment is projected to lead the global traction motor market owing to higher CAGR as compared to other motors.
- By region, LAMEA is anticipated to register the highest CAGR owing to the increased investments carried out across different LAMEA countries.
The key players analyzed in this report are ABB, American Traction Systems, Hitachi, Hyundai Rotem, CRRC, Mitsubishi, Siemens, Skoda, Toshiba and Wabtec.