Traction Motor Market Statistics – 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 was the highest revenue contributor, accounting for $3.74 billion in 2019, and is estimated to reach $10.88 billion by 2027, with a CAGR of 14.3%.
A traction motor constitutes an electric motor that converts electrical energy into torque energy, and it is connected to a shaft, resulting in linear motion. Traction motors are generally used to power heavy vehicles such as railways, locomotives, and industrial machineries among others, owing to heavy weight of the automotive. In addition, these motors offer superior reliability, simplified construction, and better performance as compared to conventional steam and diesel engines. Furthermore, technological advancement has led to development of superior semiconductor devices such as insulated gate bipolar transistor (IGBT) and thyristors, reliable AC induction motors, and electrification of locomotives & railroads, which is expected to provide profitable opportunities to the manufacturers in the coming years.
Factors such as incorporation of traction motors in railway engines, lower emission, low 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.
The global traction motor market is segmented based on application, type, power rating and region. Based on application, the global traction motor market has been categorized into railways, electric vehicles and industrial vehicles. Based on type, the global traction motor market has been categorized into DC traction motor, AC traction motor and synchronous motor. Based on power rating, the market has been categorized into less than 200 kW, 200-400 kW and more than 400 kW. Also, based on region, the global traction motor market has been studied across North America, Europe, Asia-Pacific and LAMEA.
Key players operating in the global traction motor market include ABB, American Traction Systems, Hitachi, Hyundai Rotem, CRRC, Mitsubishi, Siemens, Skoda, Toshiba and Wabtec.
COVID Impact Analysis: With the advent in COVID-19 pandemic across the globe, the global traction motor market has been affected as the manufacturing units have been shut down due to the imposed lockdown in major countries across the globe. Also, the unavailability of skilled labor has affected the market but the global traction motor market is expected to register a significant growth in the near future owing to its wider application in different vehicles.
By Application
Electric Vehicles is projected as the most lucrative segments
Incorporation of traction motors in railway engines
Railway is a preferred choice and is more economical for mass transportation of goods and products for longer distances as compared to roadways. Further, performance of railways engines and motors has increased in terms of speed and safety of the locomotives, owing to technological advancements. In addition, versatile benefits of traction motors, such as compact design, power efficiency, durability, and low maintenance costs, fuel their adoption in the railways. Thus, traction motors have become a significant component in railway locomotives. Moreover, the popularity of metro locomotives, especially in urban areas, is also projected to drive the demand for traction motors during the forecast period.
By Type
AC traction motor is projected as the most lucrative segments
Low manufacturing and maintenance cost
The popularity and wide application of electric motors in various application industries has led to easy availability of sophisticated semiconductors, powerful magnets, and other components such as metal housings and winding wires for their manufacturing. Further, the multiple application of traction motors in locomotives, multiple electric units, and heavy machineries in industrial and OEM (Original Equipment Manufacturers) has eased the cost of production and maintenance associated with railway traction motors. In addition, the electrical and magnetism principles governing the working of these traction motors have simplified their construction and assembling as compared to other conventional power sources, lowering the costs associated with manufacturing and maintenance. Thus, the cost benefits associated with production and aftermarket services of traction motors are anticipated to drive the traction motor market growth over the next few years.
By Power Rating
200-400 kW is projected as the most lucrative segment
Rise in price of materials used for production
Traction motors are subjected to extreme temperatures that result from friction between fast-moving components and parts. Hence, the materials used for their production are often durable, strong, and of fine quality. Similarly, other industries such as automotive, aerospace, and industrial also require fine quality of raw materials, resulting in increase in prices of the metals and other materials required for production. In addition, the unstable exchange rates of foreign currencies have inflated the prices for traction motors manufacturers. Thus, rise in prices of the materials used for production is expected to hamper the growth of the global traction motors market in the projected years.
By Region
LAMEA would exhibit the highest CAGR of 15.4% during 2020-2027.
Increase in R&D
Significant transformation owing to increasing investment in R&D for enhancement of railway and transportation system in the region will induce immense potential for manufacturing the motors and will provide enhance product features for different applications. R&D represents a key trend stimulating the growth of the traction motor market. Government initiatives to promote the electric motor usage will support the electric motors demand. The combination of increasing investment in R&D and government initiatives is expected to provide major opportunities for the growth in the global traction motor market in near future.
Key Benefits For Stakeholders
- This study presents the analytical depiction of the global traction motor market analysis along with the current trends and future estimations to depict imminent investment pockets.
- The overall traction motor market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the global traction motor market with a detailed impact analysis.
- The current traction motor market is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Traction Motor Market Report Highlights
| Aspects | Details |
 By Application |
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 By Type |
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 By Power Rating |
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 By Region |
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 Key Market Players | Mitsubishi Electric Corporation, CRRC, American Traction Systems, Toshiba International Corporation, ABB, Wabtec Corporation, Hitachi, Ltd, Siemens, HYUNDAI ROTEM COMPANY (subsidiary of Hyundai Motor Company), ŠKODA TRANSPORTATION |
Analyst Review
A traction motor constitutes an electric motor that converts electrical energy into torque energy, and it is connected to a shaft, resulting in linear motion. Traction motors are generally used to power heavy vehicles such as railways, locomotives, and industrial machineries among others, owing to the heavy weight of the automotive. The market is supplemented by numerous developments carried out by the top traction motor manufacturers, which has led to the growth of the market. Moreover, technological advancements in transportation & usage of advanced traction motors along with increase in government investments for infrastructure development are expected to drive the traction motor market growth.
At present, AC traction motors are being used worldwide due to the factor that AC traction motors convert the alternator output into direct current and subsequently reconvert it into variable alternating current of variable frequency, thus powering the alternating current traction motors and offering superior adhesion between the wheels and tracks.
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.
Among the analyzed regions, Asia-Pacific is the highest revenue contributor, followed by Europe, North America and LAMEA. On the basis of forecast analysis, Asia-Pacific is expected to maintain a greater market size during the forecast period, owing to increased adoption of advanced technologies such as electric vehicles and autonomous trains. Meanwhile, LAMEA is expected to register a significant growth rate during the forecast period owing to increased industrial investment in different countries across LAMEA.
The new competitive developments in traction motors market includes the introduction of different types of traction motors such as AC or DC types which has different capabilities and performance as per their application.
AC traction motor holds a major market share of approximately 47% of the total market. This is due to the increased application of AC traction motor in vehicles.
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The potential customers in the traction motors includes the vehicle manufacturers who utilize the traction motors to be an essential component required for the propulsion of vehicle.
The leading players in the global traction motors market includes ABB, Hitachi Ltd., CRRC, Mitsubishi, Siemens and others who offers different traction motors and holds a major market share in the global market.
The company profiles of the top market players of traction motors market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the industry as well as their last three-year revenue, segmental revenue, product offerings, key strategies adopted, and geographical revenue generated.
Based on the analysis, Asia-Pacific is the highest revenue contributor and is expected to maintain the lead in the global traction motors market in terms of revenue meanwhile LAMEA is expected to register a significant growth rate owing to increased investment in LAMEA.
The service providers in the global traction motor industry are the different companies who are offering better and advanced traction motors having application in different types of vehicles.
The key growth strategies of traction motors industry players includes product development and product launch which eventually leads to the growth of the global traction motors market.
The installation cost of traction motors in a vehicle depends on the performance of the vehicle and thus different types of motors have application in different types of vehicles.
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