Electric Traction Motor Market size would grow at a stellar pace over 2021-2027, driven by an increase in the demand for high-performance motors, rise in investments in the railway sector, and introduction to various favorable government policies and subsidies.
The growth in the demand for EVs is creating lucrative opportunities for electric traction motor market in the coming years. Elevating concerns regarding air pollution has urged governments across various nations to implement or refurbish existing transportation modes from fossil fuel to electricity.
Electric traction motor is generally used in electrically powered rail vehicles like electric locomotives and electric multiple units, as well as in EVs, like elevators, electric milk floats, and conveyors.
Factors like fluctuations in prices of raw materials, reliability and safety concerns, and motor failure risks due to overheating are expected to hamper the market growth statistics in the years to come.
Based on the type, the AC segment across electric traction motor market is estimated to garner significant gains through 2027. These motors are simple to construct, lighter as compared to DC electric traction motor, and do not require any additional mechanical contacts. AC traction motors are considered to be a major execution link in the traction drive systems. These factors are estimated to impel the market demand through the coming years.
Electric traction motor market is slated to record commendable gains from the railway applications throughout the analysis period. Electric traction motors are generally used for propulsion of trains. DC motors are generally being used in railway electric traction because of their high torque and good speed control. Compared to AC motors, DC motors can offer applications with a fine balance of robust starting torque and controllable speed for streamlined yet precise performance.
Meanwhile, increasing product applications in the EV segment would also support the market growth in the near future. The electric vehicles segment is expanding profusely, primarily driven by the increased prices of fossil fuels and subsidies offered by governments to own an EV vehicle.
Asia Pacific electric traction motor market is set to register notable gains by 2027 end. The growth is poised to come from the rising adoption of EVs and large fleet of rail and metro projects across the developing economies of the continent including China, India, Japan, and others. China is currently undergoing rapid urbanization and is therefore planning to cut down the pollution from its road transport vehicles, leading to the growth of electric vehicles. These factors are touted to impel China electric transition motor market statistics in the years to come.
Electric traction motor industry is highly consolidated and boasts the presence of various prominent giants including General Electric Company, Skoda Electric, Siemens AG, Toshiba, ABB Ltd., CG Power and Industrial Solutions Limited, and others. These companies have been taking up significant efforts like mergers, acquisitions, and product launches to gain a competitive edge in the global market.
The global electric traction motor has had a severe impact due to the outbreak of COVID-19 pandemic. The infection spread has caused economic downfall across the globe, while hindering automobile sales during the first half of 2020. Also, the disruptions in the supply chain of the electric traction market due to stringent movement restrictions are expected to affect the industry profitability. Thus, these factors have drastically transformed the electric traction motor market outlook.