The railway traction motor market is predicted to grow at a CAGR of 4.5% over the forecast period, according to FMI’s analysis. The industry’s value is anticipated to increase from US$ 35,128 Million in 2023 to US$ 54,554 Million by 2033 end.
Strong magnets, sophisticated semiconductors, and other components are easily obtainable as a result of the widespread use of electric motors in a variety of sectors. Traction motors for railways have fewer production and maintenance expenses now that they are used in so many different electric units, locomotives, and heavy machinery.
Furthermore, the creation and assembly of these traction motors have been made simpler by the laws of magnetism and electricity that govern their operation. Consequently, this lowers the manufacturing and maintenance expenses. Thus, it is anticipated that the cost advantages associated with the manufacturing and aftermarket services of railway motors will drive market growth.
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Further, the Canadian Pacific is partnering with the Alberta government to construct two more locomotives, apart from H2 OEL, and expects them to start functioning in Vancouver, Edmonton, and Calgary by the year-end of 2033. Additionally, investments in railway infrastructure are continuously increasing, especially in developing economies of Asia Pacific. Urbanization, economic growth, and a huge population are the key factors that are propelling investments in railways.
For instance, the Central Government of India permitted the execution of a 235 km semi-high speed rail corridor in Maharashtra between Pune and Nashik in 2021. The rising investments in railways are driving the demand for railway traction motors as these models promote fuel and energy efficiency. The aforementioned market propellants are catalyzing market growth.
Key Takeaways from the Railway Traction Motor Market:
- The United States is projected to hold the largest market share of the railway traction motor. The market is expected to hold 18.4% of the overall market. The regional market is forecast to grow on account of surging investments in the railway sector to boost mobility.
- The European market is being propelled by research studies conducted by key players and governments to help improve railway traction motor models. The UK market is anticipated to grow at a CAGR of 3.5% over the forecast period.
- Increasing population, urbanization, and receptivity to novel technology in China are anticipated to propel the installation of the railway traction motor. The Chinese market is predicted to expand at a CAGR of 3.8% over the projected period.
- Japan is predicted to hold a 5.8% share of the global market. The growing efforts by the Japanese government to curb pollution levels in the country are projected to boost the adoption of traction motors in railway network.
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News Featuring Market Developments by Companies Providing Railway Traction Motor Solutions:
- In June 2022, Škoda Group received additional orders for traction motors for 26 locomotives from Wabtec. Both organizations have a constant relationship, as the former has supplied motor sets to the company for more than 50 locomotives in the past few years. The recent order is worth over 12 million EUR.
- In February 2022, Mitsubishi Electric Corporation announced the first-ever delivery of railway traction motors for 28 AMLD long-distance electric trains. These trains are run by SNCF Voyageurs, a French national train operator.
List encompassing key players operating in railway traction motor market
- ABB Group
- ALSTOM
- BHEL
- Bombardier
- Hyundai Rotem Company
- Mitsubishi Electric Corporation
- Saini Group
- Siemens
- Sulzer Ltd.
- VEM Group
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Market Segments Covered in Railway Traction Motor Market Analysis
By Type:
- DC Traction Motor
- AC Traction Motor
- Synchronous AC Traction Motor
By Application:
- Diesel Locomotive
- Electric Multiple Units
- Electric Locomotives
- Diesel-electric Locomotives
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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