The overall electric traction motor market worldwide was valued at US$ 12.9 billion in 2018 and is set to grow by 19.2 per cent CAGR throughout the forecast period.
The electric traction motor is driven by factors such as the high uptake of traction engines in the locomotives. In the locomotive, electric traction motors play an important role. They provide energy efficiency for electric rail vehicles. In addition, increasing investment in the rail sector and digitization in these sectors are fueling the growth of the electric traction motor market. On the other hand, fluctuations in the prices of raw materials are anticipated to restrict the market growth.
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Ongoing technological developments in the field of electric motors, promoting their adoption in battery-powered and hybrid vehicles. The growing demand for energy-efficient motors in the automotive sector is expected to boost demand for the electric traction motor market in the near future. In addition, the key players in the electric traction engine are more focused on developing new advanced and efficient products. For example, in 2017, the Korean Hyundai Rotem launched a class 220 insulated heat-resistant electric traction engine to meet the growing demand for engines that are useful for high-temperature operation in various industries.
The global market for electric traction motors is categorized into types, power ration and end-users. Based on the end-users, the market is further divided into rail and electric vehicles. The traction motors used across several railways applications including locomotive, railroad cars, rapid transit vehicles, and others. The electrification of the railways is a key driver of the growth of the market for electric traction in the railways. Growing awareness of emission control and strict government regulation promote the growth of traction motors in railway applications.
Regionally, North America dominates the market for electric traction engines followed by Europe. The U.S. has the largest market share in the electric traction motor market in the North American region. Increases in rail infrastructure and technological advances in traction motors are primarily driving the growth of the electric traction motor market in the North American region. Growing investments in railway technologies in Europe is contributing to the growth of the market. Moreover, Asia Pacific is the fastest-growing region in the traction motor market due to increasing investment in the rail sector and the fastest-growing adoption of electric vehicles.