Acumen research and consulting, estimates that the global traction motor market is anticipated to reach market size of around US$ 38,000 Mn by 2027 and is anticipated to grow at a CAGR of around 3% in terms of revenue during the forecast period 2020 – 2027. Traction motors were an integral aspect of various electrical and automotive devices like forks, escalators and locomotives. The increasing automation technology has increased the importance of tensile engines in all mechanical processes. The introduction of traction motors on electronics products such as washing machines will intensify growing competition on the global market.
Market Insights
Higher demand in high-performance vehicles, favorable laws and subsidies fuel the motor traction market over time. In fact, an expanded rail budget will accelerate the market's growth over the years. The introduction of both electric and hybrid vehicles in the developing economies will obviously boost the rise in demand during the projected period. The demand for power traction engines is expected to grow to almost 20% by 2030, and thus to gain momentum over the expected span.
The operational failures of traction motors are the only limitations that reshape the industry dynamics. Traction engine overheating is one of the biggest restrictions that hamper world production. The lack of separation and switching malfunctions are often noted as factors affecting the use of traction engines.
Hybrid Vehicle to Witness Significant Growth
The hybrid vehicle market has experienced significant growth over the past three years due to the need to satisfy potential energy needs. A crucial position for increasing electric car demand is the need for sustainable transport. As an important part of the automotive industry, the hybrid vehicle market emerges. It provides a road to energy conservation along with a reduction in emission of greenhouse gases and contaminants. The growth of electric vehicles is quick. In 2018, the global population of electric cars was over 5.1 million, nearly 2 million more than in 2018. The key factors driving development are rising fossil fuel costs and various governments' incentives to buy an hybrid vehicle. Progress in technologies would result in major cost savings and the cost of a hybrid vehicle is projected to decline over the coming years. According to industry analysts, the cost of electric cars can be lowered with advances in battery technology. In addition, the hybrid car and electric traction motor markets will most likely grow in the coming year with the collaboration of private companies and various research and development centers.
Asia-Pacific is one of the key areas with the largest demand for electrical traction engines with its growing fleet of electric vehicles, railways and underground schemes. The field is dominated by China, India, Japan and South Korea and quickly rises in electrification programs. China aims to reduce emissions caused by its road transport vehicles by accelerated urbanisation. It is at the same time trying to reduce the reliance of the nation on imports of hydrocarbons and to promote industrial production. With a sales unit of almost 2.3 million by 2018, China is the largest electronic vehicle industry globalized. With 1.1 million EV transactions, China grew up in 2018. In addition to EV, China is converting its railway ventures into electric driven vehicles, from traditional fossil fuels. Almost 73% of China's passenger travel by high-speed or urban rail since 2018. After all, the move to electrifying the entire rail network is underway in India. According to the government, by 2024 India will turn the entire railway network into electricity. Moreover, India, Japan and South Korea aim to increase the electric vehicles market in order to monitor their rising carbon emissions in countries owing to exponential growth in the global EV industry. Therefore, the country would potentially dominate the electric motor industry during the estimated timeframe by the steps alluded to above.
Key Players
Major players included in this report are Aisin, ABB, Alstom, General Electric, Continental, Mitsubishi, Magna International, Toshiba, Bosch, Siemen, and others. The report provides a detailed analysis of current trends, future opportunities, and constraints of the global motor traction market, and presents the key strategies adopted by these players. In the other hand, due to commitment to strict locking laws by government of nations all over the world in order to restrict the transmission of virus, the electronics and semiconductor industry has been greatly affected by the global COVID-19 pandemic. The production units were largely affected due to such a factor.
The global traction motor market is segmented as below:
Market Segmentation
Traction Motor Market By Application
Transportation
Industrial machinery and equipment
Others
Traction Motor Market By End User
Hybrid vehicles
Compact construction equipment
Escalators
Elevators
Other (Washing machines, Electric Aircraft, etc.)
Traction Motor Market By Geography
North America
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
