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An electric motor has been used in a broad range of applications, but in recent times electric traction motors are used to propel railways, trams, metros, and in so many other applications. Electric vehicles have to gain importance over time due to rising concerns over GHG emissions. Several countries and leaders across the world promoting e-mobility to mitigate the carbon emission and dependence on internal combustion engine. Electric vehicles not only encourage e-transportation cleaner but also helps to reduce the alleviate the demand for fossil fuel. The electric traction motor is mainly used in railways, trams, metros, EV, elevator, and conveyor among others, driving the demand for electric traction motor. Therefore, the growing adoption of e-mobility and rising concern over deterioration of environment is projected to boost the electric traction motor market.
The electric traction motor market is segmented into type, power rating, and application. Type is further divided into AC and DC electric traction motor. AC motor type is forecasted to dominate owing to high consumption in railways and electric vehicles. Power rating is bifurcated into below 200kW, 200kW-400kW, and above 400kW. The increasing investment in monorail, tram, metro, railway and electric vehicle among others is forecasted to offer lucrative market for 200kW electric traction motor. The electric traction motors are widely used in railways, electric vehicles, elevator, and conveyors, among others.
Key Market Driver -
Key Market Driver – Shifting trend towards e-mobility and expansion of railway network
Key Market Restraint -
Key Market Restraint – Volatile price of raw material and high cost of electric traction motor
Several countries in the world are immensely investing in e-mobility to combat rising carbon emission that may boost the demand for electric traction motor. Simultaneously, the emerging economies are showing interest in developing mass transit transportation systems such as the metro, and expansion of the metro is likely to drive the demand for the electric traction motor market.
The unstable prices of raw material such as aluminum, copper, magnet, etc. which required for the manufacturing of electric traction motor likely to restrain the growth of the electric traction motor. Also, the high cost associated with electric traction motor may hinder its growth.
The leading electric traction motor companies in the world are ABB, Alstom, Siemens, Bosch, Nidec Motor Corporation, Ametek, Johnson Electric, Škoda Transportation a.s., Traktionssysteme Austria, Mitsubishi Electric Corporation, Kawasaki Heavy Industries, Ltd., and Vem Group.
The global electric traction motor market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The decisive policies to combat rising sea levels and GHG emissions by the United States resulting an increase in consumption of electric vehicles. Also, countries like Canada, Brazil, and Mexico are revising their energy policies to promote clean energy sources. In addition, the expansion of railway network, metros are expected to leverage the growth of the electric traction motor market. The advancement in technology and continuous research and development in electric vehicles resulted in reduction in prices of EVs. In a bid to act against rising carbon emission, European countries are embracing e-mobility. Germany, UK, Italy, and Spain among others are increasingly showing interest in developing e-mobility across the region.
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Also, Europe is home to some of the renowned automakers in the world who are decisively turning towards e-mobility market that may drive the electric traction motor market in Europe. Urbanization and industrialization in emerging countries such as China, India, Japan, and Indonesia and Southeast Asia are driving the demand for e-mobility. The rollout of government plans for the promotion of e-mobility is forecasted to increase the demand for EVs. India and China have the largest railway network, and in the forthcoming years they are going to invest huge amount in metro transportation that may leverage the demand for electric traction motor in Asia Pacific.
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