The Global Traction Motor Market Grows at a CAGR of 13.9%

Introduction

A traction motor is an electric motor used to propel a vehicle, such as a locomotive, an electric or hydrogen vehicle, an elevator, or electric multiple units. Traction motors are powered by electricity, which produces the force needed to turn the wheels of a train. In addition to other electric vehicles (such as electric milk floats, elevators, roller coasters, conveyors, and trolleybuses), vehicles with electrical transmission systems (such as electric hybrid vehicles and battery-operated vehicles), and electrically powered rail vehicles, traction motors are also used in these types of vehicles. The traction motors' generated turning force is transferred to the wheels by the driving gear unit and axle. Traction motors are typically mounted on trucks where the wheels are. Low maintenance: To keep out dust, the building is completely sealed. A lower component count indicates fewer and less frequent maintenance requirements. Low noise: The building is completely sealed to minimize noise. Enhancements to accessories like cooling fans also help to reduce noise. High reliability is achieved by brazing the rotor bar and integrating the stator using high-frequency heating. The AC series motor is the most efficient for traction applications due to its high starting torque.

Market Dynamics

Low Manufacturing And Maintenance Costs Drive the Market

Because electric motors are popular and widely used in many different industries, it is easy to find the high-tech semiconductors, powerful magnets, and other parts needed to produce them. The numerous uses of traction motors in locomotives, numerous electric units, and heavy machinery in industrial and OEM settings have also decreased the cost of production and maintenance for railway traction motors (Original Equipment Manufacturers). The electrical and magnetism principles governing the operation of these traction motors have also made them more straightforward to build and assemble than other conventional power sources, resulting in lower production and maintenance costs. Therefore, the cost advantages of traction motor production and aftermarket services are anticipated to market growth in the upcoming years. Traction motors are now an essential component of railroad locomotives as a result. The popularity of metro locomotives, particularly in urban areas, is also anticipated to increase demand for traction motors during the forecast period.

Increase In Investments In R&D Creates Opportunities

The regional railway system will significantly change due to increased research and development spending, opening up many opportunities and enhancing product features for various uses. The railway traction motor market is growing due to a significant trend called R&D. The demand for electric motors will be supported by government initiatives to encourage their use. The market is expected to grow significantly due to rising R&D expenditure and government initiatives. Additionally, the development and modernization of infrastructure being undertaken by various nations around the world impact the performance of traction motor manufacturers. This infrastructure improvement and motor upgrade are complemented by investments made by governments and various businesses. Any change in investments directly impacts the sales/business performance.

Regional Analysis

Asia Pacific is the highest contributor to the global traction motor market and is anticipated to grow at a CAGR of 14.3% during the forecast period. There are numerous significant players. Significant regional investments have also been made in electric traction motors. The success of numerous businesses operating in the Asia-Pacific region, such as Hitachi, Hyundai, CRRC, and Toshiba, is causing the market for traction motors to expand. The region's expanding transportation infrastructure, which includes railway connections, hybrid electric vehicles, high-speed bullet trains, and metro rail systems, is expected to drive growth in the global market for electric traction systems. Rising demand for industrial and narrow gauge railroad rolling stock, including diesel-electric, hybrid, and electric locomotives, is anticipated to impact market share during the forecasted year significantly.

Europe is expected to grow at the fastest CAGR of 15.4% during the forecast period. Applications for traction motors vary by region, and companies like ABB, Siemens, and Skoda Transportation are active in the market. The widespread application of traction motors across numerous industries contributes to Europe’s global traction motor market growth. The numerous agreements and contracts entered into by different companies, like ABB, to outfit different traction motors for different applications are responsible for this increase in revenue. These agreements and contracts drive the growth of the traction motor market in France. The rest of Europe, which includes Switzerland, the Netherlands, Russia, Norway, and several other countries, has been studied in the global traction motor market report. The rest of Europe, which includes Switzerland, the Netherlands, Russia, Norway, and several other countries, has been studied in the global traction motor market report.

Key Highlights

• The global traction motor market was valued at USD 15.87 billion in 2022. It is projected to reach USD 51.2 billion by 2031, growing at a CAGR of 13.9% during the forecast period (2023–2031).
• Based on application, the global traction motor market is bifurcated into railways, electric, and industrial vehicles. The electric vehicle segment is the highest contributor to the market and is anticipated to grow at a CAGR of 16.35 % during the forecast period.
• Based on type, the global traction motor market is bifurcated into AC traction motor, DC traction motor, and synchronous motor. The DC traction motor segment owns the highest market share and is forecasted to grow at a CAGR of 14% during the forecast period.
• Based on power rating, the global traction motor market is bifurcated into less than 200 kW, 200–400 kW, and more than 400 kW. The less than 200 kW segment is the highest contributor to the market and is expected to grow at a CAGR of 14.3% during the forecast period.
• Asia Pacific is the highest contributor to the global traction motor market and is expected to grow at a CAGR of 14.3% during the forecast period.

Competitive Players

1. Schneider Electric SE
2. The Curtiss-Wright Corporation
3. Prodrive Technologies
4. Toshiba Corporation
5. General Electric Co.
6. CG Power Industrial Solutions Ltd.
7. Aisin
8. ABB, Ltd.
9. Alstom S.A.
10. Siemens AG
11. Delphi Automotive LLP
12. Voith GmbH
13. Mitsubishi Electric Corporation
14. Bombardier Inc.
15. American Traction Systems
16. VEM Group
17. Caterpillar Inc.
18. TTM Rail - Transtech Melbourne Pty Ltd.
19. Kawasaki Heavy Industries Ltd.
20. Traktionssysteme Austria GmbH
21. Hyundai Rotem Company, Hitachi, Ltd.
22. Ansaldo Signalling
23. Magna International

Recent Developments

• March 2024 - ABB was given a contract for USD 150 million to provide full traction packages, engineering, and service support for each of the 65 six-car passenger trains that the Queensland Train Manufacturing Program (QTMP) in Australia is scheduled to produce. Following the contract terms given to ABB by Hyundai Rotem Company (Korea), the company will also set up a Traction Center of Excellence to assist in manufacturing traction packages.
• February 2024 - The energy and trading division of South Korea's largest steel company, POSCO Holdings Inc., POSCO International Corp., announced that it will establish new traction motor core plants in Poland and Mexico to increase its market share in environmentally friendly vehicles. 

Segmentation

1. By Application
   1. Railways
   2. Electric Vehicles
   3. Industrial Vehicles
2. By Type
   1. DC Traction Motor
   2. AC Traction Motor
   3. Synchronous Motor
3. By Power Rating
   1. Less than 200 kW
   2. 200–400 kW
   3. More than 400 kW