Shift to Electric Vehicles (EVs) to Drive Global Electric Traction Motor Market
Global Electric Traction Motor Market Driven by Green Approaches by Governments
Electric traction motors are used in powering electric vehicles and carrying heavy equipment. New railway track regulations and the shift to electric mobility can drive the winds of change and favor the adoption of these motors in legacy vehicles. The global electric traction motor market report by Market Research Future (MRFR) has been compiled by looking at various growth enablers and hurdles to be faced by the industry for the period of 2018 to 2023 (forecast period). The COVID-19 pandemic and its impact on the market has been explored in depth.
The global electric traction motor market is expected to grow at 18.08% CAGR during the forecast period. This is driven by investments in charging infrastructure, policies encouraging electric vehicle (EV) and hybrid vehicle (HV) production, and propulsion gear required in electric transmission systems. The investments in development of railways and construction of metros, mono rails, and bullet trains are evidence of the large potential of the market.
Increase in budget for infrastructure as exemplified by USD 116 billion package for electrification of railways in China can bode well for the market. Similarly, India has also decided to invest close to USD 126 billion by 2020 and can trigger demand for electric traction motors. Environmental regulations, emission norms, and fluctuating fuel prices can shape the market as well. Inclination towards electric vehicles due to innovation in batteries and focus on energy conservation can positively impact the global electric traction motor market growth.
The global electric traction motors market has been segmented based on type, power rating, and application.
Based on type, the market is classified into AC motors and DC motors. The AC motor segment is expected to be the largest segment of electric traction motor in 2018. High demand for electric traction motors in electric vehicles and railways is likely to drive the electric traction motor market.
By power rating, it comprises 200 kW, 200 kW to 400 kW, and 400 kW.
By application, it is segmented into railway, electric vehicles, conveyors, elevators, and industrial machinery. The railway segment of the global electric traction motor market is estimated to register the highest growth rate during the forecast period. Recently, Paignton Zoo situated in the U.K. collaborated with Lynch Motors for converting their miniature trains to run on electricity by running on rechargeable batteries. The green approach is expected to garner new visitors to the zoo and encourage similar adoption among other entertainment sites.
Asia Pacific (APAC) is the largest market for electric traction motors. Rising urbanization, demand from the railway sector, and supportive government policies are expected to drive the market for electric traction motor in this region. China, India, and Japan are the leading countries contributing to the growth of the electric traction motor market in Asia Pacific. Investments in motor technologies and battery density packs can culminate in huge demand for new materials in electric traction motors.
Europe is likely to hold a significant market share of the global electric traction motor market owing to shift from diesel-based engines to hybrid engines for cars and other automotives. Germany and the U.K. are expected to contribute the maximum in the region owing to changes in fuel emission norms and sustainable targets set by the countries.
Bosch, Nidec, CRRC, ABB, CG Power, Alstom, Siemens, Traktionsysteme Austria, GE, and Skoda Electric are key players of the global electric traction motor market.