DUBLIN--(BUSINESS WIRE)--The "Electric Traction Motor Market by Type (AC and DC), Power Rating (<200 kW, 200 kW to 400 kW, and >400 kW), Application (Railway, Electric Vehicles, Elevators, Conveyors, and Industrial Machinery), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The electric traction motor market is projected to grow from an estimated USD 12.41 billion in 2018 to USD 28.51 billion by 2023, at a CAGR of 18.10% from 2018 to 2023
Increasing investments in the railway sector, high demand for efficient motors for propulsion application, and growing focus on electric vehicles to reduce carbon emissions are driving the market for electric traction motor across the world. Price volatility of raw materials such as copper and aluminum would act as a restraint for the electric traction motor market.
The railway segment of the global electric traction motor market is expected to grow at a fast pace during the forecast period. This can be attributed to the rapid growth in the population in developing regions such as the Middle East and Asia Pacific along with rising urbanization across the world. An increasing focus on speed control and high starting torque required by rail vehicles and the rising investment in rolling stock are the major drivers for the railway applications segment.
Asia Pacific is expected to be the largest market for electric traction motor in 2018, followed by Europe and North America. China and Japan are expected to be the largest markets for electric traction motors in the region due to significant investments being made in the railway sector. Europe is the second largest market for electric traction motor, followed by North America and Middle East & Africa.
Increasing investment in the aging railway sector and growing focus on electric vehicles would boost the demand for electric traction motor. The electric traction motor market is also growing at a good pace in countries such as India, Australia, and South Korea due to increasing investment in railway projects, especially related to high speed rail and metro trains.
The leading players in the electric traction motor market are CRRC (China), Alstom (France), TSA (Austria), Bosch (Germany), Siemens (Germany), and ABB (Switzerland).
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Electric Traction Motor Market, By Type
7 Electric Traction Motor Market, By Power Rating
8 Electric Traction Motor Market, By Application
9 Electric Traction Motor Market, By Region
10 Competitive Landscape
11 Company Profiles
- Traktionssysteme Austria
- CG Power
- General Electric (GE)
- Skoda Electric
- Weg Sa
For more information about this report visit https://www.researchandmarkets.com/research/3ml6sq/global_electric?w=4