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The Global Electric Traction Motor Market size is expected to reach $23 billion by 2028, rising at a market growth of 11.7% CAGR during the forecast period

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Electricity powers traction motors, which produce the force needed to turn the train’s wheels. The traction motors’ generated turning force is transferred to the wheels by the driving gear unit and axle.

New York, Sept. 29, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Electric Traction Motor Market Size, Share & Industry Trends Analysis Report By Power Rating, By Type, By Application, By Regional Outlook and Forecast, 2022 – 2028" - https://www.reportlinker.com/p06321970/?utm_source=GNW
Traction motors are typically mounted in cars where the wheels are. A traction motor is an electric motor attached to a shaft that produces linear motion by transforming electrical energy into torque energy.

Due to the enormous weight of the car, traction motors are typically employed to power big vehicles like railroads, locomotives, and industrial machinery, among others. In comparison to traditional steam and diesel engines, these motors also provide improved performance, easier construction, and increased reliability.

Additionally, the advancement of superior semiconductor products like insulated gate bipolar transistors (IGBT) and thyristors, dependable AC induction motors, and the electrification of locomotives and railroads as a result of technological advancement is expected to create lucrative business opportunities for the manufacturers in the years to come.

A traction motor is an electric motor attached to a shaft that produces linear motion by transforming electrical energy into torque energy. Due to the enormous weight of the car, traction motors are typically employed to power big vehicles like railroads, locomotives, and industrial machinery, among others. In comparison to traditional steam and diesel engines, these motors also provide improved performance, easier construction, and increased reliability.

Additionally, the advancement of superior semiconductor products like insulated gate bipolar transistors (IGBT) and thyristors, dependable AC induction motors, and the electrification of locomotives and railroads as a result of technological advancement is expected to create lucrative business opportunities for the manufacturers in the years to come.

COVID-19 Impact Analysis

The COVID-19 pandemic has had a significant impact on the international electric traction motor. The economic crisis brought on by the illness spread has hampered car sales in the first half of 2020. As a result of strict movement restrictions, disruptions in the electric traction market’s supply chain are expected to adversely affect the profitability of the sector. This has altered the market outlook significantly for electric traction motors. Due to the current pandemic scenarios, the railway traction motor market is impacted by the financial crisis and economic recession, which hinders industrial expansion.

Market Growth Factors

Increasingly Strict Pollution Standards Are Encouraging OEMS To Produce And Market Electric And Hybrid Vehicles

Day by day, there are more and more worries about the damaging impacts of various modes of transportation on the environment, such as air pollution. Automobile manufacturers have been compelled to create automobiles that adhere to local regulatory norms as a result of growing environmental pollution concerns. The International Energy Agency (IEA) estimates that by 2020, there will be 10 million electric cars on the road, with battery electric vehicles (BEVs) making up two-thirds of the fleet.

Vehicles Powered By Electricity Are Gaining Popularity

Due to fluctuating fuel prices and the growing need to reduce CO2 emissions, the number of electric and hybrid vehicles is fast increasing. The International Energy Agency (IEA) estimates that approximately 10 million electric vehicles were sold in 2020, an increase of 63% from the year before. Over 95% of the world’s supply of electric two- and three-wheelers comes from China. The World Health Organization (WHO) reports that China is making major efforts to address air pollution, which causes about 1 million fatalities annually.

Market Restraining Factors

Electric traction motors in the rail industry have a high initial implementation cost.

Deploying railways, including locomotives, metros, trams, and other types, comes at a relatively high initial cost. Setting up field-level devices and equipment with new technologies involves a sizable initial expenditure. Setting up the sophisticated infrastructure for organizing transmission networks and administering new and current systems also incurs significant costs. Railway authorities are also quite concerned about the significant maintenance and operation costs following deployment.

Type Outlook

On the basis of Type, the Electric Traction Motor Market is segmented into AC and DC. The DC segment witnessed a significant revenue share in the electric traction motor market in 2021. The first kind of traction motor is a DC motor with series field windings. With considerable torque at low speeds for vehicle acceleration and falling torque as speed increases, these offer a speed-torque characteristic beneficial for propulsion.

Power Rating Outlook

Based on the Power Rating, the Electric Traction Motor Market is divided into Below 200 kW, 200-400 kW, and Above 400 kW. The below 200 kW segment procured the largest revenue share in the electric traction motor market in 2021. One of the key factors fueling the expansion of this market is the increasing investment in electric automobiles. Plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles (HEVs), battery electric vehicles (BEVs), electric two-wheelers, and electric buses are some examples of electric vehicles that utilize these motors.

Application Outlook

By Application, Electric Traction Motor Market is bifurcated into Railways, Electric Vehicle, and Others. The railways segment garnered the highest revenue share in the electric traction motor market in 2021. Elevators, industrial equipment, and conveyor belts are more examples. The railway is the favored option and is more cost effective for the mass transportation of commodities and products over greater distances.

Regional Outlook

Region-wise, the Electric Traction Motor Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region acquired the largest revenue share in the electric traction motor market in 2021. It is because the increased need for transportation connectivity brought about by the region’s growing population has prompted investments in the railway industry and is projected to spur additional growth in demand for electric traction motors.

The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Siemens AG and ABB Group are the forerunners in the Electric Traction Motor Market. Companies such as Robert Bosch GmbH, Mitsubishi Electric Corporation, Toshiba Corporation are some of the key innovators in Electric Traction Motor Market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Robert Bosch GmbH, Toshiba Corporation, ABB Group, Siemens AG, Nidec Corporation, General Electric (GE) Co., CG Power & Industrial Solutions Ltd. (Murugappa Group), Mitsubishi Electric Corporation, Ametek, Inc., and Kawasaki Heavy Industries, Ltd.

Strategies Deployed in Electric Traction Motor Market

Partnerships, Collaborations and Agreements:

Jan-2022: Bosch signed a strategic agreement with IRP Systems, a leading provider of cutting-edge electric powertrain solutions for e-mobility. Under this agreement, the companies aimed to fetch jointly Bosch’s well-known automotive manufacturing abilities and IRP’s innovative e-powertrain technology to provide top quality, robust and inexpensive switches for a variety of individual mobility OEMs in Europe and worldwide.

Oct-2021: GE Renewable Energy signed a Memorandum of Understanding with General Motors, an American multinational automotive manufacturing company. This agreement aimed to assess possibilities to enhance supplies of light and heavy rare earth materials and copper, magnets, and electrical steel utilized for the manufacturing of electric vehicles and renewable power equipment. Additionally, The companies would work together to assist new supply chains for extra materials, such as copper and Steel, that are utilized in renewable power generation and automotive traction motors.

Jan-2021: Siemens came into a partnership with OLA, India’s largest mobility platform. Together, the companies aimed to utilize the latter are technology at its forthcoming electric vehicle manufacturing structure in Tamil Nadu. Additionally, The factory would be artificial intelligence-powered with Ola’s proprietary AI Engine and tech stack extremely incorporated into every factor of the manufacturing procedure, constantly self-learning and optimizing every element of the manufacturing procedure.

Feb-2020: ABB signed an agreement with Chittaranjan Locomotive Works, an electric locomotive manufacturer. Through this expansion, entities aimed to provide traction supplies to the Indian Railways manufacturing department. Additionally, Indian Railways anticipates the tools to enhance its effectiveness and contribute to endurable transport in India.

Product Launches and Product Expansions:

Oct-2021: Nidec introduced the 200 kW Ni200Ex model, the third E-Axle traction motor design. The new Nidec Ni200Ex has a prime power output of 200 kW and 384 Nm of torque. Additionally, E-axle combines the transmission, electric motor, and power electronics.

Jul-2021: Robert Bosch unveiled continuously variable automatic transmission. The concept of CVT aimed to solve one of the difficulties of the electrical powertrain for electric vehicles. Additionally, Bosch installed a CVT with a push belt in a trial vehicle called CVT4EV, this transmission enhances effectiveness by up to 4%. Moreover, relying on the blueprint, it can deliver more torque in traction mode, better rev, or a higher highest speed.

May-2021: Mitsubishi Motors launched Eclipse Cross Plug-in hybrid electric vehicles Model in New Zealand and Australia. The new Eclipse Cross Plug-in hybrid electric vehicles utilize batteries to control an electric motor and another fuel, including gasoline, to power an internal combustion engine (ICE). Moreover, The traction battery can be utilized as a dependable source of electricity in trouble, as it can supply power to a general household for up to 10 days through the Vehicle-to-Home system when the vehicle is completely fueled and charged.

Mar-2021: Siemens Mobility introduced MoComp, a compact and single source for the first-time display and make known to all consumers. The MoComp would offer an entire range of electrical and mechanical components and system solutions for everyday rail vehicles. Additionally, MoComp would deliver rolling stock OEMs, producers, and operators the opportunity to easily acquire individual components and complete systems that would help them optimize and enhance the performance of their rail vehicles.

Geographical Expansions:

Apr-2022: ABB India expanded its geographical footprints by establishing digital substation products and digital systems factories in Vadodara, Gujarat. The new production facility would simulate digital technologies for electrical distribution networks for Indian and global industries. Additionally, ABB India’s responsibility to ‘Make in India’, creates India a global hub for electrical supplies manufacturing.

Apr-2022: ABB introduced a traction motors manufacturing unit for the rail & Metro sectors in India. This expansion would deliver critical propulsion systems to metro rail schemes and other locomotives, in Vadodara, Gujarat, India. Additionally, ABB would add two more units, one of which would be for developing traction motors that are utilized in metros and other locomotives.

Dec-2020: CG Power expanded its geographical footprint by establishing new operations at the smart motor unit at Ahmednagar. The facility would develop low voltage smart electric motors of capability in the range of 75 kW to 1,000 kW and develop the company’s product portfolio in the domestic and international market.

Scope of the Study

Market Segments covered in the Report:

By Power Rating

• Below 200 kW

• 200-400 kW

• Above 400 kW

By Type

• AC

• DC

By Application

• Railways

• Electric Vehicle

• Others

By Geography

• North America

o US

o Canada

o Mexico

o Rest of North America

• Europe

o Germany

o UK

o France

o Russia

o Spain

o Italy

o Rest of Europe

• Asia Pacific

o China

o Japan

o India

o South Korea

o Singapore

o Malaysia

o Rest of Asia Pacific

• LAMEA

o Brazil

o Argentina

o UAE

o Saudi Arabia

o South Africa

o Nigeria

o Rest of LAMEA

Companies Profiled

• Robert Bosch GmbH

• Toshiba Corporation

• ABB Group

• Siemens AG

• Nidec Corporation

• General Electric (GE) Co.

• CG Power & Industrial Solutions Ltd. (Murugappa Group)

• Mitsubishi Electric Corporation

• Ametek, Inc.

• Kawasaki Heavy Industries, Ltd.

Unique Offerings

• Exhaustive coverage

• Highest number of market tables and figures

• Subscription based model available

• Guaranteed best price

• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06321970/?utm_source=GNW

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