Railway Traction Motor Market is valued at USD 3426.46 billion in 2022 and is projected to reach a value of USD 4836.01 billion in 2030 expanding at a CAGR of 4.4% over the forecast period of 2022-2030.
A traction motor in a railroad is an electric motor that produces linear motion by converting electrical energy into torque energy and connecting it to a shaft. Electricity powers traction motors, which produce the force needed to turn the train's wheels. The driving gear unit and axle transmit the turning force generated by the traction motors to the wheels.
Traction motors are normally positioned in the railway rolling stocks where the wheels are kept. Reduced component count means fewer things needing maintenance and less frequently. Low noise levels are maintained in railway traction motors thanks to enhanced auxiliary devices such cooling fans and completely sealed structures. The increase in demand for high-performance motors, favourable government policies and subsidies, and the rise in investments in the railway sector are likely to drive the market growth.
Railway traction motors market worldwide is a rapidly growing market supported by the rising adoption of metros and monorails and swift transition towards railway electrification systems in almost all major regions. Advancements in railroad technologies coupled with vehicular emissions reforms represent factors accelerating market growth.
Competitive Landscape:
- ABB Group
- ALSTOM
- BHEL
- Bombardier
- Hyundai Rotem Company
- Mitsubishi Electric Corporation
- Saini Group
- Siemens
- Sulzer Ltd.
- VEM Group
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Segmental Analysis of Global Railway Traction Motor Market:
Based on Type
- AC
- DC
Based on Power Rating
- Below 200 Kw
- 200-400 Kw
- Above 400 kw
Based on Application
- Railways
- Electric Vehicle
- Other
Based on Region
North America (US, Canada), Europe (UK, France, Spain, Italy, Germany), Asia-pacific (India, China, Japan, South Korea, Australia), Latin America (Mexico, Brazil), Middle East and Africa (UAE, Saudi Arabia, South Africa)
COVID-19 Impact:
Due to the current pandemic scenarios, the railway traction motor market is impacted by financial crisis and economic recession, which hinders industrial expansion. China, Japan, the United States, and Germany made up a significant portion of the world's transportation market and are expected to be severely impacted by the COVID-19 epidemic. Due to lockdowns around the world and restrictions on the supply of certain components, businesses with a worldwide supply chain for traction motors should face COVID-related difficulties. Companies with global supply chains may also need to assess essential components that are in short supply and should think about alternative sourcing techniques.
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Major Questions Answered In The Report:
- What are the major challenges, trends and growth factors in global Railways Traction Motor market?
- Which top companies are contributing in the growth of global Railways Traction Motor market?
- Which regional segment accounts for the largest revenue in the global Railways Traction Motor market?
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