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Railway Traction Motor Market by Type and Geography - Forecast and Analysis 2022-2026

  • Published: Apr 2022
  • Pages: 16
  • SKU: IRTNTR44593
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The railway traction motor market share is expected to accelerate at a CAGR of 5% and reach USD 2.44 billion by 2026.

This railway traction motor market research report extensively covers market segmentation by the following:

  • Type - DC motors, AC motors, and synchronous motors
  • Geography - APAC, North America, Europe, Middle East and Africa, and South America 

The railway traction motor market vendors covered in this market study include ABB Ltd., ALSTOM SA, American Traction Systems, Bharat Heavy Electricals Ltd., Electric Motor Services Inc., HaslerRail AG, Hyundai Heavy Industries Group, Kirloskar Electric Co. Ltd., Medha Servo Drives Pvt. Ltd., Mitsubishi Electric Corp., PowerRail, Rotomac Electricals Pvt. Ltd., Saini Group, Sherwood Electromotion Inc., Siemens AG, Sulzer Ltd., Toshiba Corp., Traktionssysteme Austria GmbH, VEM Group, and Wabtec Corp. among others. One of the key highlights of the railway traction motor industry research report is the post COVID-19 impact analysis on the market, which will help companies evaluate their business approaches for the forecast period.

What will the Railway Traction Motor Market Size be During the Forecast Period?

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Railway Traction Motor Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The railway infrastructure development in Asian countries is notably driving the railway traction motor market growth, although factors such as impact of COVID-19 pandemic may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the railway traction motor industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Railway Traction Motor Market Driver

One of the key factors driving the global railway traction motor industry growth is the railway infrastructure development in Asian countries. In the last decade, investment in railways has increased from 10% to 30%, with APAC countries accounting for a major share. Economic growth, urbanization, and population are critical factors that trigger the need for investment in railways. For instance, in October 2021, India and Nepal signed an MoU for a proposed amount of USD 3.15 billion. In June 2021, the Central Government of India approved the implementation of a 235 km semi high-speed rail corridor between Pune and Nashik in Maharashtra. Such factors are expected to drive the global railway traction motor market during the forecast period. 

Key Railway Traction Motor Market Trend

Emergence of battery-electric locomotives is one of the key railway traction motor market trends that is expected to impact the industry positively in the forecast period. The battery-electric locomotive does not need to burn fossil fuel to generate power, thereby eliminating direct emissions, exhaust gases, noise, and fuel storage. Advances in battery technologies have encouraged investment in the development of battery-electric locomotives for practical applications. In addition, some manufacturers are offering railcars that combine rechargeable batteries with supercapacitors for more efficient operations. Current major developers of battery-electric locomotives include Japan Transport Engineering Company (J-TREC), Bombardier, Vivarail, Hitachi, and CAF.

  • For instance, in 2021, the world's first battery-electric freight train, known as the FLXdrive battery-electric locomotive, underwent successful trials in California. The train has been designed with 500 lithium-ion battery modules, which is expected to cut fuel consumption by 11%.

Such technological advancements will further support the market growth in the coming years.

Key Railway Traction Motor Market Challenge

One of the key challenges to the global railway traction motor industry growth is the impact of COVID-19 pandemic. This outbreak has influenced the governments of various countries to impose total lockdown, which led to the decreased adoption of railway traction motors. For instance, the governments of countries such as Japan, China, the US, the UK, and France took initiatives, such as lockdowns, to contain the spread of the disease in 2020. Thus, several railway projects and operations are put on hold due to supply chain-related challenges and slowdown in railway projects. Hence, the outbreak hampered the adoption of railway traction motors in 2020, which may limit the market growth in the coming years as well.

This railway traction motor market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global railway traction motor market as a part of the global electrical components and equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the railway traction motor market during the forecast period.

Who are the Major Railway Traction Motor Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • ABB Ltd.
  • ALSTOM SA
  • American Traction Systems
  • Bharat Heavy Electricals Ltd.
  • Electric Motor Services Inc.
  • HaslerRail AG
  • Hyundai Heavy Industries Group
  • Kirloskar Electric Co. Ltd.
  • Medha Servo Drives Pvt. Ltd.
  • Mitsubishi Electric Corp.
  • PowerRail
  • Rotomac Electricals Pvt. Ltd.
  • Saini Group
  • Sherwood Electromotion Inc.
  • Siemens AG
  • Sulzer Ltd.
  • Toshiba Corp.
  • Traktionssysteme Austria GmbH
  • VEM Group
  • Wabtec Corp.

 

This statistical study of the railway traction motor market encompasses successful business strategies deployed by the key vendors. The railway traction motor market is fragmented and the vendors are deploying growth strategies such as product innovation to compete in the market.

Product Insights and News

  • ABB Ltd. - The company offers railway traction motors that are tailor-made to customer requirements and to the operation conditions of each train that it powers; enabling superior efficiency, lowest energy consumption, and high reliability.
  • ABB Ltd. - Under the electrification segment, the company offers solutions across the full electrical value chain from the substation to the point of consumption.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The railway traction motor market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Railway Traction Motor Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the railway traction motor market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Railway Traction Motor Market?

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41% of the market’s growth will originate from APAC during the forecast period. China, India, and Russia are the key markets for railway traction motors in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The continuous development in railway infrastructure in countries such as India and China will facilitate the railway traction motor market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The ongoing COVID-19 pandemic severely impacted APAC countries such as India, China, Australia, Malaysia, and Japan, especially in 2020. As of April 6, 2022, India reported more than 43.03 million COVID-19 cases and 516,162 associated deaths. The pandemic severely hit the railway industry across the region, especially in China and India, which, in turn, negatively impacted the railway traction motor market. However, the regional economy is expected to recover from the pandemic due to the availability of COVID-19 vaccines. The government of different countries, such as India, resumed their operations in the last quarter of 2020 with a limited number of trains. Rail freight transportation also resumed in the second half of 2020. Furthermore, restoration of the supply chain and opening of manufacturing units helped the railway traction motor market to gain momentum in the first quarter of 2021. The ongoing vaccination drives are expected to contain the spread of the disease and will result in the resumption of full-fledged production by 2022. Therefore, the market is expected to show a positive trend over the forecasted period.

What are the Revenue-generating Type Segments in the Railway Traction Motor Market?

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The railway traction motor market share growth by the DC motors segment will be significant during the forecast period. The wide use of DC motors on trains because of their high torque and good speed control will drive the segment growth in the coming years.

This report provides an accurate prediction of the contribution of all the segments to the growth of the railway traction motor market size and actionable market insights on post COVID-19 impact on each segment.

 

Railway Traction Motor Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 5%

Market growth 2022-2026

$ 2.44 billion

Market structure

Fragmented

YoY growth (%)

4.0

Regional analysis

APAC, North America, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 41%

Key consumer countries

US, China, India, Germany, and Russia

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

ABB Ltd., ALSTOM SA, American Traction Systems, Bharat Heavy Electricals Ltd., Electric Motor Services Inc., HaslerRail AG, Hyundai Heavy Industries Group, Kirloskar Electric Co. Ltd., Medha Servo Drives Pvt. Ltd., Mitsubishi Electric Corp., PowerRail, Rotomac Electricals Pvt. Ltd., Saini Group, Sherwood Electromotion Inc., Siemens AG, Sulzer Ltd., Toshiba Corp., Traktionssysteme Austria GmbH, VEM Group, and Wabtec Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

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What are the Key Data Covered in this Railway Traction Motor Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive railway traction motor market growth during the next five years
  • Precise estimation of the railway traction motor market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the railway traction motor industry across APAC, North America, Europe, Middle East and Africa, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of railway traction motor market vendors

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1. Executive Summary                         

               1.1 Market overview 

                              Exhibit 01:  Executive Summary – Chart on Market Overview

                              Exhibit 02:  Executive Summary – Data Table on Market Overview

                              Exhibit 03:  Executive Summary – Chart on Global Market Characteristics

                              Exhibit 04:  Executive Summary – Chart on Market by Geography

                              Exhibit 05:  Executive Summary – Chart on Market Segmentation by Type

                              Exhibit 06:  Executive Summary – Chart on Incremental Growth

                              Exhibit 07:  Executive Summary – Data Table on Incremental Growth

                              Exhibit 08:  Executive Summary – Chart on Vendor Market Positioning

2. Market Landscape                            

               2.1 Market ecosystem             

                              Exhibit 09:  Parent market

                              Exhibit 10:  Market Characteristics

3. Market Sizing                      

               3.1 Market definition

                              Exhibit 11:  Offerings of vendors included in the market definition

               3.2     Market segment analysis             

                              Exhibit 12: Market segments

               3.3 Market size 2021 

               3.4 Market outlook: Forecast for 2021-2026   

                              Exhibit 13:  Chart on Global - Market size and forecast 2021-2026 ($ million)

                              Exhibit 14:  Data Table on Global - Market size and forecast 2021-2026 ($ million)

                              Exhibit 15:  Chart on Global Market: Year-over-year growth 2021-2026 (%)

                              Exhibit 16:  Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4. Five Forces Analysis                         

               4.1 Five Forces Summary         

                              Exhibit 17:  Five forces analysis - Comparison between2021 and 2026

               4.2 Bargaining power of buyers            

                              Exhibit 18:  Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

               4.3 Bargaining power of suppliers        

                              Exhibit 19:  Bargaining power of suppliers – Impact of key factors in 2021 and 2026

               4.4 Threat of new entrants     

                              Exhibit 20:  Threat of new entrants – Impact of key factors in 2021 and 2026

               4.5 Threat of substitutes          

                              Exhibit 21:  Threat of substitutes – Impact of key factors in 2021 and 2026

               4.6 Threat of rivalry   

                              Exhibit 22:  Threat of rivalry – Impact of key factors in 2021 and 2026

               4.7 Market condition 

                              Exhibit 23:  Chart on Market condition - Five forces 2021 and 2026

5. Market Segmentation by Type

               5.1 Market segments

                              Exhibit 24:  Chart on Type - Market share 2021-2026 (%)

                              Exhibit 25:  Data Table on Type - Market share 2021-2026 (%)

               5.2 Comparison by Type          

                              Exhibit 26:  Chart on Comparison by Type

                              Exhibit 27:  Data Table on Comparison by Type

               5.3 DC motors - Market size and forecast 2021-2026   

                              Exhibit 28:  Chart on DC motors - Market size and forecast 2021-2026 ($ million)

                              Exhibit 29:  Data Table on DC motors - Market size and forecast 2021-2026 ($ million)

                              Exhibit 30:  Chart on DC motors - Year-over-year growth 2021-2026 (%)

                              Exhibit 31:  Data Table on DC motors - Year-over-year growth 2021-2026 (%)

               5.4 AC motors - Market size and forecast 2021-2026   

                              Exhibit 32:  Chart on AC motors - Market size and forecast 2021-2026 ($ million)

                              Exhibit 33:  Data Table on AC motors - Market size and forecast 2021-2026 ($ million)

                              Exhibit 34:  Chart on AC motors - Year-over-year growth 2021-2026 (%)

                              Exhibit 35:  Data Table on AC motors - Year-over-year growth 2021-2026 (%)

               5.5 Synchronous motors - Market size and forecast 2021-2026              

                              Exhibit 36:  Chart on Synchronous motors - Market size and forecast 2021-2026 ($ million)

                              Exhibit 37:  Data Table on Synchronous motors - Market size and forecast 2021-2026 ($ million)

                              Exhibit 38:  Chart on Synchronous motors - Year-over-year growth 2021-2026 (%)

                              Exhibit 39:  Data Table on Synchronous motors - Year-over-year growth 2021-2026 (%)

               5.6 Market opportunity by Type          

                              Exhibit 40:  Market opportunity by Type ($ million)

6. Customer landscape                        

                              Technavio’s customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria

               6.1 Customer landscape overview       

                              Exhibit 41:  Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7.    Geographic Landscape                

               7.1     Geographic segmentation           

                              Exhibit 42:  Chart on Market share by geography 2021-2026 (%)

                              Exhibit 43:  Data Table on Market share by geography 2021-2026 (%)

               7.2 Geographic comparison    

                              Exhibit 44:  Chart on Geographic comparison

                              Exhibit 45:  Data Table on Geographic comparison

               7.3 APAC - Market size and forecast 2021-2026             

                              Exhibit 46:  Chart on APAC - Market size and forecast 2021-2026 ($ million)

                              Exhibit 47:  Data Table on APAC- Market size and forecast 2021-2026 ($ million)

                              Exhibit 48:  Chart on APAC- Year-over-year growth 2021-2026 (%)

                              Exhibit 49:  Data Table on APAC- Year-over-year growth 2021-2026 (%)

               7.4 North America - Market size and forecast 2021-2026          

                              Exhibit 50:  Chart on North America - Market size and forecast 2021-2026 ($ million)

                              Exhibit 51:  Data Table on North America - Market size and forecast 2021-2026 ($ million)

                              Exhibit 52:  Chart on North America - Year-over-year growth 2021-2026 (%)

                              Exhibit 53:  Data Table on North America - Year-over-year growth 2021-2026 (%)

               7.5 Europe- Market size and forecast 2021-2026          

                              Exhibit 54:  Chart on Europe- Market size and forecast 2021-2026 ($ million)

                              Exhibit 55:  Data Table on Europe- Market size and forecast 2021-2026 ($ million)

                              Exhibit 56:  Chart on Europe- Year-over-year growth 2021-2026 (%)

                              Exhibit 57:  Data Table on Europe- Year-over-year growth 2021-2026 (%)

               7.6 Middle East and Africa - Market size and forecast 2021-2026           

                              Exhibit 58:  Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)

                              Exhibit 59:  Data Table on Middle East and Africa  - Market size and forecast 2021-2026 ($ million)

                              Exhibit 60:  Chart on Middle East and Africa  - Year-over-year growth 2021-2026 (%)

                              Exhibit 61:  Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

               7.7 South America - Market size and forecast 2021-2026          

                              Exhibit 62:  Chart on South America - Market size and forecast 2021-2026 ($ million)

                              Exhibit 63:  Data Table on South America - Market size and forecast 2021-2026 ($ million)

                              Exhibit 64:  Chart on South America - Year-over-year growth 2021-2026 (%)

                              Exhibit 65:  Data Table on South America - Year-over-year growth 2021-2026 (%)

               7.8 US - Market size and forecast 2021-2026   

                              Exhibit 66:  Chart on US - Market size and forecast 2021-2026 ($ million)

                              Exhibit 67:  Data Table on US - Market size and forecast 2021-2026 ($ million)

                              Exhibit 68:  Chart on US - Year-over-year growth 2021-2026 (%)

                              Exhibit 69:  Data Table on US - Year-over-year growth 2021-2026 (%)

               7.9 China - Market size and forecast 2021-2026            

                              Exhibit 70:  Chart on US- Market size and forecast 2021-2026 ($ million)

                              Exhibit 71:  Data Table on US- Market size and forecast 2021-2026 ($ million)

                              Exhibit 72:  Chart on US- Year-over-year growth 2021-2026 (%)

                              Exhibit 73:  Data Table on US- Year-over-year growth 2021-2026 (%)

               7.10 Germany - Market size and forecast 2021-2026   

                              Exhibit 74:  Chart on Germany - Market size and forecast 2021-2026 ($ million)

                              Exhibit 75:  Data Table on Germany - Market size and forecast 2021-2026 ($ million)

                              Exhibit 76:  Chart on Germany - Year-over-year growth 2021-2026 (%)

                              Exhibit 77:  Data Table on Germany - Year-over-year growth 2021-2026 (%)

               7.11 India - Market size and forecast 2021-2026           

                              Exhibit 78:  Chart on India- Market size and forecast 2021-2026 ($ million)

                              Exhibit 79:  Data Table on India - Market size and forecast 2021-2026 ($ million)

                              Exhibit 80:  Chart on India - Year-over-year growth 2021-2026 (%)

                              Exhibit 81:  Data Table on India- Year-over-year growth 2021-2026 (%)

               7.12 Russia- Market size and forecast 2021-2026          

                              Exhibit 82:  Chart on Russia - Market size and forecast 2021-2026 ($ million)

                              Exhibit 83:  Data Table on Russia - Market size and forecast 2021-2026 ($ million)

                              Exhibit 84:  Chart on Russia - Year-over-year growth 2021-2026 (%)

                              Exhibit 85:  Data Table on Russia - Year-over-year growth 2021-2026 (%)

               7.13 Market opportunity by geography            

                              Exhibit 86:  Market opportunity by geography ($ million)

8. Drivers, Challenges, and Trends                  

               8.1 Market drivers      

                              8.1.1 Railway infrastructure development in Asian countries

                              8.1.2 Increased demand for rail logistics due to rising trade activities

                              8.1.3 Introduction of new railway projects

               8.2 Market challenges              

                              8.2.1 Impact of COVID-19 pandemic

                              8.2.2 Delay in execution and development of railway projects

                              8.2.3 Growing competition among market vendors

               8.3 Impact of drivers and challenges   

                              Exhibit 87:  Impact of drivers and challenges in 2021 and 2026

               8.4 Market trends      

                              8.4.1 Emergence of battery-electric locomotives

                              8.4.2 Adoption of IoT in railway propulsion system monitoring

                              8.4.3 Increased government funding and public-private partnerships (PPPs)

9. Vendor Landscape                            

               9.1 Overview

               9.2 Vendor landscape

                              Exhibit 88:  Overview on Criticality of inputs and Factors of differentiation

               9.3 Landscape disruption         

                              Exhibit 89:  Overview on factors of disruption

               9.4 Industry risks        

                              Exhibit 90:  Impact of key risks on business

10. Vendor Analysis               

               10.1 Vendors covered              

                              Exhibit 91:  Vendors covered

               10.2 Market positioning of vendors    

                              Exhibit 92:  Matrix on vendor position and classification

               10.3 ABB Ltd.

                              Exhibit 93:  ABB Ltd. - Overview

                              Exhibit 94:  ABB Ltd. - Business segments

                              Exhibit 95:  ABB Ltd. - Key news

                              Exhibit 96:  ABB Ltd. - Key offerings

                              Exhibit 97:  ABB Ltd. - Segment focus

               10.4 ALSTOM SA         

                              Exhibit 98:  ALSTOM SA - Overview

                              Exhibit 99:  ALSTOM SA - Business segments

                              Exhibit 100:  ALSTOM SA - Key news

                              Exhibit 101:  ALSTOM SA - Key offerings

                              Exhibit 102:  ALSTOM SA - Segment focus

               10.5 Bharat Heavy Electricals Ltd.        

                              Exhibit 103:  Bharat Heavy Electricals Ltd. - Overview

                              Exhibit 104:  Bharat Heavy Electricals Ltd. - Business segments

                              Exhibit 105:  Bharat Heavy Electricals Ltd. - Key news

                              Exhibit 106:  Bharat Heavy Electricals Ltd. - Key offerings

                              Exhibit 107:  Bharat Heavy Electricals Ltd. - Segment focus

               10.6 Hyundai Heavy Industries Group 

                              Exhibit 108:  Hyundai Heavy Industries Group - Overview

                              Exhibit 109:  Hyundai Heavy Industries Group - Business segments

                              Exhibit 110:  Hyundai Heavy Industries Group - Key offerings

                              Exhibit 111:  Hyundai Heavy Industries Group - Segment focus

               10.7 Kirloskar Electric Co. Ltd.

                              Exhibit 112:  Kirloskar Electric Co. Ltd. - Overview

                              Exhibit 113:  Kirloskar Electric Co. Ltd. - Business segments

                              Exhibit 114:  Kirloskar Electric Co. Ltd. - Key offerings

                              Exhibit 115:  Kirloskar Electric Co. Ltd. - Segment focus

               10.8 Medha Servo Drives Pvt. Ltd.       

                              Exhibit 116:  Medha Servo Drives Pvt. Ltd. - Overview

                              Exhibit 117:  Medha Servo Drives Pvt. Ltd. - Product / Service

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
Technavio

TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
Technavio

TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The railway traction motor market growth will increase by $2449.47 million during 2022-2026.
The railway traction motor market is expected to grow at a CAGR of 5% during 2022-2026.
Technavio has segmented the railway traction motor market by type (DC motors, AC motors, and Synchronous motors) and geographic (APAC, North America, Europe, Middle East and Africa, and South America).
ABB Ltd., ALSTOM SA, American Traction Systems, Bharat Heavy Electricals Ltd., Electric Motor Services Inc., HaslerRail AG, Hyundai Heavy Industries Group, Kirloskar Electric Co. Ltd., Medha Servo Drives Pvt. Ltd., Mitsubishi Electric Corp., PowerRail, Rotomac Electricals Pvt. Ltd., Saini Group, Sherwood Electromotion Inc., Siemens AG, Sulzer Ltd., Toshiba Corp., Traktionssysteme Austria GmbH, VEM Group, Wabtec Corp. are a few of the key vendors in the railway traction motor market.
APAC will register the highest growth rate of 41.01% among the other regions. Therefore, the railway traction motor market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the railway traction motor market growth are:
  • Railway infrastructure development in Asian countries
  • Emergence of battery-electric locomotives
The railway traction motor market vendors should focus on grabbing business opportunities from the dc motors segment as it accounted for the largest market share in the base year.
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