Enjoy complimentary customisation on priority with our Enterprise License!
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:
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.
Download the Free Report Sample to Unlock the Railway Traction Motor Market Size for the Forecast Period and Other Important Statistics
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.
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.
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.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
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.
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.
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.
For more insights on the market share of various regions Request for a FREE sample now!
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.
To gain further insights on the market contribution of various segments Request for a FREE sample
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 |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.