International. In the recent report, Straits Research outlines the growth of the global traction motor market
Electric motors are widely used and appreciated in various industries, making high-tech semiconductors, powerful magnets, and other components for their production readily available. In addition, the production and maintenance cost for railway traction motors has been reduced due to the numerous applications of these motors in locomotives, electric units, and heavy machinery in industrial and OEM settings.
In addition to other electric vehicles (such as electric milk carts, elevators, roller coasters, transporters, and trolleybuses), traction motors are also used in vehicles with electric drive systems (such as hybrid electric vehicles and battery-powered vehicles) and electric rail vehicles.
The rotational force generated by the traction motors is transferred to the wheels by the drive unit and axle. Traction motors are usually mounted on trucks where the wheels are located. Standout features include: low maintenance to keep dust out, complete sealing of the building to minimize noise, and high reliability achieved by welding the rotor rod and integrating the stator using high-frequency heating.
Low manufacturing and maintenance costs drive the market. According to Straits Research, the global traction motor market size was estimated at $15.87 billion in 2022 and is projected to reach $51.2 billion by 2031, growing at a compound annual growth rate of 13.9% during the forecast period (2023–2031).
This is because electric motors are popular and widely used in many different industries, making it easy to find the high-tech semiconductors, powerful magnets, and other parts needed to produce them. The numerous applications of traction motors in locomotives, electric units, and heavy machinery in industrial and OEM settings have also decreased the cost of production and maintenance for railway traction motors.
The electrical and magnetic principles that govern the operation of these traction motors have also made them easier to build and assemble than other conventional power sources, resulting in lower production and maintenance costs. Therefore, the economic advantages of traction motor production and after-sales services are expected to drive the growth of the market in the coming years.
Traction motors are now an essential component of railway locomotives as a result. The popularity of subway locomotives, especially in urban areas, is also expected to increase the demand for traction motors during the forecast period.
Increased investment in research and development creates opportunities. The regional rail system will change significantly due to increased spending on research and development, which will open up many opportunities and improve product characteristics for various uses.
The railway traction motor market is growing due to a significant trend called research and development. The demand for electric motors will be supported by government initiatives to encourage their use. The market is expected to grow significantly due to increasing research and development spending and government initiatives.
In addition, the development and modernization of infrastructure being carried out by several countries around the world is impacting the performance of traction motor manufacturers. This improvement of the infrastructure and the upgrade of engines are complemented by the investments made by governments and various companies. Any changes in investments have a direct impact on business performance.
Regional Analysis:
The share in the Asia Pacific traction motor market is anticipated to grow at a compound annual growth rate of 14.3% during the forecast period. There are numerous major players and significant regional investments have been made in electric traction motors. The success of numerous companies operating in the Asia Pacific region, such as Hitachi, Hyundai, CRRC, and Toshiba, is driving expansion.
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