Global Railway Traction Motor Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Railway Traction Motor Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Railway Traction Motor market finds that the global Railway Traction Motor market reached a value of USD 1336.96 million in 2022. It’s expected that the market will achieve USD 1593.59 million by 2028, exhibiting a CAGR of 2.97% during the forecast period.

The stagnation of railway projects and operations

Before the COVID-19 crisis, railway and transportation services were already operating with high levels of disruption-previous infrastructure and assets, crowded hubs, and outdated technology. Now, operators must also deal with declining passenger numbers and revenue, labor shortages and safety issues, and additional operating costs. This has also affected the upstream equipment supplier market, and the global railway traction motor market in 2020 may be adversely affected. The government's lockdown and necessary restrictive measures have stalled some railway projects and operations, causing challenges related to the supply chain. As a result, the use of railway traction motors has decreased.

The future trend of the railway traction motor market

The reduction in transactions caused by COVID-19 has also been extended to distribution networks and service channels. To mitigate these risks, railway traction motor suppliers should work closely with their main suppliers and service providers to ensure high quality and consistency, and smaller companies can also maintain solvency. In the long run, as railway traction motor suppliers strengthen their supply chains, end-user needs will shift to high reliability, convenient maintenance, stability, and comfort to reduce future risks in the railway transportation industry. Therefore, the railway traction motor market still exists Many opportunities.

Strength

Railway traction motors are gaining popularity because of its robust performance, and high durability. Owing to high performance of motors, they are used for propelling locomotives. Demand for railway traction motors is anticipated to surge on the back of progress in railroad technologies.
The increasing demand for rail logistics owing to the growing trade activities is one of the critical Strength that will drive the railway traction motor market growth in the coming years. Several factors such as the high efficiency of rail transport over road transport, less traffic congestion compared to highways, and the growth of intermodal transportation, are accelerating the global trade market through railways. Furthermore, rail freight transportation is also more fuel-efficient when compared to road transportation. With the growing trade activities through rail transport, the demand for railway traction motors will increase in the coming years, driving market growth.

Weakness

The cost of a traction motor is high due to the excessive cost incurred toward designing and manufacturing. Moreover, the technical expertise required to customize the motor increases the cost of production. It restricts the adoption of the railway traction; thereby, hampers the market growth.
The delay in the development and execution of railway projects is another factor hindering the growth of the global railway traction motor market. Railway projects, in general, are large and are a major cost sink for the local as well as the national economy owing to which delays in project implementation are frequent, and the time spread between planning, construction start, and completion at times is very wide. The uncertainty and fluctuation in railway investments and project execution are major challenges for the vendors of railway traction motor as they directly affect the demand for traction motors.

Region Overview:

Asia Pacific is projected to account for a considerable share of the Railway Traction Motor market and is expected to become the largest region by 2027.

Company Overview:

CRRC Zhuzhou Electric, CRRC Yongji Electric, Siemens, Bombardier, and Alstom are the five key players in the global Railway Traction Motor market. These companies have shown consistent growth in revenue, larger volumes of sales, and a prominent presence in terms of share in the global Railway Traction Motor market in the past 5 years.

CRRC Zhuzhou Electric

CRRC Zhuzhou Electric Co., Ltd. is a specialized research and development enterprise of traction motors and transformers under CRRC. It devotes its professionalism, high quality, and excellent cost performance to the fields of wind generators, industrial motors, and transformers by improving the technical efficiency of new power supplies.

CRRC Yongji Electric

CRRC Yongji Electric Co., Ltd. is a subsidiary of CRRC Corporation Limited. It is a national-level innovative enterprise specializing in the development of electric drive products and providing electric drive system solutions for global users. It is a professional traction electric drive system in the field of transportation and energy in China. Chemical research and development enterprises.

Segmentation Overview:

By type, AC Traction Motors segment accounted for the largest share of market in 2021.

DC Traction Motors

The DC traction motors was the mainstay of electric traction drives on both electric and diesel-electric rolling stock. The motor consists of two parts, a rotating armature and a fixed field. The fixed field consists of tightly wound coils of wire fitted inside the motor case. The armature is another set of coils wound round a central shaft. It is connected to the field through brushes which are spring loaded contacts pressing against an extension of the armature called the commutator. The commutator collects all the terminations of the armature coils and distributes them in a circular pattern to allow the correct sequence of current flow.

AC Traction Motors

AC traction motors have replaced DC motors in many traction applications. The motors used are induction or asynchronous motors designed to have characteristics suitable for traction. The speed and torque of the motor are controlled by varying the frequency, voltage and current applied to the stator coils.

PMSM

Permanent magnet synchronous motor (PMSM) has the performance required for traction motors and is more compact, lightweight, and efficient than induction motors. The permanent magnet synchronous motor is cross between an induction motor and a brushless DC motor. Like a brushless DC motor, it has a permanent magnet rotor and windings on the stator. However, the stator structure with windings constructed to produce a sinusoidal flux density in the airgap of the machine resembles that of an induction motor. Permanent magnet synchronous motors' power density is higher than induction motors with the same ratings since there is no stator power dedicated to magnetic field production.

Application Overview:

The market's largest segment by application is the segment Multiple Units, with a market share of 36.26% in 2021.

Key Companies in the global Railway Traction Motor market covered in Chapter 3:

Saini Group
Tulomsas
Toshiba
Skoda Transportation
Siemens
ABB
BHEL
CRRC Yongji Electric
Hitachi
CRRC Zhuzhou Electric
Xiangtan Electric
Mitsubishi Electric
Alstom
VEM Group
Bombardier
TSA
Toyo Denki

In Chapter 4 and Chapter 14.2, on the basis of types, the Railway Traction Motor market from 2018 to 2029 is primarily split into:

DC Traction Motors
AC Traction Motors
PMSM

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Railway Traction Motor market from 2018 to 2029 covers:

High-speed Trains
Multiple Units
Urban Systems
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)