Harrisburg, NC -- (SBWire) -- 10/28/2020 --Global Electric Traction Motor Market Research Report published by market insight reports explores the current outlook in Global and key regions from the perspective of Major Players, Countries, Product types and end industries. This report analyzes top players in the Global market, and divides the Market into several parameters.
This Electric Traction Motor Market research report identifies the competitive landscape of industries to understand the competition at International level. This report study describes the projected growth of the Global market for approaching years from 2019 to 2025. This research report has been aggregated on the basis of static and dynamic aspects of the businesses.
The electric traction motor market is expected to grow at a CAGR of around 15% during the forecast period. Factors such as increasing demand for high-performance electric traction motors, favorable government policies and subsidies for electric vehicles, and an increase in railway electrification projects are likely to drive the drive. However, price volatility of raw materials such as copper and aluminum, and safety and reliability concerns are significant factors that are expected to hinder the market growth during the forecast period.
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The prominent players in the Global Electric Traction Motor Market:
ABB Ltd, Siemens AG, General Electric Company, Kirloskar Electric Company Ltd, CG Power and Industrial Solutions Ltd, CRRC Corporation Limited, Alstom SA, Traktionssysteme Austria (TSA) GmbH, Skoda Transportation AS, and Robert Bosch GmbH. and Others.
Key Market Trends: -
Electric Vehicle to Witness Significant Growth
- During the last three years, the electric vehicle (EV) market has witnessed significant growth due to the need to address future energy requirements. The need to attain sustainable transportation plays a vital role in driving electric vehicle demand.
- The EV market is coming up as an integral part of the automotive industry. It represents a pathway toward achieving energy efficiency, along with reduced emission of pollutants and other greenhouse gases.
- Electric vehicles are expanding at a rapid pace. In 2018, the global electric vehicle population exceeded 5.1 million, up by nearly 2 million from the previous year. The primary factor behind the growth is the high price of fossil fuels and subsidies provided by various governments to buy an EV vehicle.
- Technology advancement delivers substantial cost cuts and is expected to reduce the cost of an electric vehicle in the coming years. As per industry experts, with battery technology advancement, the cost of electric vehicles can be reduced.
- Moreover, with the association of private entities and various research and development centers, the electric vehicles market and electric traction motor market are likely to increase during the upcoming year.
Asia-Pacific to Dominate the Market
- With its large fleet of electric vehicles, rail, and metro projects, Asia-Pacific is one of the significant regions that is estimated to have the highest demand for electric traction motor.
- China, India, Japan, and South Korea are the dominating countries in the region and are growing rapidly in electrification projects.
- With the rapid urbanization, China is planning to reduce pollution from its road transport vehicles. At the same time, it also intends to reduce the countrys dependence on hydrocarbon imports and support the development of the industrial sector.
- China is the largest electric vehicle market globally, with a sales unit of nearly 2.3 million until 2018. China leaped in 2018, with 1.1 million EV sales.
- Apart from EV, China is transforming its railway projects from conventional fossil fuel engines to electric engines. As of 2018, nearly 73% of the China passenger movement is done by high-speed or urban trains.
- India, on the other hand, is on a transition phase to electrify the entire railway sector. As per the government, by 2024, India is determined to transform the entire railway network to electricity.
Significant Features that are under Offering and Key Highlights of the Reports:
– Detailed overview of Electric Traction Motor Market
– Changing market dynamics of the industry
– In-depth market segmentation by Type, Application etc.
– Historical, current and projected market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of Electric Traction Motor Market
– Strategies of key players and product offerings
– Potential and niche segments/regions exhibiting promising growth
Browse in-depth and report summary TOC on "Electric Traction Motor Market":
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Finally, the Electric Traction Motor market report offers a complete and detailed study of Global Electric Traction Motor market by using numerous analytical tools and models such as SWOT analysis, investment return analysis, and porter's five forces analysis which are useful for beginners to access the upcoming opportunities. After exploring the market insights through primary and secondary research methodologies, if anything is required except than this, market insight reports will provide customization as per specific demands.
Note: - All the reports that we list have been tracking the impact of COVID-19 the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.
Electric Traction Motor Market Detailed Outlook 2020 : ABB Ltd, Siemens AG, General Electric Company