Northbrook, IL -- (SBWire) -- 11/16/2021 --According to the new market research report "Electric traction motor Market by Type (AC and DC), Power Rating (Below 200 kW, 200-400 kW, and Above 400 kW), Application (Railways, Electric Vehicles, Elevators, Conveyors, and Industrial Machinery), and Region: Global Forecast to 2025" The electric traction motor market is expected to grow from an estimated market size of USD 14.2 billion in 2020 to USD 36.6 billion by 2025, at a CAGR of 20.9% during the forecast period.
The market is set to witness growth, due to the increase in demand for high-performance motors, favorable government policies and subsidies, and the rise in investments in the railway sector.
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The AC segment is expected to hold the largest share of the electric traction motor market, by type, during the forecast period
The AC segment is projected to be the largest market for electric traction motors, by type, during the forecast period. Earlier, DC motors were preferred for railway applications; however, AC motors are now increasingly being used due to modern power electronics. Compared to DC motors, AC motors are more efficient and easier to control.
Below 200 kW is expected to be the largest segment in the electric traction motor market, by power rating, in 2020
The below 200 kW segment is expected to hold the largest size of the electric traction motor market, by power rating during the forecast period. The large share of this segment can mainly be attributed to the extensive use of below 200 kW power rated motors in electric vehicles and light rail transit vehicles, which is expected to grow at a faster pace in the coming years.
The railways segment is expected to be the largest contributor to the electric traction motor market, by application, during the forecast period
The railway segment is expected to hold the largest size of the electric traction motor market, by application, during the forecast period. Electric traction motors are an essential part of railway trains. The railways segment is likely to dominate the market in the coming years due to the increased reliance of the railway industry on electric traction motors for enhanced speed control and high start-up torque.
This research report categorizes the electric traction motor market by type, power rating, application, and region.
By Type
AC
DC
By Power Rating
Below 200 kW
200-400 kW
Above 400 kW
By Application
Railways
Electric Vehicle
Others
By Region
North America
Europe
Asia Pacific
Middle East & Africa
South America
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Asia Pacific: Expected to be the leading market
Asia Pacific is expected to dominate the global electric traction motor market from 2020 to 2025. Rising investments in electric vehicles and the growing metro rail network in the region are likely to drive the demand for electric traction motors in Asia Pacific.
Key Market Players
The major players in the electric traction motor market include ABB (Switzerland), CG Power and Industrial Solutions (India), CRRC (China), GE (US), and Siemens (Germany).
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Electric Traction Motor Market to Witness Tremendous 20.9% CAGR by 2025
The increase in demand for high-performance motors, favorable government policies and subsidies, and the rise in investments in the railway sector are expected to drive the electric traction motor market during the forecast period.