Global Railway Traction Motor Market to Reach US$ 9.9 Billion by 2032, Impelled by Rapid Electrification of Railways

June 19, 2023 | Automotive Industry

According to the latest report by IMARC Group, titled "Railway Traction Motor Market Report by Type (DC Traction Motor, AC Traction Motor, Synchronous AC Traction Motor), Application (Diesel Locomotive, Electric Multiple Units, Electric Locomotives, Diesel-Electric Locomotives), and Region 2024-2032," the global railway traction motor market size reached US$ 7.1 Billion in 2023. A railway traction motor is an electric motor used to provide propulsion power to a train or locomotive. It is responsible for converting electrical energy into mechanical energy to drive the wheels of the train and propel it forward. It is a crucial component of electric and diesel-electric locomotives, as well as electric multiple units (EMUs) and electric trains. It is controlled by sophisticated power electronics systems that regulate the motor's speed and torque output. It enables regenerative braking, a feature that recovers and converts a portion of the train's kinetic energy back into electrical energy during braking. This energy can be fed back into the power grid or stored in onboard energy storage systems, thus improving overall energy efficiency.

Global Railway Traction Motor Market Trends:

The global market is primarily driven by the rapid electrification of railways. This can be attributed to the increasing investments in electrifying the existing rail lines and building new electrified lines to reduce emissions, increase energy efficiency, and improve overall operational performance. Moreover, the expansion of high-speed rail networks in various countries is another driver for the railway traction motor market as high-speed trains require powerful and efficient traction motors to achieve the necessary speeds. Also, the increasing demand for high-speed rail connectivity is fueling the demand for advanced traction motors that are capable of meeting the performance requirements of high-speed trains. Additionally, with the aging of existing rail networks and rolling stock fleets are aging, there has been a growing need for modernization and upgrades. Retrofitting older locomotives with electric or diesel-electric propulsion systems, including traction motors, is a cost-effective way to enhance performance, reduce emissions, and improve fuel efficiency, which is significantly supporting the market on the global level. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 9.9 Billion by 2032, exhibiting a CAGR of 3.6% during 2024-2032.

Market Summary:

On the basis of the type, the market has been categorized into DC, AC and synchronous AC traction motors.
Based on the application, the market has been segmented into diesel locomotive, electric multiple units, electric locomotives and diesel-electric locomotives.
Region wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include ABB Ltd, Alstom SA, CG Power and Industrial Solutions Limited (Murugappa Group), Hitachi Ltd., Hyundai Motor Company, Mitsubishi Electric Corporation, Saini Group, Siemens Aktiengesellschaft, Sulzer Ltd. and VEM Group.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Type, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	ABB Ltd, Alstom SA, CG Power and Industrial Solutions Limited (Murugappa Group), Hitachi Ltd., Hyundai Motor Company, Mitsubishi Electric Corporation, Saini Group, Siemens Aktiengesellschaft, Sulzer Ltd. and VEM Group.
Customization Scope	10% Free Customization
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Post-Sale Analyst Support	10-12 Weeks
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Global Railway Traction Motor Market to Reach US$ 9.9 Billion by 2032, Impelled by Rapid Electrification of Railways

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