Traction Motors for Rolling Stocks Market - Forecast(2024 - 2030)

Traction Motors for Rolling Stocks Market size is estimated to reach $1.4 billion by 2032, growing at a CAGR of 3.6% during the forecast period 2023-2032. Increasing emphasis on electrification and sustainability, technological advancements and performance enhancement and market expansion in developing economies are propelling the traction motors for rolling stocks market growth.

Moreover, Emerging economies like India are witnessing rapid urbanization, driving the need for modernized transportation systems and infrastructural developments, presenting significant growth opportunities. In 2023, Alstom, global leader in smart and sustainable mobility, has successfully delivered 300 electric locomotives to the Indian Railways. Additionally, technological advancements in the automotive industry and the surging demand for sustainable transport solutions are propelling the traction motors market's expansion worldwide. The market's trajectory is heavily influenced by developments in the automotive sector, sustainable initiatives, stringent regulations, and the ongoing pursuit of advanced technologies to cater to the evolving demands of the railway industry. As such, it remains a dynamic sector with considerable growth potential globally. Key factors influencing this market include the burgeoning demand for electric and hybrid vehicles in the transportation sector, emphasizing eco-friendly and energy-efficient solutions. Manufacturers are focusing on enhancing motor efficiency, reducing energy consumption, and integrating advanced technologies to meet stringent emission regulations and offer cost-effective solutions. These factors positively influence the Traction Motors for Rolling Stocks industry outlook during the forecast period.

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The “Traction Motors for Rolling Stocks Market Report - Forecast (2023-2032)” by IndustryARC, covers an in-depth analysis of the following segments in the Traction Motors for Rolling Stocks Market.

• The COVID-19 pandemic significantly disrupted the Traction Motors for Rolling Stocks Market, causing supply chain disruptions, production slowdowns, and delayed infrastructure projects. Reduced investments, operational challenges, and uncertain market conditions resulted in a temporary decline in demand and growth limitations.

• The Russia-Ukraine war impacts the Traction Motors for Rolling Stocks Market due to disruptions in the global supply chain, affecting the availability of critical components like rare earth metals. Escalating tensions lead to material shortages, price volatility, and potential production delays, impacting the market's stability and operations.

Geographically, in the global Traction Motors for Rolling Stocks market share, Asia-Pacific is analyzed to grow with the highest CAGR of 4.5% during the forecast period 2023-2032. Boasting robust economic growth in countries like China and India, this region witnesses substantial investments in railway infrastructure. According to International Union of Railways Growth in freight traffic recorded by rail operators in Asia with +7% tonne-kilometres for CR (China) when compared to 2021, +4% for IR (India), +5% for KTZ (Kazakhstan), +11% for DSVN (Vietnam), +16% for KTM (Malaysia) and +54% for SCR (Armenia). This surge in development propels the demand for traction motors, driven by the expanding railway networks and initiatives for modernization, securing Asia-Pacific's dominant position in the market's accelerated growth.

In the Traction Motors for Rolling Stocks Market analysis, the AC segment is estimated to grow with the highest CAGR of 3.3% during the forecast period. This expansion is primarily fuelled by heightened demand for both Asynchronous and Synchronous Motors, illustrating a substantial shift towards efficient, reliable, and high-performance electric traction systems. The surge in AC traction motor adoption, with its advanced features and increased efficiency, is attributed to its superior operational characteristics, meeting the evolving requirements of the rolling stock industry. AC motors offer simplicity, cost-effectiveness, and ease of maintenance, making them increasingly preferred for their suitability in various urban transportation systems, driving their rapid expansion within the rolling stock industry. According to the Urban Affairs Minister of India, nearly 740 km or so of metro lines are operational in various cities in India and the network span is "steadily scheduled to rise" to about 900 km by 2022.

According to the Traction Motors for Rolling Stocks Market forecast, the >400KW held the largest market share of 62% in 2022. Its prominence arises from catering to the growing demand for high-powered motors crucial in modern rail transport systems. These motors offer enhanced efficiency, providing robust propulsion for trains, especially in heavy-haul freight and high-speed passenger applications. With an increasing emphasis on electrification and performance, the 400 KW segment meets the industry's need for powerful traction motors, aligning with the evolving requirements of contemporary railway networks. According to Government of India, 6,542 RKMs has been achieved in IR history during 2022-23. Previous highest electrification was 6,366 RKM during 2021-22, registering an increase of 2.76%.

The accelerating drive for electrification in transportation, notably in railways, propels the Traction Motors for Rolling Stocks market. Worldwide, governments and industries prioritize sustainable mobility solutions, triggering heightened demand for electric traction motors. These motors enable energy-efficient train operations, aligning with global sustainability goals. As the world shifts toward eco-friendly transportation, the surge in demand for these motors underscores the industry's commitment to fostering greener and more efficient railway systems. In February, 2023 German operator Hessische Landesbahn has ordered three battery trains from Siemens Mobility for a railway pilot project in Upper and Lower Westerwald.

Ongoing advancements in traction motor technology fuel market expansion. Evolution in motor topologies and control systems aims to boost efficiency, reliability, and performance. These innovations empower rolling stock applications with heightened speeds, augmented torque, and decreased energy consumption. This continual progress reflects the industry's commitment to enhancing traction motors, ensuring more effective and dependable railway operations.

The erratic swings in raw material prices, notably copper and steel integral to traction motor fabrication, present a substantial hurdle. This price volatility directly influences manufacturing expenses, creating ripples across traction motor makers' profitability and pricing approaches. The constant flux forces companies to reassess operational costs and adapt pricing strategies swiftly. The inherent challenge lies in managing the impact on production margins while ensuring competitive market positions amidst volatile material costs.

     

                                                                      

 

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Traction Motors for Rolling Stocks Market. The top 10 companies in this industry are listed below:

1. Traktionssysteme Austria

2. ABB Group

3. Siemens

4. Hitachi

5. Mitsubishi 

6. ALSTOM

7. BHEL

8. Bombardier

9. CG Power & Industrial Solutions Ltd.

10. Toshiba