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

Report Code: ESR 0890 Report Format: PDF + Excel

Traction Motors for Rolling Stocks Market Overview:

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.

Market Snapshot: 
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Traction Motors for Rolling Stocks Market - Report Coverage:

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.

AttributeSegment

By Type

  • AC

  • DC

By Power Range

  • <200 kw

  • 200 kw to 400 kw

  • >400 kw

By Voltage Range

  • Upto 750V

  • 751 to 1100V

  • Above 1100V

By Drive Type

  • Pure Electric

  • Diesel-Electric

  • CNG & LNG based

By Train Type

  • Passenger Trains

  • Goods Trains

By Geography

  • North America (U.S., Canada and Mexico)

  • Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe),

  • Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and Rest of Asia-Pacific),

  • South America (Brazil, Argentina, Chile, Colombia and Rest of South America)

  • Rest of the World (Middle East and Africa).


COVID-19 / Ukraine Crisis - Impact Analysis:

• 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.

Key Takeaways:

• Fastest Growth of Asia-Pacific Region
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.

• AC Segment to Register the Fastest 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.

• >400 KW segment is Leading the Market
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%.

• Increasing Emphasis on Electrification and Sustainability is a Significant Driver
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.

• Advancements in Traction Motor Technology is Enhancing the Market Growth
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.

• Raw Material Price Volatility Hamper the Market Growth
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.

 Traction Motors for Rolling Stocks Market Share (%) By Region, 2022
     
                                                                      
 
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Key Market Players:


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

Scope of the Report:

Report MetricDetails

Base Year Considered

2022

Forecast Period

2023–2032

CAGR

3.6%

Market Size in 2032

$1.4 billion

Segments Covered

By Type, By Power Range, By Voltage Range, By Drive Type, By Train Type and Region

Geographies Covered

North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, New Zealand and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa).

Key Market Players

  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


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1. Traction Motors for Rolling Stocks Market - Overview
    1.1. Definitions and Scope
2. Traction Motors for Rolling Stocks Market - Executive Summary
3. Traction Motors for Rolling Stocks Market - Comparative Analysis
    3.1. Company Benchmarking - Key Companies
    3.2. Global Financial Analysis - Key Companies
    3.3. Market Share Analysis - Key Companies
    3.4. Patent Analysis
    3.5. Pricing Analysis
4. Traction Motors for Rolling Stocks Market - Start-up Companies Scenario (Premium)
    4.1. Key Start-up Company Analysis by
        4.1.1. Investment
        4.1.2. Revenue
        4.1.3. Venture Capital and Funding Scenario
5. Traction Motors for Rolling Stocks Market – Market Entry Scenario Premium (Premium)
    5.1. Regulatory Framework Overview
    5.2. New Business and Ease of Doing Business Index
    5.3. Case Studies of Successful Ventures
6. Traction Motors for Rolling Stocks Market - Forces
    6.1. Market Drivers
    6.2. Market Constraints
    6.3. Market Challenges
    6.4. Porter's Five Force Model
        6.4.1. Bargaining Power of Suppliers
        6.4.2. Bargaining Powers of Customers
        6.4.3. Threat of New Entrants
        6.4.4. Rivalry Among Existing Players
        6.4.5. Threat of Substitutes
7. Traction Motors for Rolling Stocks Market – Strategic Analysis
    7.1. Value Chain Analysis
    7.2. Opportunities Analysis
    7.3. Market Life Cycle
8. Traction Motors for Rolling Stocks Market – by Type (Market Size – $Million/$Billion) 
    8.1. AC
        8.1.1. Asynchronous Motor
        8.1.2. Synchronous Motors
    8.2. DC
9. Traction Motors for Rolling Stocks Market – by Power Range (Market Size – $Million/$Billion)
    9.1. <200 kw
    9.2. 200 kw to 400 kw
    9.3. >400 kw
10. Traction Motors for Rolling Stocks Market – by Voltage Range (Market Size – $Million/$Billion) 
    10.1. Upto 750V
    10.2. 751 to 1100V
    10.3. Above 1100V
11. Traction Motors for Rolling Stocks Market – by Drive Type (Market Size – $Million/$Billion) 
    11.1. Pure Electric
    11.2. Diesel-Electric
         11.2.1. Conventional Diesel
         11.2.2. Bio-Diesel
         11.2.3. Hybrid Diesel
    11.3. CNG & LNG based
12. Traction Motors for Rolling Stocks Market – by Train Type (Market Size – $Million/$Billion) 
    12.1. Passenger Trains 
         12.1.1. High Speed Trains
         12.1.2. Regional & Intercity 
         12.1.3. Commuter Trains/EMU & MEMU
         12.1.4. Mono Rail
         12.1.5. Metros/Subways
         12.1.6. Light Rail
    12.2. Goods Train
         12.2.1. Departmental Trains
         12.2.2. Work Trains
         12.2.3. Through Goods Trains
         12.2.4. Long Haul Goods Trains
13. Traction Motors for Rolling Stocks Market – by Geography (Market Size – $Million/$Billion) 
    13.1. North America
        13.1.1. The U.S.
        13.1.2. Canada
        13.1.3. Mexico
    13.2. Europe
        13.2.1. UK
        13.2.2. Germany
        13.2.3. France
        13.2.4. Italy
        13.2.5. Spain
        13.2.6. Russia
        13.2.7. Rest of Europe
    13.3. Asia-Pacific
        13.3.1. China
        13.3.2. India
        13.3.3. Japan
        13.3.4. South Korea
        13.3.5. Australia & New Zealand
        13.3.6. Rest of Asia-Pacific
    13.4. South America
        13.4.1. Brazil
        13.4.2. Argentina
        13.4.3. Chile
        13.4.4. Colombia
        13.4.5. Rest of South America
    13.5. Rest of the World
        13.5.1. Middle East
        13.5.2. Africa
14. Traction Motors for Rolling Stocks Market – Entropy
15. Traction Motors for Rolling Stocks Market – Industry/Segment Competition Landscape Premium 
    15.1. Market Share Analysis
        15.1.1. Market Share by Product Type – Key Companies
        15.1.2. Market Share by Region – Key Companies
        15.1.3. Market Share by Country – Key Companies
    15.2. Competition Matrix
    15.3. Best Practices for Companies
16. Traction Motors for Rolling Stocks Market – Key Company List by Country Premium Premium 
17. Traction Motors for Rolling Stocks Market - Company Analysis
    17.1. Traktionssysteme Austria
    17.2. ABB Group
    17.3. Siemens
    17.4. Hitachi
    17.5. Mitsubishi 
    17.6. ALSTOM
    17.7. BHEL
    17.8. Bombardier
    17.9. CG Power & Industrial Solutions Ltd.
    17.10. Toshiba

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The Traction Motors for Rolling Stocks Market is projected to grow at 3.6% CAGR during the forecast period 2023-2032.

Global Traction Motors for Rolling Stocks Market size is estimated to be $0.9 billion in 2022 and is projected to reach $1.4 billion by 2032

The leading players in the Traktionssysteme Austria, ABB Group, Siemens, Hitachi, Mitsubishi\\\\r\\\\nand others.\\\\r\\\\n

The major trends shaping the Traction Motors for Rolling Stocks Market include increased focus on electric and hybrid vehicles, rising demand for sustainable transport solutions, technological advancements for energy efficiency, and burgeoning urbanization driving the need for modernized transportation systems.

The driving factors for Traction Motors in Rolling Stocks entail increasing urbanization, government investments in railways, rising demand for electrified transportation, and a burgeoning emphasis on sustainable solutions, creating significant market opportunities.