Railway Traction Motor Market worth USD 47.2 billion by 2030

The Market Statsville Group (MSG) publishes the new report on the "Railway Traction Motor Market by Technique (Direct Current Traction Motor, Alternating Current Traction Motor, and Synchronous AC Traction Motor), by Type (Electric Multiple Unit, Electric Locomotive, Diesel Locomotive, and Diesel Electric Locomotive), by Region – Global Share and Forecast to 2030".

The global railway traction motor market size was USD 33.1 billion in 2021 and is estimated to reach USD 47.2 billion by 2030, growing at a CAGR of 4.1% over the forecast period. Significant transformation owing to increasing investment in research and development for enhancement of the railway system in the region will induce immense potential. It will provide enhanced product features for different applications. R&D represents a key trend stimulating the growth of the railway traction motor market. Government initiatives to promote electric motor usage will support the electric motor's demand. The combination of increasing investment in R&D and government initiatives is expected to provide major opportunities for the growth in the global railway traction motor market in future.

Global Railway Traction Motor Market Segmentation

The railway traction motor market has been bifurcated into the technique, type, and region.

• By Technique (Direct Current Traction Motor, Alternating Current Traction Motor, and Synchronous AC Traction Motor)
• By Type (Diesel Locomotive, Electric Multiple Unit, Electric Locomotive, and Diesel Electric Locomotive)
• By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa)

Diesel locomotive, by application, is estimated to hold the largest market share during the forecast period

The railway traction motor market is segmented based on application into diesel locomotives, electric multiple units, electric locomotives, and diesel-electric locomotives. In 2021, diesel locomotive had the largest market share of 45.1% in the global railway traction motor market. Diesel locomotives have been in use in railways for the past few decades. This locomotive uses the application of a diesel engine to power the traction motor installed in the coaches. The economies of scale available in manufacturing diesel engines for the diesel locomotives have led to a rise in popularity and offer operational efficiency compared to steam engines used earlier. The diesel locomotives occupied a significant market share before the efficient and superior electrical locomotives replaced them. However, diesel locomotives are still used in emerging economies for their antique values.

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Europe witnessed for the largest market share in the railway traction motor market

Based on the regions, the global railway traction motor market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, Europe accounted for the highest market share of 37.2% in the global railway traction motor market and was anticipated to maintain its dominance throughout the forecast period. In Europe, Germany had the largest market share in the railway traction motor market, whereas, France is the fastest-growing region during the forecast period. The European railway traction motors market is driven by the availability of state-of-the-art technologies for the production of traction motors and the rise in demand from other regions.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the railway traction motor market. It also consists of the profiles of leading companies such as ABB Group, Bombardier, ALSTOM, Saini Group, Siemens, Hyundai Rotem Company, Mitsubishi Electric Corporation, Sulzer Ltd., BHARAT HEAVY ELECTRICALS LIMITED (BHEL), and VEM Group.

Browse the complete report: https://www.marketstatsville.com/railway-traction-motor-market

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