PUNE, India, May 4, 2018 /PRNewswire/ --
According to a new market research report "Electric Traction Motor Market by Type (AC and DC), Power Rating (<200 kW, 200 kW to 400 kW, and >400 kW), Application (Railway, Electric Vehicles, Elevators, Conveyors, and Industrial Machinery), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global market is expected to grow from an estimated USD 12.41 Billion in 2018 to USD 28.51 Billion by 2023, at a CAGR of 18.10% during the forecast period. The market is set to witness significant growth due to the rising demand from railway sector and the increased demand for energy efficient motors. Moreover, the rising demand of electric vehicles offers promising business opportunity in the Electric Traction Motor Market.
Browse 61 Tables and 38 Figures spread through 129 Pages and in-depth TOC on "Electric Traction Motor Market"
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AC segment is expected to be the largest Electric Traction Motor Market segment, by type, in 2018.
The AC segment is expected to be the largest segment of the Electric Traction Motor Market, by type, in 2018. AC electric traction motors are widely used in the electric vehicles and railway application to provide propulsion and higher torque. Advantages of AC motor, such as less maintenance compared to DC motor, better speed acceleration, and higher efficiency are the key drivers for the growth of the AC Electric Traction Motor Market.
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The <200 kW segment accounts for the largest share of the Electric Traction Motor Market, by power rating, during the forecast period.
The <200 kW segment is expected to be the largest, by power rating, from 2018 to 2023. The factors driving the market for electric traction motors with a rated power <200 kW include vast implementation of these motors in electric vehicles and light rail vehicles such as trams, monorail, trolley lines, and street cars.
Asia Pacific: The largest Electric Traction Motor Market during the forecast period.
In this report, the Electric Traction Motor Market has been analyzed with respect to five regions, namely, Asia Pacific, North America, Europe, the Middle East & Africa, and South America. Asia Pacific is the largest Electric Traction Motor Market, by region, during the forecast period. Rising urbanization and proliferation of electrification, demand from the railway sector, and supportive government plans are expected to drive the market for electric traction motor in this region. China, India, and Japan are the leading countries contributing to the growth of the Electric Traction Motor Market in Asia Pacific.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Electric Traction Motor Market, such as CRRC (China), Alstom (France), TSA (Austria), Siemens (Germany), ABB (Switzerland), and Bosch (Germany).
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