Railway Traction Motor Market Growth 2024, Rising Trends, Demand, Revenue, Challenges, Future Opportunities and Forecast Analysis till 2033: SPER Market Research
Railway Traction Motor Market is projected to be worth USD 55.81 billion by 2033 and is anticipated to surge at a CAGR of 4.63%.
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An electric motor that transforms electrical energy into torque energy and is coupled to a shaft to produce linear motion is known as a traction motor in railroads. Traction motors are electrically powered devices that turn the train's wheels. The driving gear unit and axle transfer the turning force generated by traction motors to the wheels. Usually, traction motors are installed in the rolling stocks of railroads, which house the wheels. fewer parts for fewer things that need to be maintained less frequently. Railway traction motor noise levels are kept low by improved auxiliary devices including cooling fans and a fully sealed structure, which improves overall performance and longevity in challenging conditions.
According to SPER Market Research, ‘Railway Traction Motor Market Size- By Type, By Application - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Global Railway Traction Motor Market is estimated to reach USD 55.81 billion by 2033 with a CAGR of 4.63%.
Drivers:
The distribution of funds to promote the railway sector and the promotion of research and development are the main drivers of industry growth. Traction motors are being used in railway engines more frequently because of their performance-enhancing qualities, which lower manufacturing and maintenance costs and emit fewer emissions. Metro locomotives are becoming more and more popular, especially in cities, and are the best option for long-distance mass transportation of goods and products because of their economical fuel use. The market is expected to grow due to the overall cost-effectiveness of railway traction motor production and maintenance, as well as the facilities of railway motors. Furthermore, the global railway traction motor market would see lucrative growth opportunities due to government initiatives.
Restraints:
Despite its encouraging growth potential, the global railway traction motor market is subject to some limitations. The high initial cost of electric vehicles, which is mostly caused by the high cost of battery technology and the intricate manufacturing procedures involved in electric traction motors, is one major barrier. Consumer acceptance is hampered by a short driving range and the requirement for regular charging facilities. The widespread adoption of electric vehicles is also hampered by the fact that charging facilities are still not widely available or accessible in many areas. Environmental issues are also raised by worries about battery recycling and disposal. Additionally, the charging infrastructure becomes increasingly complex due to the absence of standardisation in charging protocols and connector types, which hinders the market's expansion.
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The COVID-19 epidemic caused a major setback for the global railway traction motor market. Lockdowns were imposed by governments all over the world to stop the virus's spread, which led to a decline in the use of railway traction motors. A number of railway projects and activities were also delayed as a result of this circumstance, which also had an impact on important supply chain operations. Significant effects were felt by railway rolling stocks, including diesel locomotives, electric multiple units, and diesel-electric locomotives. Additionally, impacted were accessory devices such as DC traction motors, cooling fans, and emission control systems. Therefore, the aforementioned constraints have hindered market growth during the COVID-19.
Asia Pacific dominated the Global Railway Traction Motor Market due to rising investments in the development of rail infrastructure. Major players in the market are ABB Group, ALSTOM, BHEL, Bombardier, Hyundai Rotem Company.
Railway Traction Motor Market Segmentation:
By Type: Based on the Type, Global Railway Traction Motor Market is segmented as; DC Traction Motor, AC Traction Motor, Synchronous AC Traction Motor.
By Application: Based on the Application, Global Railway Traction Motor Market is segmented as; Diesel Locomotive, Electric Multiple Units, Electric Locomotives, Diesel-Electric Locomotives.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
For More Information, refer to below link: –
Railway Traction Motor Market Outlook
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