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The Global Traction Motors for Rolling Stocks Market size is predicted to reach $1.4 billion by 2032, growing at a CAGR of 3.6% during the forecast period 2023-2032 according to the latest market research report published by IndustryARC. Increasing emphasis on electrification and sustainability, technological advancements and performance enhancement, and market expansion in developing economies are poised to propel the market growth, finds IndustryARC in its recent report, titled “Traction Motors for Rolling Stocks Market Size, Share & Trends Analysis Report By Type [AC (Asynchronous Motor, Synchronous Motors), 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 (Conventional Diesel, Bio-Diesel, Hybrid Diesel), CNG & LNG based], By Train Type [Passenger Trains (High Speed Trains, Regional & Intercity, Commuter Trains/EMU & MEMU, Mono Rail, Metros/Subways, Light Rail), Goods Train (Departmental Trains, Work Trains, Through Goods Trains, Long Haul Goods Trains)], By Region and Segment Forecasts, 2023–2032”
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Asia-Pacific to Register Highest Growth:
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.
Traction Motors for Rolling Stocks Market 2023-2032: Segmentation
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Traction Motors for Rolling Stocks Market Report – Key Takeaways:
Above 1100V Segment Dominating the Market
The 1100V segment held a major market share of 58% in 2022. This remarkable surge can be attributed to burgeoning demand for higher voltage motors in modern rolling stock applications, emphasizing enhanced performance and efficiency. Industries seeking superior power capabilities, especially in high-speed and heavy-haul locomotives, propel the acceleration of this segment. The increased adoption of Above 1100V traction motors aligns with the evolving requirements for advanced rail transport, driving this segment’s rapid expansion in the market.
Pure Electric Segment to Register Highest Growth
Pure Electric is analyzed to grow with the highest CAGR of 3.3% during the forecast period. This surge is propelled by burgeoning demand for electric-powered locomotives, aligning with global initiatives towards sustainable transport solutions. The Pure Electric traction motors, known for their efficiency and environmental benefits, witness a surging adoption rate in the evolving landscape of rolling stock propulsion systems. With a focus on eco-friendly transport options and advancing technology, this segment spearheads the market’s upward momentum, solidifying its position as a driving force in the traction motor industry. According to United Nations, the global transport sector of the world economy contributes about 15% of Greenhouse Gas (GHG) emissions in the world.
Asia Pacific is Leading the Market
Asia Pacific region held a major market share of 46% in 2023. Boasting robust economic growth in countries like China and India, this region witnesses substantial investments in railway infrastructure. 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 August 2022, the Ministry of Transport of Thailand and Malaysia partnered to develop an HSR network across four ASEAN countries.
Rising Global Demand for Eco-Friendly Transport Fuels the Surge in Electric Rolling Stocks
The accelerating demand for environmentally conscious transportation has catalyzed the upsurge in electric rolling stocks, presenting a lucrative avenue for traction motors. This transformative shift harmonizes with sustainability goals, emphasizing cleaner and more efficient mobility solutions. Industry leaders such as Aisin and Alstom strategically harness this momentum, directing investments towards cutting-edge traction motor technologies. Their proactive approach not only meets but anticipates the mounting requirement for electric locomotives and trains, positioning them at the forefront of the burgeoning market for eco-friendly transportation solutions.
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Key Opportunity Analysis:
Hybrid Innovations
Innovative strides in hybrid locomotives, embracing diverse technologies like battery electric and hybrids, pave the way for traction motor market expansion. This diversified approach taps into evolving rolling stock preferences, fuelling opportunities for market growth. The integration of hybrid technologies injects dynamism, providing flexible solutions tailored to varied operational landscapes and diverse requirements. This adaptability not only stimulates growth but also aligns with the industry’s pursuit of versatile, efficient, and responsive solutions, setting the stage for enhanced traction motor adoption and market evolution.
Global Market Expansion
The burgeoning urbanization and infrastructural advancements in emerging economies like India signify vast potential for traction motors within the rolling stock market. India’s surging automobile industry harmonizes with the demand for modernized transportation, offering a prime avenue for traction motor manufacturers to penetrate burgeoning markets. This scenario enables them to expand their footprint, capitalize on the growing opportunities, and address the escalating need for cutting-edge rolling stock technologies. The confluence of India’s developmental trajectory and the evolution of its automotive landscape forms a promising arena for traction motor growth and market amplification.
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The Report also Covers the Following Areas:
Traction Motors for Rolling Stocks Market Size and Forecast
Traction Motors for Rolling Stocks Market Trends
Traction Motors for Rolling Stocks Market Analysis by Type
Traction Motors for Rolling Stocks Market 2023-2032: Key Highlights
CAGR of the market during the forecast period 2023-2032
Value Chain analysis of key stake holders
Detailed analysis of market drivers and opportunities during the forecast period
Traction Motors for Rolling Stocks Market size estimation and forecast
Analysis and predictions on end users’ behavior and upcoming trends
Competitive landscape and Vendor market analysis including offerings, developments, and financials
Comprehensive analysis of challenges and constraints in the Traction Motors for Rolling Stocks Market
Covid and Ukrainian Crisis Impact:
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.
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List of Key Market Players in Traction Motors for Rolling Stocks Market:
The Global Traction Motors for Rolling Stocks Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
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