The global railway traction motor market size is expected to reach a market valuation of USD 54,554 million by 2033. The market is expected to grow at a steady CAGR of 4.5%. The following are the major factors stimulating the industry growth:
| Attribute | Details |
|---|---|
| Railway Traction Motor Market Value (2023) | USD 35,128.8 million |
| Railway Traction Motor Market Forecast Value (2033) | USD 54,554 million |
| Railway Traction Motor Market CAGR (2023 to 2033) | 4.5% |
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The extensive application of electric motors in multiple application industries has resulted in the easy availability of advanced semiconductors, strong magnets, and other components. Multitudinous applications of traction motors in multiple electric units, locomotives, and heavy machinery have reduced the production and maintenance costs linked with railway traction motors.
Additionally, the magnetism and electrical principles that rule the functions of these traction motors have simplified their development and assembling. This, in turn, decreases the costs associated with maintenance and manufacturing. Therefore, the cost benefits related to the production and aftermarket facilities of railway motors are projected to propel market expansion.
The market is being augmented by the mounting investments in R&D to enhance railway systems across the globe. These investments are aimed at the significant transformation in the market to realize the potential of railway traction motors by introducing enhanced product features. Government initiatives to encourage the use of electric motors is projected to propel market expansion.
For instance, in June 2022, Shri Ashwini Vaishnaw launched Start-ups for Railways, a new Indian Railway Innovation Policy. This policy will upscale and provide efficiency in the field of maintenance, operation, and infrastructure through the participation of a huge untapped start-up ecosystem. This new Innovation Policy will deal with the production of an online Condition Monitoring System for the traction motors of 3rd-phase Electronic Locomotives.
The market is further being driven by the oncoming battery-electric locomotives. These locomotives do not require fossil fuel to produce power, thus discarding direct emissions, noise, exhaust gases, and fuel storage. Technological advancements in battery technologies have boosted investments in the production of battery-electric locomotives for practical applications.
Additionally, some manufacturers are providing railcars that club rechargeable batteries with supercapacitors for more effective operations. In 2021, FLXdrive battery-electric locomotive, the first-ever battery-electric freight train, underwent trials in California. The train has been engineered with 500 lithium-ion battery modules, which is predicted to cut down fuel consumption by 11%.
As per FMI, over the past half-decade, the global market value for railway traction motors witnessed a CAGR of 3.2%. In 2023, the market attained USD 35,128.8 million. The market has been driven by the surging demand for superior-performance motors. Additionally, the beneficial government subsidies and policies and increasing investments in the railway industry are supporting the market growth immensely.
Looking forward, the railway traction motor market is projected to grow further at a CAGR of 4.5% over the forecast period. The railway traction motors are beneficial in the case of heavy trains that need periodic and rapid accelerations. Additionally, the energy conservation offered by railway traction motors is projected to facilitate market growth over the forecast period.
| Attribute | Valuation |
|---|---|
| 2025 | USD 38,361.53 million |
| 2028 | USD 43,776.88 million |
| 2032 | USD 52,204.74 million |
Short Term (2023 to 2026): The extension of the railway network across the globe is being propelled by the increasing need to transport goods and products across larger distances. This is predicted to accelerate the demand for railway traction motors.
Medium Term (2026 to 2029): Upsurge in investments to bring transformation in the railway traction motor market. New releases by manufacturers with enhanced product features are projected to contribute towards market growth.
Long Term (2029 to 2033): Over the forecast period, there is an upsurge in the electrification of railway networks and the transformation of traditional diesel locomotives into electric locomotives. Along with this, the increasing installation of extended-capacity lithium-ion batteries to utilize them in traction power is providing lucrative opportunities to investors and market players.
Overall, the railway traction motor market is forecast to experience robust demand during the forecast period. The railway traction motor market share is estimated to reach USD 54,554 million by 2033 end.
| Historical CAGR (2017 to 2022) | Forecast CAGR (2023 to 2033) |
|---|---|
| 3.2% | 4.5% |
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The USA railway traction motor market is predicted to have a firm hold over the majority of the global market in the forecast period as well. The market is projected to account for an estimated 18.4% share of the overall market. Growing research studies and the development of improved versions of railway traction motors are expected to propel market expansion.
For instance, Vehicle Technologies Office (VTO) is encouraging R&D to boost the adoption of electric motors. Electric motors have reduced cost, weight, and volume and offer enhanced efficiency, performance, and reliability.
In Europe, Germany is projected to be a significant market, accounting for a market percentage of 5.3% over the forthcoming years. On the other hand, the United Kingdom is projected to grow at a CAGR of 3.5% in the next decade. Key manufacturers operating in the region develop motors for multiple rail vehicles, like trams, high-speed trains, and powerful locomotives.
The availability of high product quality certified to Q1 (highest quality rating from Deutsche Bahn) and ISO/TS 22163 (IRIS International Railway Industry Standard) is rising. This is projected to propel regional market growth.
In the Asia Pacific region, India is anticipated to emerge as the fastest-growing economy, exhibiting a CAGR of 4.4% over the forecast period. On December 2022, the Indian PM flagged off Vande Bharat Express, which is a connecting train for Nagpur and Bilaspur. This train is anticipated to provide comfortable travel with clean air-cooling sans dust to the traction motor of the train. Additionally, this train will also be environment-friendly as the ACs are projected to be 15% more energy efficient.
South Korea is an emerging market for railway traction motors. The demand for high-speed railways (HSR) is expanding across the globe, which is promoting increased connectivity via improved transportation and mass transit. Electric traction is coming up as the most efficient option for high-speed railways when compared with conventional traction techniques. The continued expansion of HSRs is projected to propel the market growth of railway traction motors in the country.
AC traction motor is projected to hold the major share of the market, accounting for about 44.3% over the forecast period. AC traction is a major improvement over the previous DC systems. The main benefits of AC traction include adhesion levels of about 100% higher than DC. Additionally, these are much more reliable and require fewer maintenance requirements.
Electric locomotives are witnessing a rise in the use of railway traction motors. These are used especially for routes with dense traffic, like suburban and urban railways. Besides, they are also employed in high-speed, long-distance lines that require electric traction to get up to speeds needed for inter-city travel. Additionally, the increasing need to curb carbon emissions is projected to catalyze the adoption of railway traction motors.
Key players active in railway traction motors are expanding their geographic foothold by expanding their overall reach in different regions. Additionally, favorable government policies in numerous countries supporting the expansion of railway networks are projected to generate lucrative growth prospects for manufacturers. Major providers of railway traction motors are releasing new, more complex models of railway traction motors, thus capturing more customers and market hold.
Key innovations recently observed in the market include:
| Attribute | Details |
|---|---|
| Market Size Value in 2023 | USD 35,128.8 million |
| Market Forecast Value in 2033 | USD 54,554 million |
| Forecast CAGR | 4.5% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion/million for Value |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacific; Oceania; Middle East and Africa (MEA); and Japan |
| Key Countries Covered | The United States, Canada, Brazil, Mexico, Argentina, Chile, Rest of LATAM, EU-4, The United Kingdom, Nordic, BENELUX, Russia, Rest of Europe, Australia, New Zealand, India, China, South Korea, ASEAN Countries, Rest of Asia Pacific, South Africa, GCC Countries, Turkey, Sub Saharan and Rest of MEA |
| Key Market Segments Covered | Type, Application, and Region |
| Key Companies Profiled | ABB Group; ALSTOM; Bharat Heavy Electricals Limited; Bombardier; Hyundai Rotem Company; Mitsubishi Electric Corporation; Saini Group; Siemens; Sulzer Ltd.; VEM Holding Group |
| Pricing | Available upon Request |
The market is valued at USD 35,128.8 million in 2023.
The market rose at a 3.2% CAGR from 2017 to 2022.
The market is estimated to develop a 4.5% CAGR through 2033.
The market is expected to reach USD 54,554 million in 2033.
AC traction motor is expected to accumulate a market share of 44.3% in 2033.
| Market Size 2023E | USD 4.1 Billion |
|---|---|
| Market Size 2033F | USD 6.1 Billion |
| Value CAGR (2023 to 2033) | 4.2% |
| Market Size (2022) | USD 3,843.4 Million |
|---|---|
| Market Size (2032) | USD 6,754.2 Million |
| Value CAGR (2022 to 2032) | 5.8% |
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Railway Traction Motor Market
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