The global railway traction motor market size is expected to reach a market valuation of US$ 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) | US$ 35,128.8 million |
| Railway Traction Motor Market Forecast Value (2033) | US$ 54,554 million |
| Railway Traction Motor Market CAGR (2023 to 2033) | 4.5% |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
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.
Principal Consultant
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 US$ 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 | US$ 38,361.53 million |
| 2028 | US$ 43,776.88 million |
| 2032 | US$ 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 US$ 54,554 million by 2033 end.
| Historical CAGR (2017 to 2022) | Forecast CAGR (2023 to 2033) |
|---|---|
| 3.2% | 4.5% |
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
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 | US$ 35,128.8 million |
| Market Forecast Value in 2033 | US$ 54,554 million |
| Forecast CAGR | 4.5% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | US$ 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 |
|
| Pricing | Available upon Request |
The market is valued at US$ 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 US$ 54,554 million in 2033.
AC traction motor is expected to accumulate a market share of 44.3% in 2033.
1. Executive Summary | Railway Traction Motor Market 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Product Life Cycle Analysis 3.5. Supply Chain Analysis 3.5.1. Supply Side Participants and their Roles 3.5.1.1. Producers 3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers) 3.5.1.3. Wholesalers and Distributors 3.5.2. Value Added and Value Created at Node in the Supply Chain 3.5.3. List of Raw Material Suppliers 3.5.4. List of Existing and Potential Buyer’s 3.6. Investment Feasibility Matrix 3.7. Value Chain Analysis 3.7.1. Profit Margin Analysis 3.7.2. Wholesalers and Distributors 3.7.3. Retailers 3.8. PESTLE and Porter’s Analysis 3.9. Regulatory Landscape 3.9.1. By Key Regions 3.9.2. By Key Countries 3.10. Regional Parent Market Outlook 3.11. Production and Consumption Statistics 3.12. Import and Export Statistics 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 4.1. Historical Market Size Value (US$ million) & Volume (Units) Analysis, 2018 to 2022 4.2. Current and Future Market Size Value (US$ million) & Volume (Units) Projections, 2023 to 2033 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ million) & Volume (Units) Analysis By Type, 2018 to 2022 5.3. Current and Future Market Size Value (US$ million) & Volume (Units) Analysis and Forecast By Type, 2023 to 2033 5.3.1. DC Traction Motor 5.3.2. AC Traction Motor 5.3.3. Synchronous AC Traction Motor 5.4. Y-o-Y Growth Trend Analysis By Type, 2018 to 2022 5.5. Absolute $ Opportunity Analysis By Type, 2023 to 2033 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ million) & Volume (Units) Analysis By Application, 2018 to 2022 6.3. Current and Future Market Size Value (US$ million) & Volume (Units) Analysis and Forecast By Application, 2023 to 2033 6.3.1. Diesel Locomotive 6.3.2. Electric Multiple Units 6.3.3. Electric Locomotives 6.3.4. Diesel-Electric Locomotives 6.4. Y-o-Y Growth Trend Analysis By Application, 2018 to 2022 6.5. Absolute $ Opportunity Analysis By Application, 2023 to 2033 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. Introduction 7.2. Historical Market Size Value (US$ million) & Volume (Units) Analysis By Region, 2018 to 2022 7.3. Current Market Size Value (US$ million) & Volume (Units) Analysis and Forecast By Region, 2023 to 2033 7.3.1. North America 7.3.2. Latin America 7.3.3. Europe 7.3.4. Asia Pacific 7.3.5. Middle East and Africa (MEA) 7.4. Market Attractiveness Analysis By Region 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 8.1. Historical Market Size Value (US$ million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 8.2. Market Size Value (US$ million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 8.2.1. By Country 8.2.1.1. The USA 8.2.1.2. Canada 8.2.2. By Type 8.2.3. By Application 8.3. Market Attractiveness Analysis 8.3.1. By Country 8.3.2. By Type 8.3.3. By Application 8.4. Key Takeaways 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9.1. Historical Market Size Value (US$ million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 9.2. Market Size Value (US$ million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 9.2.1. By Country 9.2.1.1. Brazil 9.2.1.2. Mexico 9.2.1.3. Rest of Latin America 9.2.2. By Type 9.2.3. By Application 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Type 9.3.3. By Application 9.4. Key Takeaways 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10.1. Historical Market Size Value (US$ million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 10.2. Market Size Value (US$ million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 10.2.1. By Country 10.2.1.1. Germany 10.2.1.2. The United Kingdom 10.2.1.3. France 10.2.1.4. Spain 10.2.1.5. Italy 10.2.1.6. Rest of Europe 10.2.2. By Type 10.2.3. By Application 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Type 10.3.3. By Application 10.4. Key Takeaways 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11.1. Historical Market Size Value (US$ million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 11.2. Market Size Value (US$ million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 11.2.1. By Country 11.2.1.1. China 11.2.1.2. Japan 11.2.1.3. South Korea 11.2.1.4. Singapore 11.2.1.5. Thailand 11.2.1.6. Indonesia 11.2.1.7. Australia 11.2.1.8. New Zealand 11.2.1.9. Rest of Asia Pacific 11.2.2. By Type 11.2.3. By Application 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Type 11.3.3. By Application 11.4. Key Takeaways 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12.1. Historical Market Size Value (US$ million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 12.2. Market Size Value (US$ million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 12.2.1. By Country 12.2.1.1. GCC Countries 12.2.1.2. South Africa 12.2.1.3. Israel 12.2.1.4. Rest of MEA 12.2.2. By Type 12.2.3. By Application 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Type 12.3.3. By Application 12.4. Key Takeaways 13. Key Countries Market Analysis 13.1. The USA 13.1.1. Pricing Analysis 13.1.2. Market Share Analysis, 2022 13.1.2.1. By Type 13.1.2.2. By Application 13.2. Canada 13.2.1. Pricing Analysis 13.2.2. Market Share Analysis, 2022 13.2.2.1. By Type 13.2.2.2. By Application 13.3. Brazil 13.3.1. Pricing Analysis 13.3.2. Market Share Analysis, 2022 13.3.2.1. By Type 13.3.2.2. By Application 13.4. Mexico 13.4.1. Pricing Analysis 13.4.2. Market Share Analysis, 2022 13.4.2.1. By Type 13.4.2.2. By Application 13.5. Germany 13.5.1. Pricing Analysis 13.5.2. Market Share Analysis, 2022 13.5.2.1. By Type 13.5.2.2. By Application 13.6. The United Kingdom 13.6.1. Pricing Analysis 13.6.2. Market Share Analysis, 2022 13.6.2.1. By Type 13.6.2.2. By Application 13.7. France 13.7.1. Pricing Analysis 13.7.2. Market Share Analysis, 2022 13.7.2.1. By Type 13.7.2.2. By Application 13.8. Spain 13.8.1. Pricing Analysis 13.8.2. Market Share Analysis, 2022 13.8.2.1. By Type 13.8.2.2. By Application 13.9. Italy 13.9.1. Pricing Analysis 13.9.2. Market Share Analysis, 2022 13.9.2.1. By Type 13.9.2.2. By Application 13.10. China 13.10.1. Pricing Analysis 13.10.2. Market Share Analysis, 2022 13.10.2.1. By Type 13.10.2.2. By Application 13.11. Japan 13.11.1. Pricing Analysis 13.11.2. Market Share Analysis, 2022 13.11.2.1. By Type 13.11.2.2. By Application 13.12. South Korea 13.12.1. Pricing Analysis 13.12.2. Market Share Analysis, 2022 13.12.2.1. By Type 13.12.2.2. By Application 13.13. Singapore 13.13.1. Pricing Analysis 13.13.2. Market Share Analysis, 2022 13.13.2.1. By Type 13.13.2.2. By Application 13.14. Thailand 13.14.1. Pricing Analysis 13.14.2. Market Share Analysis, 2022 13.14.2.1. By Type 13.14.2.2. By Application 13.15. Indonesia 13.15.1. Pricing Analysis 13.15.2. Market Share Analysis, 2022 13.15.2.1. By Type 13.15.2.2. By Application 13.16. Australia 13.16.1. Pricing Analysis 13.16.2. Market Share Analysis, 2022 13.16.2.1. By Type 13.16.2.2. By Application 13.17. New Zealand 13.17.1. Pricing Analysis 13.17.2. Market Share Analysis, 2022 13.17.2.1. By Type 13.17.2.2. By Application 13.18. GCC Countries 13.18.1. Pricing Analysis 13.18.2. Market Share Analysis, 2022 13.18.2.1. By Type 13.18.2.2. By Application 13.19. South Africa 13.19.1. Pricing Analysis 13.19.2. Market Share Analysis, 2022 13.19.2.1. By Type 13.19.2.2. By Application 13.20. Israel 13.20.1. Pricing Analysis 13.20.2. Market Share Analysis, 2022 13.20.2.1. By Type 13.20.2.2. By Application 14. Market Structure Analysis 14.1. Competition Dashboard 14.2. Competition Benchmarking 14.3. Market Share Analysis of Top Players 14.3.1. By Regional 14.3.2. By Type 14.3.3. By Application 15. Competition Analysis 15.1. Competition Deep Dive 15.1.1. ABB Group 15.1.1.1. Overview 15.1.1.2. Product Portfolio 15.1.1.3. Profitability by Market Segments 15.1.1.4. Sales Footprint 15.1.1.5. Strategy Overview 15.1.1.5.1. Marketing Strategy 15.1.1.5.2. Product Strategy 15.1.1.5.3. Channel Strategy 15.1.2. Alstom 15.1.2.1. Overview 15.1.2.2. Product Portfolio 15.1.2.3. Profitability by Market Segments 15.1.2.4. Sales Footprint 15.1.2.5. Strategy Overview 15.1.2.5.1. Marketing Strategy 15.1.2.5.2. Product Strategy 15.1.2.5.3. Channel Strategy 15.1.3. BHEL 15.1.3.1. Overview 15.1.3.2. Product Portfolio 15.1.3.3. Profitability by Market Segments 15.1.3.4. Sales Footprint 15.1.3.5. Strategy Overview 15.1.3.5.1. Marketing Strategy 15.1.3.5.2. Product Strategy 15.1.3.5.3. Channel Strategy 15.1.4. Bombardier 15.1.4.1. Overview 15.1.4.2. Product Portfolio 15.1.4.3. Profitability by Market Segments 15.1.4.4. Sales Footprint 15.1.4.5. Strategy Overview 15.1.4.5.1. Marketing Strategy 15.1.4.5.2. Product Strategy 15.1.4.5.3. Channel Strategy 15.1.5. Hyundai Rotem Company 15.1.5.1. Overview 15.1.5.2. Product Portfolio 15.1.5.3. Profitability by Market Segments 15.1.5.4. Sales Footprint 15.1.5.5. Strategy Overview 15.1.5.5.1. Marketing Strategy 15.1.5.5.2. Product Strategy 15.1.5.5.3. Channel Strategy 15.1.6. Mitsubishi Electric Corporation 15.1.6.1. Overview 15.1.6.2. Product Portfolio 15.1.6.3. Profitability by Market Segments 15.1.6.4. Sales Footprint 15.1.6.5. Strategy Overview 15.1.6.5.1. Marketing Strategy 15.1.6.5.2. Product Strategy 15.1.6.5.3. Channel Strategy 15.1.7. Saini Group 15.1.7.1. Overview 15.1.7.2. Product Portfolio 15.1.7.3. Profitability by Market Segments 15.1.7.4. Sales Footprint 15.1.7.5. Strategy Overview 15.1.7.5.1. Marketing Strategy 15.1.7.5.2. Product Strategy 15.1.7.5.3. Channel Strategy 15.1.8. Siemens 15.1.8.1. Overview 15.1.8.2. Product Portfolio 15.1.8.3. Profitability by Market Segments 15.1.8.4. Sales Footprint 15.1.8.5. Strategy Overview 15.1.8.5.1. Marketing Strategy 15.1.8.5.2. Product Strategy 15.1.8.5.3. Channel Strategy 15.1.9. Sulzer Ltd. 15.1.9.1. Overview 15.1.9.2. Product Portfolio 15.1.9.3. Profitability by Market Segments 15.1.9.4. Sales Footprint 15.1.9.5. Strategy Overview 15.1.9.5.1. Marketing Strategy 15.1.9.5.2. Product Strategy 15.1.9.5.3. Channel Strategy 15.1.10. VEM Group 15.1.10.1. Overview 15.1.10.2. Product Portfolio 15.1.10.3. Profitability by Market Segments 15.1.10.4. Sales Footprint 15.1.10.5. Strategy Overview 15.1.10.5.1. Marketing Strategy 15.1.10.5.2. Product Strategy 15.1.10.5.3. Channel Strategy 16. Assumptions & Acronyms Used 17. Research Methodology
Explore Automotive Insights
View Reports
Railway Traction Motor Market
