Northbrook, IL -- (SBWIRE) -- 07/19/2019 -- According to the 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",the global electric traction motor market is expected to grow at a CAGR of 18.10% from 2018 to 2023 to reach a market size of USD 28.51 billion by 2023. The increasing demand for carbon emission-free vehicles, increasing transportation system efficiency, and the need for reducing air pollution are expected to drive the electric traction motor market during the forecast period.

The electric traction motor market is dominated by major players that are established brand names with wide regional presence, along with many local and regional players in emerging economies. The leading players in the electric traction motor industry include CRRC (China), Alstom (France), TSA (Austria), Siemens (Germany), ABB (Switzerland), and Bosch (Germany).

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The railway segment is a key segment of the electric traction motor market, by application, from 2018 to 2023. The market for this segment is driven by increasing investments in metro systems and high-speed trains to reduce the traffic congestion and improve transport services. Need to upgrade aging rail infrastructure is leading to the increased demand for rolling stock applications. This, in turn, is causing the rise in demand for electric traction motors that would significantly boost the efficiency of rapid transit rail cars, light rail vehicles, and freight locomotives.

AC electric traction motor market segment is expected to grow at the fastest rate from 2018 to 2023. This is due to various factors, including high efficiency and low maintenance cost compared to DC electric traction motor. AC electric traction motors are widely used in railway trains, electric vehicles, elevators, conveyors, and industrial machinery, including drilling rigs. Improved speed performance, due to variable frequency drive and high starting torque, is expected to drive the AC segment of the electric traction motor market.

The <200 kW segment of the electric traction motor market, by power rating, is estimated to grow at the fastest rate from 2018 to 2023. Factors such as growing investments in application areas such as electric cars, electric two-wheelers, and light rail transit are the reasons for the large share of electric traction motors with a power rating of <200 kW in the market.

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The electric traction motor market has been segmented by region into Asia Pacific, Europe, North America, Middle East & Africa, and South America. Asia Pacific is projected to grow at the fastest rate, from 2018 to 2023, followed by North America and Europe. Countries such as China and Japan are the largest markets in Asia Pacific and have increased their investments in the railways and production of electric vehicles in the recent past. China accounted for the maximum share in the market in Asia Pacific in 2017 and is projected to grow at the highest CAGR from 2018 to 2023. Growing urbanization and the need for reduction of carbon emission to meet air quality standards are the major factors impacting the growth of the electric traction motor market in this region.

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