The Objective of the “Global Railway Traction Motor Market” report is to depict the trends and upcoming for the Railway Traction Motor industry over the forecast years. Railway Traction Motor Market report data has been gathered from industry specialists/experts. Although the market size of the market is studied and predicted from 2017 to 2025 mulling over 2016 as the base year of the market study. Attentiveness for the market has increased in recent decades due to development and improvement in the innovation.
The global railway traction motor market was valued at $30.3 billion in 2016 and is projected to reach $41.6 billion by 2025, growing at a CAGR of 3.8% from 2017 to 2025.
In 2016, the diesel locomotive segment dominated the global market, in terms of revenue with 47.9% share, followed by the diesel-electric locomotive motor.
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Europe was the highest revenue contributor to the railway traction motor market in 2016, accounting for around 34.4% share, owing to the surge in demand for electrification of automobiles.
A traction motor is used for propelling heavy vehicles such as railways, locomotives, and industrial machinery. A railway traction motor generates enough torque to propel a heavy vehicle. These motors are durable and deliver high performance.
The report provides a comprehensive analysis of the key growth strategies adopted by the major players of the railway traction motor market. The key players profiled in the report are ABB Group, Saini Group, Sulzer Ltd, ALSTOM, Bombardier, BHEL, Hyundai Rotem Company, Mitsubishi Electric Corporation, Siemens, and VEM Group. They have adopted competitive strategies such as innovation, new product development, and market expansion to boost the growth of the market.
Key Findings of the Railway Traction Motor Market:
The synchronous motor segment accounted for the highest share in 2017, growing at a CAGR of 4.6% from 2017 to 2025. AC traction motor segment generated the highest revenue, accounting for $15.1 billion in 2017. Europe is expected to dominate the market, in terms of market share, during the forecast period.
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