The Global Electric Traction Motor Market Research Report 2020-2025 is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand, and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.
The electric traction motor market is expected to grow at a CAGR of around 15% during the forecast period.
Top Companies in the Global Electric Traction Motor Market are ABB Ltd, Siemens AG, General Electric Company, Kirloskar Electric Company Ltd, CG Power and Industrial Solutions Ltd, CRRC Corporation Limited, Alstom SA, Traktionssysteme Austria (TSA) GmbH, Skoda Transportation AS, and Robert Bosch GmbH and others.
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Key Market Trends
Electric Vehicle to Witness Significant Growth
– During the last three years, the electric vehicle (EV) market has witnessed significant growth due to the need to address future energy requirements. The need to attain sustainable transportation plays a vital role in driving electric vehicle demand.
– The EV market is coming up as an integral part of the automotive industry. It represents a pathway toward achieving energy efficiency, along with reduced emission of pollutants and other greenhouse gases.
– Electric vehicles are expanding at a rapid pace. In 2018, the global electric vehicle population exceeded 5.1 million, up by nearly 2 million from the previous year. The primary factor behind the growth is the high price of fossil fuels and subsidies provided by various governments to buy an EV vehicle.
– Technology advancement delivers substantial cost cuts and is expected to reduce the cost of an electric vehicle in the coming years. As per industry experts, with battery technology advancement, the cost of electric vehicles can be reduced.
– Moreover, with the association of private entities and various research and development centers, the electric vehicles market and electric traction motor market are likely to increase during the upcoming year.
Asia-Pacific to Dominate the Market
– With its large fleet of electric vehicles, rail, and metro projects, Asia-Pacific is one of the significant regions that is estimated to have the highest demand for electric traction motor.
– China, India, Japan, and South Korea are the dominating countries in the region and are growing rapidly in electrification projects.
– With the rapid urbanization, China is planning to reduce pollution from its road transport vehicles. At the same time, it also intends to reduce the countrys dependence on hydrocarbon imports and support the development of the industrial sector.
– China is the largest electric vehicle market globally, with a sales unit of nearly 2.3 million until 2018. China leaped in 2018, with 1.1 million EV sales.
– Apart from EV, China is transforming its railway projects from conventional fossil fuel engines to electric engines. As of 2018, nearly 73% of the China passenger movement is done by high-speed or urban trains.
– India, on the other hand, is on a transition phase to electrify the entire railway sector. As per the government, by 2024, India is determined to transform the entire railway network to electricity.
– Moreover, with the rapid growth in the global EV sector, India, Japan, and South Korea are also planning to expand the electric vehicle market to control the growing carbon emission in the countries. Thus, with the aforementioned measures, the region is likely to dominate the electric traction motor market during the forecast period.
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What are the market factors that are explained in the report?
Executive Summary: It includes key trends of the global Electric Traction Motor market related to products, applications, and other crucial factors. It also provides an analysis of the competitive landscape and CAGR and market size of the global Electric Traction Motor market based on production and revenue.
Production and Consumption by Region: It covers all regional markets focusing on the research study. It discusses prices and key players besides production and consumption in each regional market.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the global Electric Traction Motor market.
Market Segments: This part of the report discusses product type and application segments of the global Electric Traction Motor market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses the research methodology and approach Electric Traction Motor used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
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