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PORTLAND, ORAGON, UNITED STATES, August 4, 2022 /EINPresswire.com / -- According to a recent report published by Allied Market Research, titled,“Traction Motor Market by Application, Type and Power Rating: Opportunity Analysis and Industry Forecast, 2020–2027,” the global traction motor market was valued at $10.78 billion in 2019, and is projected to reach $30.06 billion by 2027, registering a CAGR of 13.7%.
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Key Market Players
American Traction Systems
HYUNDAI ROTEM COMPANY (subsidiary of Hyundai Motor Company)
Mitsubishi Electric Corporation
Toshiba International Corporation
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Traction motors are a form of electric motors that are used for propulsion of vehicles. With the advancement in technology, traction motor has found its application in different types of vehicles such as locomotives, electric vehicles, as well as elevators and excavators. Earlier, vehicles involved diesel or petrol based engines along with a mechanical or hydraulic system for transmission, but with the electrification of vehicles, traction motors have been the first choice of manufacturers owing to the factor that the usage of traction motors produces regenerative energy, which is helpful in many aspects.
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The usage of traction motors in vehicles has several advantages such as they are clean and are easy to handle as compared to traditional motors, are easy to control as well as have high efficiency and low maintenance and running cost. Also, AC traction motors have become the first choice of manufacturers due to the factor that they have adhesion level up to 100% as compared to other motors. Also, the wider usage of AC traction motor is governed by the factors such as higher reliability and reduced maintenance requirements, which leads to the growth of the global market.
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Key Findings Of The Study
By application, the electric vehicle segment is expected to register a significant growth during the forecast period.
Depending on power rating, the less than 200 kW segment is anticipated to exhibit significant growth in the near future.
On the basis of type, the AC traction motor segment is projected to lead the global traction motor market owing to higher CAGR as compared to other motors.
By region, LAMEA is anticipated to register the highest CAGR owing to the increased investments carried out across different LAMEA countries.
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About Allied Market Research
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of ''Market Research Reports'' and ''Business Intelligence Solutions.'' AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.
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