Electric Traction Motor Market Segmentation
The global electric traction motors market has been segmented based on type, power rating, and application.
Based on type, the market is classified into AC motors and DC motors. The AC motor segment is expected to be the largest segment of electric traction motor in 2018. High demand for electric traction motors in electric vehicles and railways is likely to drive the electric traction motor market.
By power rating, it comprises <200 kW, 200 kW to 400 kW, and >400 kW.
By application, it is segmented into railway, electric vehicles, conveyors, elevators, and industrial machinery. The railway segment of the global electric traction motor market is estimated to register the highest growth rate during the forecast period. Recently, Paignton Zoo situated in the U.K. collaborated with Lynch Motors for converting their miniature trains to run on electricity by running on rechargeable batteries. The green approach is expected to garner new visitors to the zoo and encourage similar adoption among other entertainment sites.
Electric Traction Motor Market
The Electric Traction Motor Market size is expected to grow by 23.04% to rise global share of 60.53 billion during forecast period. increased demand for energy efficient motors is expected to drive global Electric Traction Motor Market.
Electric traction motors are used in powering electric vehicles and carrying heavy equipment. New railway track regulations and the shift to electric mobility can drive the winds of change and favor the adoption of these motors in legacy vehicles. The global electric traction motor market report by Market Research Future (MRFR) has been compiled by looking at various growth enablers and hurdles to be faced by the industry for the period of 2022 to 2030 (forecast period). The COVID-19 pandemic and its impact on the market has been explored in depth.
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