Vehicle Traction Motor Market: Introduction
A vehicle traction motor is an electric motor used for the creation of motion in vehicles such as electric roadway or electric locomotive vehicles. These motors are generally used in rail vehicles and other electric vehicles.
Traditionally, road vehicles (trucks, buses and cars) used petrol and diesel engines with hydraulic or mechanical transmission systems. Later on, vehicles with electrical transmission systems were developed, which provide overall efficiency with the charging of the battery pack. Moreover, traction motors help decrease the cooling time when vehicles are functioning at a relatively high temperature, which increases the efficiency of the motor. Traction motors use alternate or direct current, which is likely to have a group or individual electric drive to transmit the torque from the engine shaft for forward motion.
Most of the manufacturers are aiming at developing traction motors that are equipped with features such as enhanced power density, reliability and efficiency. The implementation of traction motors further decreases the maintenance cost of vehicles. On account of these factors, the global vehicle traction motor market is expected to witness significant growth during the forecast period.
Moreover, in the recent years, vehicle manufacturers have faced challenges pertaining to boosting the efficiency of their vehicles. These challenges can be attributed to soaring fuel prices, laws that require a reduction in greenhouse gasses, government regulations that mandate an increase in fuel economy and the demand from customers for improvements in the productivity of vehicles. These factors are expected to increase the demand for electric vehicles, which is, in turn, expected to drive the demand for vehicle traction motors.
Vehicle Traction Motor Market: Dynamics
Factors such as increasing electrification in vehicles, coupled with the rising demand for efficient power conversion, are expected to spur the demand for vehicles traction motors. Moreover, stringent emission norms & environment regulations, unstable prices of fossil fuels and the advantages of energy efficiency are also among factors boosting the demand for vehicle traction motors. However, the overheating of traction motors is likely to hamper the demand for vehicle traction motors.
Moreover, with the growing demand from end use sectors, such as automotive and railways, is likely to contribute to growth in the demand for vehicle traction motors. Nowadays, an increasing number of people are purchasing electric vehicles owing to the benefits offered by governments through subsidies and discounts.
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Vehicle Traction Motor Market: Trends/Regional Outlook
On the basis on region, the vehicle traction motor is segmented into Western Europe, Latin America, North America, Eastern Europe, Middle East & Africa, SEAPAC, India, China and Japan. India, Japan and China are estimated to be growing at significant CAGR owing to presence of the largest number of car manufacturers in these countries, which include Maruti, Honda, Hyundai, Volkswagen and others. These countries are also expected to be among the largest markets owing to significant investments being made in the railway sector. Moreover, increasing investments in the aging railway sector and growing focus on electric vehicles are expected to boost the demand for electric traction motors in the North America region. The electric traction motor market is also growing at a significant pace in countries such as those of Western Europe due to increasing investments in train projects, especially related to metro trains and high-speed rail.
Vehicle Traction Motor Market: Segmentation
On the basis of end use industry, the vehicle traction motor market can be segmented into:
- Railway Vehicle Traction Motor
- Road Vehicles (Electric Vehicles) Vehicle Traction Motor
- Industrial Vehicle Traction Motor
On the basis of voltage rating, the vehicle traction motor market can be segmented into:
- Low Vehicle Traction Motor
- High Vehicle Traction Motor
On the basis of type, the vehicle traction motor market can be segmented into:
- Alternate Current Vehicle Traction Motor
- Direct Current Vehicle Traction Motor
Vehicle Traction Motor Market: Market Participants
Examples of some of the market participants/vendors in the vehicle traction motor market across the globe are:
- Zhongshan Broad-Ocean Motor Co. Ltd.
- BorgWarner Inc.
- Robert Bosch AG
- Siemens AG
- Toshiba Group
- ZF Group
- Continental AG
- Remy Group
- Valeo SA