DUBLIN–(BUSINESS WIRE)–The “Electric Traction Motor Market – By Application, By Power Rating, and By Region – Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” report has been added to ResearchAndMarkets.com’s offering.
The global Electric Traction Motor market will register a CAGR of over 20% during the period from 2020 to 2026.
The report offers assessment and analysis of the Electric Traction Motor market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
Market Growth Dynamics
The growth of the electric traction motor industry during the forecast timeline is due to escalating popularity of high-performing motors, supportive government laws, and subsidies. In addition to this, a surge in the funding in railway industry will prompt the expansion of electric traction motor market over the years ahead.
Apparently, mounting acceptance of electric cars as well as hybrid vehicles in the developed economies will impel the market growth over the forecast timeline. With the electric vehicles slated to rise to nearly over 20% by 2030, the market for electric traction motor is likely to gain traction over the forecast timespan.
Asia Pacific To Account For Major Market Revenue During 2020-2026
The growth of electric traction motor industry in Asia Pacific zone during the forecast timeline can be credited to largest number of trains and railway routes connecting many stations & states in the countries such as India. Apart from this, growing demand for electrification and bulge in the funding of electric cars will prompt the regional market growth. Additionally, a prominent increase in the number of bullet trains in China and Japan will proliferate the industry growth in the Asia Pacific zone.
Furthermore, rise in the number of metro trains as well as local trains in the countries like India will fuel the market size in the region. Furthermore, government is focusing on introducing more electric vehicles with the aim of reducing carbon footprints, thereby promoting the market growth in the region.
Key players profiled in the report include Alstom, ABB, Bosch, CRRC, Siemens, TSA, and WEG.
For more information about this report visit https://www.researchandmarkets.com/r/d8b30v