Published on : Oct 12, 2016
Introduction of Cutting-Edge Passenger Railcars to Bode Well for Market Growth of North America Railway Traction Motors
The North America railway traction motors market is rising at a consistent pace owing to the increasing population and the rising proliferation of foreign nationals within this region. In addition, the North America railway industry is experiencing exponential evolution and this has positively impacted the development of associated equipment.
Increasing Innovation in Railcar Technologies to Bolster Market Growth
The forces providing impetus to the growth of the North America railway traction motors market include the growing advancement of passenger railcars and the increasing innovation in railway technologies. In addition, the rising urbanization and the growing freight rail set will positively impact the development of this market in North America. On the other hand, the remarkably low replacement market may impede the development of this market in North America.
Diesel-Electric Locomotives to Gain Dominant Share by 2024
Railway traction motors are employed in numerous applications such as diesel locomotives, electric multiple units (emus), electric locomotives, and diesel-electric locomotives. Of these, by 2024, the segment of diesel-electric locomotives is predicted to hold a share of more than 45% and thus will maintain a dominant share in the coming years. On the other hand, the segment of diesel locomotives followed suit and also constituted a significant share in the railway traction market in North America. The segment of electric locomotive will emerge as the most promising segment in the market in forthcoming years, on the basis of revenue.
Increasing Proliferation of Manufacturers to Boost U.S. Railway Traction Motors Market
Country wise, the North America railway traction motors market is segmented into Mexico, Canada, and the U.S. Of these, the U.S. railway traction motors market is the leading market and is predicted to maintain its superiority till 2024. The U.S. railway traction motors market is predicted to rise at a CAGR of 3.50% between 2016 and 2024. The reason for the dominance of this nation is the growing count of manufacturers and their ongoing efforts in making cutting-edge traction motors in this nation. On the other hand, Mexico constitutes the lowest share in this market, however, the increasing new investments are predicted to drive the Mexico railway traction motors market in forthcoming years.
ABB Ltd. Alstom S.A., Bombardier Inc., Mitsubishi Electric Corporation, Hitachi Ltd., VEM Sachsenwerk GmbH, and Sulzer Ltd, among others are the top players in the North America railway traction motors market.