Published on : Sep 09, 2016
Railway traction motors have application in various segments such as diesel-electric locomotives, electric locomotives, electrical multiple units, and diesel locomotives. Owing to the growing developments in infrastructure and the proliferating initiatives to advance railway systems in terms of eco-friendly technologies and railcars in North America, the demand for railway traction motors is likely to rise at a significant rate over the next couple of years. The mass electrification of passenger railways across North America is another factor propelling the demand for railway traction motors. The presence of a private railroad system in North America with numerous international and local companies is further expected to drive the growth of the railway traction motors market in North America.
Technological to Drive Application of Railway Traction Motors in Diesel-Electric Locomotives Segment
The diesel-electric locomotives segment is likely to hold a share of more than 45% in the railway traction motors market in North America by the end of 2024. It is anticipated to maintain a lead until 2024 owing to the innovations and technological advancements taking place in this segment. The diesel-electric locomotives segment is likely to be closely followed by the diesel locomotives and electric locomotives segment.
Developments such as advanced transformers, hybrid locomotives, and regenerative brakes are anticipated to attract more investments in the railway technologies sector for innovation research. As companies operating in the North America railway traction motors market are focusing on enhancing passenger experience through better engine performance, minimizing design errors and quality issues, and improving overall comfort, the demand for high end railway traction motors is also increasing.
The United States to Lead in terms of consumption of Railway Traction Motors
Based on country, the market for railway traction motors in North America is classified into Mexico, Canada, and the U.S. Among all the countries in North America, the United States of America led the railway traction motors market in North America by accounting the leading shares. The United States is expected to expand at a CAGR of 3.5% from 2016 to 2024. The robust growth of the railway tractions market in the United States can be attributed to the mass urbanization in the country and numerous manufacturers of railway traction motors present in the country.
Considering all these factors the North America railway traction motors market is estimated to expand at a 3.1 CAGR in the forecast period of 2016-2024. The market is estimated to rise to a valuation of US$13.21 bn by the end of 2024 from a value of US$10.05 bn in 2015.