Latest News- Railway Traction Motor Market in North America: DC motors is expected to lead the Type segment during 2024-2028

The Railway Traction Motor Market in North America is being driven by Procurement of new locomotives

The Railway Traction Motor Market in North America is expected to grow at a CAGR of 5.3% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 748.1 million. The railway traction motor market in North America is undergoing a transformative phase, driven by the adoption of advanced technologies such as permanent magnet synchronous motors (PMSMs). Siemens AG's introduction of PMSMs in its latest locomotives in August 2024 signifies a pivotal moment in railway technology. These motors offer enhanced performance and energy efficiency, making them a desirable choice for modern rail systems. Furthermore, the successful demonstration of metro train traction equipment incorporating a silicon carbide traction converter and a PMSM on Chengdu Line 7 in China in June 2023 underscores the potential of these technologies to reduce energy consumption and improve performance. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • DC motors
  • AC motors
  • Synchronous motors
• Application
  • Electric trains
  • Hybrid trains
• Power Rating
  • Low Power
  • Medium Power
  • High Power
• Application Type
  • Diesel Locomotives
  • Electric Locomotives
  • Hybrid Locomotives
  • Electric Multiple Units
• Geography
  • North America
    • Canada
    • Mexico
    • US

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Procurement of new locomotives
• Government initiatives to improve infrastructure
• Need for inexpensive modes of transportation

However, the market also witnesses some limitations, which are as follows:

• High cost of development
• Fluctuating prices of raw materials
• Issues associated with maintenance

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Market Scope in Railway Traction Motor Market in North America Research Report

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Research Analysis Overview

The North American Railway Traction Motor Market encompasses advancements in traction motor technology, design, and efficiency. Key areas of focus include performance, maintenance, reliability, control, integration, and various electric traction systems. Applications span from diesel-electric locomotives to high-speed rail, freight trains, passenger trains, transit systems, and subway, light rail, and metro systems. Innovations, research, and development drive cost-effective solutions from leading traction motor suppliers and manufacturers. Regulations, standards, testing, certification, warranty, lifecycle, replacement, upgrades, optimization, and traction motor costs are significant factors in market growth.

Market Research Overview

The Railway Traction Motor Market in North America is a significant segment of the larger global Electrical Components and Equipment Market. This market encompasses the manufacturing and sales of traction motors for various railway applications, including electric and diesel locomotives, high-speed rail, freight trains, passenger trains, and transit systems. Traction motors are essential components of electrical locomotives, converting electrical energy into mechanical force that propels the train. In the context of the broader Electrical Components and Equipment Market, the Railway Traction Motor Market in North America contributes to the Motor and Motor Control segment, which also includes the manufacturing of electric cables and wires, electrical components, and electrical equipment. The market size is calculated based on the combined revenue generated by manufacturers of these products and the rental and leasing of electrical components and equipment to end-users in industrial, commercial, and residential sectors.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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