The railway traction motors market in North America has been undergoing a remarkable transformation thanks to the growing population of foreign nationals and the introduction of modernized and environment-friendly technologies and equipment. In a report recently added to Market Research Reports Search Engine (MRRSE), it has been noted that the growing demand for improved transportation is boosting the market for railway traction motors.
The report, titled “Railway Traction Motors Market - North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024”, offers a detailed coverage on the structure, performance, and scope of this market.
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This report, by Transparency Market Research, states that the North America railway traction motors market is slated to expand at a modest 3.1% CAGR during the forecast period. At this pace, the revenue generated by this market will grow from US$10.0 bn in 2015 to US$13.2 bn by 2024.
Investments on the Rise in Railway Technologies
There has been a surge in investments in the development of modern railway technologies and this has given the railway traction motors market a significant boost. These investments by private and public organizations have resulted in the introduction of hybrid locomotives, regenerative brakes, and voltage modulation transformers. The modernization of passenger railcars has also upped the demand for railway traction motors in North America, a move that is driven by the need to minimize frequent maintenance, reduce design errors and quality issues, improve performance, and deliver increased comfort.
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On the down side, low replacement requests acts as a major restraint on the growth of the railway traction motors market in North America. Add to this the lengthy period of production and delivery and OEMs are faced with long waiting periods. Nevertheless, since the impact of this hurdle is forecast to remain medium through 2024, the report finds that the market will continue to expand at its current pace.
U.S. Accounts for Lion’s Share in North America Railway Traction Motors Market
On the basis of application, the market for railway traction motors in North America is segmented into diesel-electric locomotives, electric locomotives, electrical multiple units (EMUs), and diesel locomotives. Among these, accounting for a share of more than 45.0% in 2024, diesel-electric locomotives are poised to dominate the overall market. On the other hand, electric locomotives are projected to exhibit the strongest growth in the coming years, reporting a 5.0% CAGR from 2016 to 2024.
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By country, the U.S., Mexico, and Canada are the three segments of the North America railway traction motors market. Amounting to a value of just short of US$8.0 bn by 2024, the U.S. is not just the leading market in the region but is also anticipated to exhibit a high growth rate. Keeping this in mind, the report finds that the U.S. railway traction motors market will register a 3.5% CAGR through 2024.
The market is characterized by the consolidated presence of leading companies, which include Bombardier Inc., Alstom S.A., ABB Ltd., Mitsubishi Electric Corporation, and Siemens A.G.
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