HOME Research Insight CRRC (China) and Alstom (France) are the Major Players in the Electric Traction Motor Market

CRRC (China) and Alstom (France) are the Major Players in the Electric Traction Motor Market

The global electric traction motor market is projected to reach USD 28.51 Billion by 2023, growing at a CAGR of 18.10% from 2018 to 2023. This market growth is primarily driven by the growth in the railways sector, growing focus on electric vehicles, and the demand for upgrading the existing railway infrastructure.

Asia Pacific would continue to be the largest market for electric traction motor, followed by Europe, during the forecast period. The global market is dominated by major players such as CRRC (China), Alstom (France), TSA (Austria), Siemens (Germany), ABB (Switzerland), and Bosch (Germany).

The market growth strategies adopted by the key players in the electric traction motor market include contracts & agreements, new product launches, expansions & investments, mergers & acquisitions, and joint ventures. Contracts & agreements were the most commonly adopted strategy by market players from April 2013 to February 2018. Various industry players also exercised expansion in the stated period (2014–2018).

CRRC is one of the largest suppliers of rail transit equipment, with extensive product lines and leading technologies. The company operates its business through four business segments, namely, railway equipment; rapid transit vehicles and urban infrastructure; new businesses; and modern service. It offers electric traction motor under its railway equipment business segment. The company has adopted joint venture as its key strategy to gain a larger share of the electric traction motor market. In August 2016, CRRC launched its new joint venture in India to manufacture electrical equipment, including traction motors.

Alstom is one of the leading players in the rail transport industry. It provides railway products, services, and solutions. Alstom offers electric traction motors under its rolling stock segment.  The company adopted contracts & agreements and expansion as its growth strategies to maintain its market position. In December 2016, the company received an order from South Island Line (SIL), the first urban metro line in Hong Kong, to supply its traction systems for metro cars. This would further drive the growth of the rolling stock business of Alstom. Later, in July 2017, The company inaugurated its first locomotive repair center in Kazakhstan for the corrective and overhaul preventive works, which includes spare parts and repairing of traction and brake systems.

Related Reports:

Electric Traction Motor Market by Type (AC and DC), Power Rating (<200 kW, 200 kW to 400 kW, and >400 kW), Application (Railway, Electric Vehicles, Elevators, Conveyors, and Industrial Machinery), and Region - Global Forecast to 2023

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