Automotive Electric Traction Support Market: Introduction
- Enactment of mandatory emission regulations coupled with emergence of innovative emission control technologies is anticipated to increase the trend toward vehicle electrification, thereby offering lucrative opportunity for the global automotive electric traction support market. Locomotive and rail powertrain systems across the globe are witnessing a drastic change owing to an increase in the impact of emission standards and changes in emission control technologies.
Key drivers of Automotive Electric Traction Support Market
- Rise in the rate of adoption of alternating current (AC) electrification systems in locomotives is projected to boost the global automotive electric traction support market. Earlier, DC motors were preferred for railway applications; however, presently, AC motors are increasingly being employed due to modern power electronics. AC motors are more efficient and easier to control as compared to DC motors; consequently, key players in the global automotive electric traction support market are increasingly adopting AC motors.
- Increase in railway electrification trend is expected to offer lucrative opportunity for the global automotive electric traction support market. Electric traction motors are an integral part of modern railways. Increased reliance of the railway industry on electric traction motors for enhanced speed control and high start-up torque is driving the global automotive electric traction support market.
- Technological advances in terms of vehicle electrification by major players catering to electric traction support market is expected to propel the market globally. Major strategies adopted by key players operating in the electric traction motor market include investments & expansions, contracts & agreements, and new product launches. Moreover, mergers & acquisitions have emerged as a key strategy among key players, as companies look to strengthen their service offerings and geographic market reach by offering their product. Additionally, major players are anticipated to increase investments toward R&D of electric traction motors.
- For instance, the General Electric Company is focused on enhancement of its technological competence through continuous R&D investments. Consequently, in 2019, the company invested US$ 4.2 billion in R&D activities to accelerate development of technology and innovation of next-generation cutting-edge products. GE has been consistently spending about 4% of its total revenue on R&D activities for the last three years.
- ABB, a power and automation technology company, provides electric traction motors under its motion business segment. The company is consolidating its market position and gaining market share through new contracts and long-term supply agreements. For instance, in February 2020, ABB was awarded a contract by Chittaranjan Locomotives Works to supply traction equipment worth US$ 26 million. Furthermore, in July 2019, ABB bagged traction equipment orders worth more than US$ 140 million from Swiss rolling stock manufacturer Stadler.
Asia Pacific to hold prominent share of global automotive electric traction support market
- In terms of region, the global automotive electric traction support market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa.
- Asia Pacific is estimated to be a prominent market for electric traction motors due to rising investments in electric vehicles and expanding metro rail network in the region. The market in Asia Pacific is also expected to expand at a rapid pace owing to an increasing need to reduce carbon emissions in the region.
- Major players have also established their technological centers and manufacturing facilities in various countries including China, India, Japan and South Korea. All the factors mentioned above contributed to the major share held by Asia Pacific in the global automotive electric traction support market.
- However, the imposition of lockdown across the globe owing to the coronavirus pandemic is estimated to hamper the global automotive electric traction support market in 2020
Key Players Operating in Automotive Electric Traction Support Market
The global automotive electric traction support market is highly concentrated owing to the presence of top manufacturers. A few key players operating in the global automotive electric traction support market are:
- Amphenol Corporation
- CG Power and Industrial Solutions
- General Electric
- Siemens AG
- Valeo SA
Global Automotive Electric Traction Support Market: Research Scope
Global Automotive Electric Traction Support Market, by Electric Vehicle Type
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in Hybrid Electric Vehicle
Global Automotive Electric Traction Support Market, by Type
- Direct Current (DC) Electrification System
- Alternating Current (AC) Electrification System
- Composite System
Global Automotive Electric Traction Support Market, by Power Rating
- Low (Below 200 kW)
- Medium (200-400 kW)
- High (Above 400 kW))
Global Automotive Electric Traction Support Market, by Application
- Electric Vehicles
- Industrial Machinery
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.