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:
CG Power and Industrial Solutions
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
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