The North America market for railway traction motors is growing at a moderate pace and is chiefly influenced by the rising demand for more efficient, comfortable, and high-performance railway networks across Canada and the U.S. The rising emphasis on enhancement of performance, reduction of operating costs, and the rising consumer demand for luxury and convenience are collectively encouraging several developments in the railway traction motors market in North America. The rising influx of foreigners in the region is also encouraging the demand for enhanced railway transportation, driving, in return, developments in the field of traction motors.
The North America railway traction motors market is projected to exhibit a nearly 3.1% CAGR over the period between 2016 and 2024 and rise to US$13.21 bn by 2024 from a valuation of US$10.05 bn in 2015. The majorly privatized sector of railroading in North America consists of several regional and global players. The competitive landscape is consolidated and the top few companies account for over half of the market. The market is also consolidated in the sense that most of the leading manufacturers are based in the U.S.
Electrification of Passenger Railway Networks in the U.S. to Present Lucrative Growth Opportunities
The U.S. market for railway traction motors is thus undergoing significant transformations owing to the investments being poured in by the several market players towards R&D activities. The consistent efforts of these companies towards the development of improved railway traction motors have made the U.S. market highly competent. The U.S. market for railway traction motors also comes ahead as a highly lucrative regional market owing to the encouraging pace of urbanization and initiatives such as the electrification of passenger railway networks.
The market for railway traction motors in Canada is also exhibiting a promising, but a slower pace of growth than the U.S. market. The limited rate of electrification of railway lines in Canada is one of the key reasons behind the slow growth of the market. However, the encouraging pace at which passenger are adopting railway services in the country will boost the demand for railway traction motors in the next few years.
Demand for Railway Traction Motors across Electric Locomotives to Rise at Encouraging Pace
The key applications of railway traction motors include usage in electric locomotives, electrical multiple units (EMUs), diesel-electric locomotives, and purely diesel locomotives. Of these, the overall market gains the dominant share in its revenues from the diesel-electric locomotive segment. The segment is expected to account for a nearly 45% of the overall market by 2024, retaining its position as the leading consumer of traction motors in the North America market.
Browse the full North America Railway Traction Motors Market report http://www.mrrse.com/north-america-railway-traction-motors-market
Although the segment of electric locomotives presently accounts for a relatively very smaller share in the regional market, it is expected to exhibit growth at a promising 5% CAGR over the period between 2016 and 2024. The rising focus on electrification of railway lines in the region, especially across the U.S. will help make electric locomotives one of the key consumers of railway traction motors in the North America market in the next few years.