The segment of electric locomotives, on the other hand, is projected to register a considerable CAGR from 2016 to 2024. In terms of country, the U.S. accounted for the leading share in the railways traction motors market in North America and is projected to generate just under US$8 bn by 2024, registering a 3.5% CAGR during the forecast period.
Albany, NY -- (SBWIRE) -- 11/14/2016 -- North America Railway Traction Motors Market: Snapshot
The market for railway traction motors in North America is currently expanding at a steady pace. With the rising population in North America and the growing influx of foreign nationals in the region, the demand for enhanced transportation is escalating. Owing to this factor, the railway industry in North America is undergoing significant transformation. This has had a positive impact on the market for associated equipment. The value of the North America railway traction motors market was pegged at US$10.05 bn in 2015 and, registering a 3.1% CAGR from 2016 to 2024, is estimated to amount to US$13.21 bn by 2024.
North American railroading is majorly privatized and the industry consists of both local and international companies. Considering the rise in initiatives for electrification, the modernization of railcars, and the introduction of environment-friendly technologies, the market provides lucrative opportunities for manufacturers of railway traction motors.
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Railway Traction Motors Most Widely Used in Diesel-electric Locomotives
Railway traction motors find application in diesel locomotives, electrical multiple units (EMUs), electric locomotives, and diesel-electric locomotives, among others. The diesel-electric locomotive segment is likely to account for a share of over 45% by 2024, retaining its position as the leading application segment throughout the forecast period. The diesel locomotives segment followed suit, also accounting for a considerable share in the North America railway traction motors market.
Although the electric locomotive segment is anticipated to account for a small share in the overall market, it is projected to register a high CAGR of 5.0% from 2016 to 2024. This has been identified by TMR as one of the most attractive application segments in terms of revenue.
Strong Presence of Manufacturers Benefits U.S. Market for Railway Traction Motors
On the basis of country, the North America market railway traction motors market comprises the U.S., Canada, and Mexico. The U.S. accounted for the leading share in the railways traction motors market in North America and is estimated to retain its dominance throughout the forecast period. Registering a 3.5% CAGR during the forecast period, the market is projected to generate just under US$8 bn by 2024. The strong presence of a large number of manufacturers in the country and their consistent efforts in developing improved traction motors have significantly benefited the market here. Large-scale urbanization and rising initiatives to electrify passenger railways have also provided the railway traction motors market in the U.S. significant impetus.
Canada is also a major market for railway traction motors but is presently expanding at a pace slower than that of the U.S. Transparency Market Research attributes this mainly to the limited electrification of rail networks in the country. However, the rising passenger traffic using rail services in Canada has driven railroad companies to adopt improved railway equipment, including railway traction motors. This is anticipated to help the market in Canada maintain a steady pace through 2024.
Mexico accounts for the least share in the North America railway traction motors market. However, new investments are projected to give this market a much-needed boost in the coming years. The railway traction motors market in Mexico also benefits from the North American Free Trade Agreement (NAFTA), which allows the country access to trade and technology from the developed economies of the U.S. and Canada.
Major companies operating in the North America railway traction motors market include ABB Ltd. Alstom S.A., Siemens AG, Bombardier Inc., Hynundai Rotem Company, Mitsubishi Electric Corporation, Skoda Transportation A.S., Hitachi Ltd., Sulzer Ltd., and VEM Sac