The global railway traction motor market size reached USD 7.4 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 10.2 Billion by 2033, exhibiting a growth rate (CAGR) of 3.46% during 2025-2033.
Report Attribute
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Key Statistics
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Base Year
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2024
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Forecast Years
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2025-2033
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Historical Years
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2019-2024
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Market Size in 2024
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USD 7.4 Billion |
Market Forecast in 2033
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USD 10.2 Billion |
Market Growth Rate 2025-2033 | 3.46% |
Railway traction motors are electric motors generating power for rotating wheels of the train. They have a sealed structure, which prevents dust intrusion and requires less maintenance, and improved accessory devices like cooling fans that help keep noise levels low. They are highly reliable due to the integration of the stator using high-frequency heating. As a result, railway traction motors find extensive applications in electric multiple units (EMU) and diesel, electric, and diesel-electric locomotives across the globe.
At present, there is a rise in the expansion of the railway network around the world, which assists in transporting goods and products across longer distances compared to roadways. This represents one of the key factors driving the market. Moreover, there are various benefits of traction motors, which include compact design, power efficiency, and durability. This, coupled with different initiatives undertaken by governments of numerous countries to promote the usage of electric motors, is stimulating the growth of the market. In addition, there is an increase in the electrification of railway networks and the conversion of conventional diesel locomotives into electric locomotives. In line with this, the rising installation of high-capacity lithium-ion batteries in rolling stock and using them in traction power is offering lucrative growth opportunities to industry investors and key market players. These players are extensively investing in research and development (R&D) activities for enhancing railway systems, which is enabling them to bolster their overall sales and increase profitability. Besides this, rising investments in electric vehicles (EVs) and the growing need to reduce carbon emissions worldwide are other factors catalyzing the demand for railway traction motors.
IMARC Group provides an analysis of the key trends in each sub-segment of the global railway traction motor market report, along with forecasts at the global, regional and country level from 2025-2033. Our report has categorized the market based on type and application.
Breakup by Type:
Breakup by Application:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd, Alstom SA, CG Power and Industrial Solutions Limited (Murugappa Group), Hitachi Ltd., Hyundai Motor Company, Mitsubishi Electric Corporation, Saini Group, Siemens Aktiengesellschaft, Sulzer Ltd. and VEM Group.
Report Features | Details |
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Base Year of the Analysis | 2024 |
Historical Period | 2019-2024 |
Forecast Period | 2025-2033 |
Units | Billion USD |
Segment Coverage | Type, Application, Region |
Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
Companies Covered | ABB Ltd, Alstom SA, CG Power and Industrial Solutions Limited (Murugappa Group), Hitachi Ltd., Hyundai Motor Company, Mitsubishi Electric Corporation, Saini Group, Siemens Aktiengesellschaft, Sulzer Ltd. and VEM Group. |
Customization Scope | 10% Free Customization |
Post-Sale Analyst Support | 10-12 Weeks |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global railway traction motor market was valued at USD 7.4 Billion in 2024.
We expect the global railway traction motor market to exhibit a CAGR of 3.46% during 2025-2033.
The expanding railway network, along with the rising demand for traction motors, as they offer several benefits, such as compact design, power efficiency, durability, etc., is primarily driving the global railway traction motor market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for railway traction motors.
Based on the type, the global railway traction motor market has been segmented into DC traction motor, AC traction motor, and synchronous AC traction motor. Among these, DC traction motor currently holds the majority of the total market share.
Based on the application, the global railway traction motor market can be divided into diesel locomotive, electric multiple units, electric locomotives, and diesel-electric locomotives. Currently, electric multiple units exhibit a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global market.
Some of the major players in the global railway traction motor market include ABB Ltd, Alstom SA, CG Power and Industrial Solutions Limited (Murugappa Group), Hitachi Ltd., Hyundai Motor Company, Mitsubishi Electric Corporation, Saini Group, Siemens Aktiengesellschaft, Sulzer Ltd., and VEM Group.