The global railway traction motor market size was US$ 32.1 billion in 2021. The global railway traction motor market is forecast to grow to US$ 45.2 billion by 2030 by registering a compound annual growth rate (CAGR) of 5.9% during the forecast period from 2022 to 2030. 
Electric motors with AC or DC traction serve as the power source for locomotives. A traction motor in a railroad is an electric motor that uses a shaft to transmit linear motion while converting electrical energy into torque energy. Due to the enormous weight of automobiles, traction motors are typically employed to power big vehicles like locomotives, industrial machinery, railroad cars, etc.

Factors Influencing the Market
The railway traction motor has many advantages, such as high durability, robust performance, high power, superior mechanical susceptibility to heavy payloads, etc. Apart from that, the cost benefits associated with the production and aftermarket services of railway traction motors are anticipated to drive market growth over the next few years. Additionally, compared to other conventional power sources, the electrical and magnetism principles governing the operation of these traction motors have simplified their construction and assembly, lowering the costs of production and maintenance. As a result, it will contribute to the market growth during the study period. 
Electric motors are widely used and well-liked in a variety of industries, which has made complex semiconductors, strong magnets, and other parts like casing widely accessible. The cost of production and maintenance for railway traction motors has also been steadily reducing, which is expected to benefit the market during the study period. 
Railway traction motors efficiently reduce noise, minimize vibrations at higher torque, and enables smoother acceleration and deceleration of the traction motors. As a result, it reduces the chances of damage during the performance, which is forecast to propel the market forward. 
On the flip side, high investment costs may limit the growth of the railway traction motor market during the study period.

COVID-19 Impact Analysis
The railway traction motor market is drastically affected by the COVID-19 pandemic, which created an economic slowdown. The transportation sector is one of the highly affected sectors amid the COVID-19 pandemic as governments banned transportation activities. Lockdown restrictions resulted in international supply chain disruptions, which hampered the growth of the railway traction motor market.

Regional Analysis
Based on Region, Europe is forecast to record the highest growth, followed by North America. The growth of the European market is attributed to the colossal investments aimed at introducing advanced railway technologies. In North America, the U.S is expected to dominate the regional market as transportation requirements from the ports to warehouses are increasing in the area. Apart from that, the growing demand for electric locomotives is forecasted to drive the demand for traction motors market in North America during the study period.

Competitors in the Market
• ABB Group
• Saini Group
• Bombardier
• ALSTOM
• Bharat Heavy Electricals Limited (BHEL)
• Siemens
• Hyundai Rotem Company
• Mitsubishi Electric Corporation
• Sulzer Ltd.
• VEM Group
• Other Prominent Players

Market Segmentation
The global railway traction motor market segmentation focuses on Technique, Type, and Region. 
By Technique Outlook
• Direct Current Traction Motor
• Alternating Current Traction Motor
• Synchronous AC Traction Motor
By Type Outlook
• Diesel Locomotive
• Electric Multiple Unit
• Electric Locomotive
• Diesel Electric Locomotive
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America