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Asia Pacific Traction Motor Market Forecast 2021-2028

KEY FINDINGS
The Asia Pacific traction motor market is anticipated to grow with a CAGR of 14.99%, during the forecast years of 2021 to 2028. The region's market growth is attributed to factors, such as, the rapidly augmenting industrial sector, the growing demand from the surging population base, the developing trends observed in emerging economies, such as, Indonesia, India, Thailand, and Vietnam, and the presence of well-established enterprises.

MARKET INSIGHTS
The Asia Pacific traction motor market growth is assessed by evaluating China, South Korea, Indonesia, Japan, Vietnam, India, Australia & New Zealand, Thailand, and the rest of the Asia Pacific. The Indian Railways is one of the largest rail networks, globally, with the route length extending over 1,23,236 kilometers. Moreover, the network has over 12,500 passenger trains and 9,146 freight trains, plying 3 million tonnes of freight and 23 million travelers, daily. The country's railway is ideal for long-distance movement of bulk commodities and travel, in addition to being an economical and energy-efficient mode of transport and conveyance.
Likewise, in South Korea, the high-speed train service has increased its number of daily passengers, by two times, since its initial launch 13 years ago. The country's first train journey in 1899 entailed the travel from Seoul to Incheon, reaching a speed of only 20 km/h. However, this milestone established the way for numerous regional railway lines to be constructed throughout South Korea, thereby greatly contributing to the country's economic development. Hence, these factors play a major role in driving the Asia Pacific traction motor market.

COMPETITIVE INSIGHTS
Some of the leading players operating in the market include, Toshiba International Corporation, Kawasaki, Hyundai Rotem Company, Mitsubishi Electric Corporation, etc.

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Asia Pacific Traction Motor Market Forecast 2021-2028
Published By :Inkwood Research
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