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North America Traction Motor Market Forecast 2021-2028

The North America traction motor market is predicted to grow with a CAGR of 13.71%, over the forecast years of 2021 to 2028. The region's market growth drivers include the increased adoption and sale of electric vehicles, and the presence of a strong railway sector.

The North America traction motor market growth assessment includes the analysis of Canada and the United States. With over 46,000 kilometers of tracks, Canada's rail transport industry is a crucial element of the country's transportation system. For instance, the rail transport sector generates nearly $10 billion, annually, out of which, 95% of the revenue is attributed to the rail freight operations. Likewise, the other 5%is derived from intercity, commuter, and tourist passenger rail services, particularly in the corridors, centers, and regions.
On the other hand, North America's rail industry is greatly integrated. Loaded rail cars are generally pulled by locomotives, owned and operated by the owner of the track. As a result, Canada's integrations enable railways to hand off or interchange locomotives as well as cars that meet industry standards. Multiple tourism rail services are provided across Canada, including Alberta Prairie Railway Excursions, Rocky Mountaineer, South Simcoe Railway, Great Canadian Railtour Company Ltd., and Steam Train HCW. Similarly, commuter rail services are provided by GO transit, across the Hamilton Area and Greater Toronto, Metro Vancouver, and the Metropolitan Transportation Agency, in the Greater Montreal Area. Hence, these factors are set to fuel the market growth, during the forecast period.

Key companies operating in the market are, American Traction Systems, Wabtec Corporation, Ametek, etc.

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North America Traction Motor Market Forecast 2021-2028
Published By :Inkwood Research
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