The electric traction motor market has been witnessing speedy growth in recent years, with a market size of approximately $19.79 billion in 2024 and anticipated to reach a size of $23.65 billion in 2025. The increase in market size can be owed to higher electrification of transportation, widespread adoption of electric vehicles (evs), government regulations and emission standards in the automotive industry, investment in evs, and superior energy efficiency.
Predictions for the electric traction motor market also indicate quick expansion, escalating to $47.03 billion by 2029 with a compound annual growth rate (CAGR) of 18.8%. This can be ascribed to progress in motor technology, eco-friendly and sustainability goals, expansion of EV charging infrastructure, heightened uptake in commercial and industrial applications, along with the diversity of electric mobility solutions.
Strategic collaborations and advancement in motor design, lightweight motors, integrated smart features, IoT traits, and advanced battery technology emerge as key trends.
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What Are the Driving Factors for the Electric Traction Motor Market?
An increased demand for electric vehicles emerges as a key growth driver for the electric traction motor market. Despite the economic effect of COVID-19 impacting the demand for petrol and diesel cars, a rise in EV and hybrid vehicle demand is visible. This shift is facilitated by climate change concerns, aspirations for net-zero emissions, a shift towards more locally produced power vehicles, government intervention, and diffusion of EV charging stations. This has resulted in a surge for electric traction motors, offering cleaner handling, speed control, and high power propulsion for a more reliable and safer drive.
What Are the Key Segments of the Electric Traction Motor Market?
– By Type: AC, DC
– By Power Rating: Less Than 200 kW, Between 200 kW To 400 kW, More Than 400 kW
– By Application: Railway, Electric Vehicle, Elevators, Conveyors, Industrial Machinery
– By Industry Vertical: Chemical And Petrochemical, Oil And Gas, Energy And Power, Automotive, Food And Beverages, Healthcare, Other Industry Verticals
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Which Major Companies Are Operating in the Electric Traction Motor Market?
Major players operating in the electric traction motor market include ABB Ltd., Siemens AG, General Electric Company, CG Power and Industrial Solutions Ltd, CRRC Corporation Limited, Kirloskar Electric Company Ltd., Alstom SA, Traktionssysteme Austria GmbH, Skoda Transportation AS, Robert Bosch GmbH, Mitsubishi Electric Corporation, Toshiba Corporation, Nidec Corporation, Johnson Electric Holdings Limited, Ametek Inc., Regal Beloit Corporation, WEG SA, Brook Crompton UK Ltd., TECO Electric & Machinery Co. Ltd., Hitachi Ltd., Emerson Electric Co., Parker Hannifin Corporation, Marathon Electric Motors Limited., NORD Drivesystems Pvt. Ltd., Bonfiglioli Riduttori SpA, Sumitomo Heavy Industries Ltd., Yaskawa Electric Corporation, Fuji Electric Co. Ltd., Hyundai Rotem Company, VEM Group, Voith GmbH & Co. KGaA, KEB Automation KG.
What’s Trending in the Electric Traction Motor Market?
Emerging motor technologies such as axial flux are witnessing prominent demand in the electric traction motor market, as a key trend gaining momentum. Companies are focusing on offering advanced electric traction motors along with technological advancements in motor design, to strengthen their foothold in the market.
Which Region Is the Fastest Growing in the Electric Traction Motor Market?
In 2024, the largest region in the electric traction motor market was Asia-Pacific, with North America projected to be the fastest-growing region. The regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Electric Traction Motor Market Report 2025 Offer?
Electric traction motor refers to the electric motor used to propel electrically powered systems, such as elevators, trolleybuses, conveyors, locomotives rails, and other electric controlled vehicles with electrical transmission systems. The Electric Traction Motor Market research report from The Business Research Company offers a global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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