The 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. Electric traction motors generate power to turn the wheels transmitted to the wheels via the driving gear unit and axle. This electric traction motor helps in converting electrical energy to mechanical energy.
Sizing and Forecast
The electric traction motor market size has grown exponentially in recent years. It will grow from <b>$16.7 billion in 2023 to $20.09 billion in 2024 at a compound annual growth rate (CAGR) of 20.3%. </b> The growth in the historic period can be attributed to increased electrification of transportation, increased adoption of electric vehicles (evs), government regulations and emission standards automotive industry, investment in evs, and improved energy efficiency.
The electric traction motor market size is expected to see rapid growth in the next few years. It will grow to <b>$40.62 billion in 2028 at a compound annual growth rate (CAGR) of 19.2%. </b> The growth in the forecast period can be attributed to research and development in motor technology, environmental and sustainability goals, expansion of ev charging infrastructure, increased adoption in commercial and industrial applications, and diversification of electric mobility solutions . Major trends in the forecast period include technological advancements in motor design, advanced battery technology, lightweight and compact motor designs, integration of smart and iot features, and strategic collaborations.
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Segmentation & Regional Insights
The electric traction motor market covered in this report is segmented –
1) By Type: AC, DC
2) By Power Rating: Less Than 200 kW, Between 200 kW To 400 kW, More Than 400 kW
3) By Application: Railway, Electric Vehicle, Elevators, Conveyors, Industrial Machinery
4) By Industry Vertical: Chemical And Petrochemical, Oil And Gas, Energy And Power, Automotive, Food And Beverages, Healthcare, Other Industry Verticals
<b>Asia-Pacific</b> was the largest region in the electric traction motor market in 2023. <b>North America</b> is expected to be the fastest-growing region in the electric traction motor market during the forecast period. The regions covered in the electric traction motor market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The rise in demand for electric vehicles will propel the growth of the electric traction motor market. While the economic effect of COVID-19 has dampened demand for petrol and diesel cars, demand for EV and hybrid vehicles has increased. Climate warming and aspirations to achieve net-zero emissions are driving the global shift to emissions-free motoring. These EV vehicle shifts help the economy by reducing fuel costs and changing consumption from petroleum products to more locally produced power vehicles. The development of EV charging stations, hydrogen fueling stations, and government intervention towards the adoption and implementation encourage the use of electric vehicles. These factors increased the demand for electric traction motor, offering clean and easy handling, speed control, and high power propulsion to the vehicle for a safe and reliable drive. For instance, in March 2022, according to a report published by the US Department Of Energy, a US-based agency that manages nuclear infrastructure and energy policies, electric vehicle (EV) sales increased by 85% between 2020 and 2021. The number of new light-duty plug-in electric vehicle sales, which includes both electric vehicles (EV) and plug-in hybrid electric vehicles (PHEV) sales, nearly doubled from 308,000 in 2020 to 608,000 in 2021. 73% of all plug-in electric car sales in 2021 were made up of EV sales. Therefore, the rising demand for electric vehicles will drive the electric traction motor market.
Key Industry Players
Major companies operating in the electric traction motor market include <b> 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., Danaher Corporation, Parker Hannifin Corporation, Franklin Electric Co. Inc., 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, AEG Power Solutions BV, KEB Automation KG, Nidec Leroy-Somer Holding, Moog Inc. </b>
The electric traction motor market report table of contents includes:
1. Executive Summary
2. Electric Traction Motor Market Characteristics
3. Electric Traction Motor Market Trends And Strategies
4. Electric Traction Motor Market – Macro Economic Scenario
5. Global Electric Traction Motor Market Size and Growth
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31. Global Electric Traction Motor Market Competitive Benchmarking
32. Global Electric Traction Motor Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Electric Traction Motor Market
34. Electric Traction Motor Market Future Outlook and Potential Analysis
35. Appendix
Top Major Players:
ABB Ltd
Siemens AG
General Electric Company,
CRRC Corporation Limited
Kirloskar Electric Company Ltd.
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