Electric Traction Motor Market is valued at USD 12.63 Billion in 2022 and anticipated to reach USD 32.4 Billion by 2029 with the CAGR of 14.41% over the forecast period.
Increased use of traction motors in electric vehicles and growing demand for high power electric systems in modern locomotives and new advancements in power electronics technology for traction systems are the major factors stimulating the growth of the Global Electric Traction Motor Market.
Electric traction motor is a part of locomotive converting electrical energy into mechanical energy that drives reliable function. Electrical motors are primarily used for producing the vehicle movement and are powered by generating electricity from different utilities. With the advancement of electrical drives for traction systems, electrification of traction has become popular in number of traction services including metro or suburban railways. Electrical motors operate on DC supply in order to produce movement of the vehicle or train. In heavy trains rapid accelerations require, so DC traction motors consider as a best choice as compared to AC motors. The synchronous motor can be operated as traction motor which develops high electromagnetic torques at variable speeds. This would help in optimizing the safe and sustainable operation of electric railway traction systems.
Global Electric Traction Motor Market is segmented on the basis of type, power rating, and application and by region. Based on type, the market is segmented into AC and DC. Based on power rating, the market is segmented into below 200 kW, 200-400 kW and above 400 kW. Based on applications, the market is segmented into railways, electric vehicle and others.
The regions covered in this electric traction motor market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of electric traction Motor market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Key players of the electric traction motor market are,
Increased use of traction motors in electric vehicles and growing demand for high power electric systems in modern locomotives are expected to drive the growth of the electric traction motor market. Currently, high speed electric vehicles mostly work with three-phase induction motors as traction motors. According to the EV Outlook, in 2018 the global electric car fleet surpassed about 5.1 million meaning that it is increased by about 2 million from 2017, nearly doubling EV sales in just one year. In addition, increasing new advancements in power electronics technology for traction machine energies are another major factor responsible for the growth of the electric traction motor market. However, high capital investment and limitation of space and volume for physical installation weight per axle may hinder the growth of this market. In spite of that, research and development in permanent magnet synchronous motor is under progress and will soon available for traction purpose. This will be proven as a great opportunity for electric traction motor manufacturers to expand its products categories in near future.
Asia pacific is expected to witness a fastest growth in the global electric traction motor market due to the rapid expansion of railway networks across Asian countries, favorable government initiatives towards fuel efficient vehicles coupled with the growing sales of electric vehicles. For example; in 2018 China remained the world’s largest EV market with around 2.3 million electric vehicles are in active use. In addition, China accounts for more than 80% of the world electricity demand for EVs. Europe is emerging as the second leading region of electric traction motor market owing to the presence of large automotive industry and rise in development of high speed railway. European OEMs have largely adopted different strategies to reduce CO2 emissions by making electrification its first priority than fuel based technologies.
|2015 - 2020
|2022 - 2028
|Market Size in 2020:
|USD 14.04 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2027:
|USD 53.40 Billion
|Tables, Charts & Figures:
|By Type, By Application, By Power Rating
|ABB,CG Power ,Industrial Solutions,CRRC,GE,Siemens,Others
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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Global market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
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By Type: AC, DC
By Power Rating: Below 200 kW, 200-400 kW, Above 400 kW
By Application: Railways, Electric Vehicle, Others
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