Press release
At 18.10% CAGR, Electric Traction Motor Market Size, Growth Forecast will reach USD 33 Billion by 2027
Electric Traction is used in various sectors such as powered rail vehicles ( electric multiple units), electric vehicles including electric milk floats, elevators, roller coasters, conveyors and trolleybuses, and battery electric vehicles. Electric traction motor is used in railway electric locomotives and electric vehicles used for propulsion. Efficiency is increased to around 90% in regenerative braking system with traction motor and benefits the electric locomotives. Ac motor provides the reliability in regenerative braking system used in electric locomotives. Traction motors have two characteristics, one is high initial torque to ignite up against the heavy loads and other is variation in speed depending upon the condition of torque. Electric traction is used to alter the torque from high to low and vice versa according to the need and power of locomotives or electric vehicles.
Market size and Forecast
Global Electric Traction market is expected to hold a positive share of market around USD 33 billion in 2027 at a CAGR of 18.10% from USD 6 billion in 2018 in the forecast period i.e. 2018-2027.
Rise in sale of electric vehicle across the North America and Asia Pacific region positively supports the demand for Electric Traction Motors by manufacturers of electric cars, which directly exhibits for the growth of global Electric Traction Motor market in forecasted period. Additionally, Europe region also showed the interest in Electric Traction Motor backed by increasing railway networks and electric vehicles, which propelled for the successive growth of market.
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Drivers
Increasing demand for regenerative brakes in locomotives train and normal train for braking system is expected to drive the market in expected forecast period. Additionally, rise and increase in demand for electric vehicle backed by low emission of harmful gases and strengthen government policies is also anticipating for the positive growth of electric traction motor market.
New advancement and innovations in R&D solutions for traction motors and healthy competition amongst the key players of global electric traction motor is also expected to drive the market.
Barriers
Wrong perception about the battery storage system and emission of certain radiation that affects environment are the factors which are retraining the expansion of Electric Traction Motor market in the forecast period.
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Additionally, the cost of electric vehicle is much more costly as compared to oil & gas based automobile vehicles.
The report titled "Global energy storage market: Global Demand Analysis & Opportunity Outlook 2025" delivers detailed overview of the global Electric Traction Motor in terms of market by type, by power rating, by application,. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model. This report also provides the existing competitive scenario of some of the key players of the gl0bal Electric Traction Motor market which includes company profiling of ITM power, Tesla (Nevada / Buffalo), SK Innovation (Hungary), CATL (China), Funeng Technology (China), Guoxuan High-Tech (China), Eve Energy (China), Samsung SDI (Hungary), TerraE Holding (Germany), LG Chem (Poland). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of global electric traction market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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AJ Daniel
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Research Nester is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision so as to avoid future uncertainties.
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