Traction Motors Market - Key Players are Adopting Different Growth Strategies to Maintain Their Global Dominance

Global sales of traction motors reached around 11.7 Billion in 2022. The overall demand is projected to increase at a CAGR of 13.0% between 2022 and 2032, surpassing valuation of 30.0 Billion by 2032. Growth registered in the traction motors market is attributable to the increasing demand for high performance motors from diverse industries such as automotive and electric & electronics.

Additionally, the need for traction motors will remain for decades, owing to the motors' rotational properties that provide the required torque in engines and machine. Traction motors have been a significant component in various electrical and industrial devices such as elevators, escalators and locomotives.

The rising trend of incorporating automation to every mechanical operation has propelled the importance of traction motors. The application of traction motors in consumer appliances such as washing machines will continue to fuel the demand in the global market.

Also, the developments in hybrid technology of the combustion engines will integrate traction motors for higher efficiency. The growing demand for vehicles that commute on land, in air and on water will also register the growth in the adoption of traction motors in the global market.

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Dynamics of Global Traction Motors Market

The key driver of the global market for traction motors is the extensive application in the automotive and machinery sector. Besides this, the growth of global traction motors is also influenced by factors such as

Rising demand for efficient power conversion

Under normal conditions, traction motors are efficient in converting a majority of the electrical power into mechanical energy, which assists the locomotive operations such as dynamic braking.

Increasing electrification of automobiles

The demand for electric vehicles (EV) has gained considerable traction in the automotive industry. As a result, there is a subsequent upsurge in the demand for EV traction motors.

Varying emission standards

Technological developments owing to the changing emission regulations has generated the demand for engines with reduce emissions. This is steering the demand for more enhanced and fuel-efficient traction motors in the global market.

The only constraints reshaping the dynamics of the market include the operational glitches of traction motors. The overheating of traction motors is one of the major restraints hampering the growth of the global market. The insulation breakdown and the commutation malfunctions are also observed as the factors limiting the adoption of traction motors.

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Leading Industrial Contributors

Expanding the product portfolio by enhancing the existing range of traction motors will be observed as the key strategy by manufacturers. Aisin, ABB, Alstom, General Electric, Continental, Mitsubishi, Magna International, and Toshiba, among others can be regarded as the leading companies in the global market for traction motors.

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, types and applications.

Among the regional segmentation of the global market, Asia Pacific is expected to witness higher production of traction motors, owing to the booming automobile sales in countries such as China, Japan and South Korea. The rising industrialisation in North America is anticipated to promote the use of traction motors in several manufacturing machinery. Also, the advancements incorporated with traction motor technology are also predicted to boost the demand in European countries such as United Kingdom.

Market Segmentation & Regional Overview

Application:

Transportation
Industrial machinery and equipment
Others

End Users:

Hybrid vehicles
Compact construction equipment
Escalators
Elevators
Other (Washing machines, Electric Aircraft, etc.)

Region:

North America
Latin America
Western Europe
Eastern Europe
APEJ
Japan
Middle East & Africa

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.