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Global Electric Traction Motor Market Report 2023-2032: Market Analysis, Growth, Key Trends And Forecast | ABB Ltd., Siemens AG, General Electric Company, CG Power and Industrial Solutions Ltd., CRRC Corporation Limited
Electric Traction Motor Market Report 2023
The Business Research Company's Electric Traction Motor Global Market Report 2023 the rising demand for electric vehicles as the major driver for the electric traction motor market's growth in the forecast period. According to the International Energy Agency (IEA) report in 2021, a France-based autonomous intergovernmental organization for energy, two-thirds of new electric car registrations and two-thirds of the stock in 2020 were battery electric vehicles (BEVs). Additionally, China has the greatest fleet size of electric vehicles with 4.5 million units and Europe experienced the largest annual growth, rising to 3.2 million in the year 2020.
The global electric traction motor market size grew from $14.31 billion in 2022 to $17.97 billion in 2023 at a compound annual growth rate (CAGR) of 25.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The electric traction motor market size is expected to grow to $45.87 billion in 2027 at a CAGR of 26.4%.
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Major competitors in the electric traction motor market are ABB Ltd., Siemens AG, General Electric Company, CG Power and Industrial Solutions Ltd., CRRC Corporation Limited, Alstom SA, Traktionssysteme Austria (TSA) GmbH, Skoda Transportation AS, Robert Bosch GmbH, Kirloskar Electric Company Ltd., Voith GmbH, Mitsubishi Electric Corporation, Bombardier Inc., American Traction Systems, VEM Group, Prodrive Technologies, Toshiba Corporation, Aisin and Delphi Automotive LLP.
A key trend in the electric traction motor market includes technological advancements. While electric motors have been used for many years, there is still room for improvement in technology and energy efficiency. The market is witnessing the demand for emerging motor technology such as axial flux. These axial flux motors typically produce more torque per unit volume of motor than radial motors.
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The electric traction motor market is segmented -
• 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
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the electric traction motor market
The Business Research Company's "Global Electric Traction Motor Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Electric Traction Motor Market Include:
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. Electric Traction Motor Market Size And Growth
……………
27. Electric Traction Motor Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Electric Traction Motor Market
29. Electric Traction Motor Market Future Outlook And Potential Analysis
30. Appendix
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