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Electric Traction Motor Market Size, Share, Growth And Global Forecast 2024-2033 - 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, Industria
Electric Traction Motor Market Report
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the electric traction motor industry. This report on electric traction motor market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The electric traction motor market size has grown exponentially in recent years. It will grow from $16.7 billion in 2023 to $20.09 billion in 2024 at a compound annual growth rate (CAGR) of 20.3%. The electric traction motor market size is expected to see rapid growth in the next few years. It will grow to $40.62 billion in 2028 at a compound annual growth rate (CAGR) of 19.2%.
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Key Market Players:
ABB Ltd., Siemens AG, General Electric Company, CG Power and Industrial Solutions Ltd., CRRC Corporation Limited are prominent players in the electric traction motor industry.
Market Drivers:
According to the Electric Traction Motor Market Report 2024 by The Business Research Company, the key factors driving the growth of the electric traction motor market, includes the rise in demand for electric vehicles. 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 motors, offering clean and easy handling, speed control, and high-power propulsion to the vehicle for a safe and reliable drive.
More information about the Global Electric Traction Motor Market Report -
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Market segments for electric traction motor include:
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
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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