Electric Traction Motor Market Soars to $20.09 Billion in 2024, Driven by EV Demand, Urbanization, and Technological Innovations

The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033

The electric traction motor market has undergone significant expansion, leaping from $16.7 billion in 2023 to an estimated $20.09 billion in 2024, boasting an impressive Compound Annual Growth Rate (CAGR) of 20.3%. Anticipating continued momentum, the electric traction motor market is poised to surge to $40.62 billion by 2028, maintaining a robust CAGR of 19.2%.

Fueling Growth Factors:

1. Surging Demand for Electric Vehicles:
The escalating demand for electric vehicles (EVs) stands as a chief catalyst propelling the electric traction motor market. Despite the economic repercussions of COVID-19 affecting traditional petrol and diesel car demand, the appetite for EVs and hybrid vehicles has soared. Global environmental consciousness, coupled with aspirations for net-zero emissions, has instigated a worldwide shift towards emission-free transportation. This paradigm shift not only curtails fuel costs but also redirects consumption from petroleum products to locally produced electric-powered vehicles. Government interventions, the establishment of EV charging and hydrogen fueling stations, and the overall surge in EV adoption are driving the demand for electric traction motors. A report by the US Department of Energy reveals an 85% increase in EV sales from 2020 to 2021, demonstrating the momentum in electric vehicle adoption.

2. Rapid Urbanization Fueling Growth:
The burgeoning trend of rapid urbanization is anticipated to augment the electric traction motors market. As more than 50% of the global population resides in urban areas, this figure is expected to rise to 6 billion by 2045. Urbanization often results in high traffic congestion, where electric vehicles equipped with electric traction motors demonstrate efficiency, especially in stop-and-go traffic scenarios. Urban areas are becoming hotbeds for electric vehicle adoption, further contributing to the growth of the electric traction motor market.

Explore the Global Electric Traction Motor Market with a Detailed Sample Report:
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Key Market Players:
Major players in the electric traction motor market include ABB Ltd., Siemens AG, General Electric Company, and Nidec Corporation. These industry leaders play a pivotal role in shaping the market landscape by focusing on technological advancements and meeting the escalating demand for electric traction motors.

Technological Advancements and Emerging Motor Technology:

1. Emerging Motor Technology - Axial Flux:
Technological advancements, particularly in emerging motor technologies like axial flux, are reshaping the electric traction motor market. Axial flux motors, known for producing more torque per unit volume compared to radial motors, are gaining prominence. Market leaders, exemplified by Mahle's introduction of SCT E-motor in July 2022, showcase the industry's commitment to enhancing motor efficiency. The SCT E-motor, with its compact design and integrated oil cooling mechanism, stands as a testament to ongoing innovation in motor technology.

Innovation and Product Diversification:

1. E-Axle Traction Motor Systems:
Innovation and product diversification strategies are at the forefront of major companies operating in the electric traction motor market. The introduction of E-Axle Traction Motor Systems, exemplified by Nidec's Ni200Ex traction motor system, underscores this trend. Launched in October 2021, the Ni200Ex offers a maximum power output of 200 kW and is designed for electric and hybrid vehicles. Compact and integrated, the E-Axle combines the electric motor, transmission, and power electronics into a seamless unit, contributing to enhanced power output, reduced electricity consumption, and overall vehicle weight reduction.

Regional Dynamics and Market Segmentation:
Asia-Pacific dominated the electric traction motor market in 2023, with North America expected to witness the fastest growth during the forecast period.

The electric traction motor market covered in this report is segmented -
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

Access the Complete Report for In-Depth Analysis:
https://www.thebusinessresearchcompany.com/report/electric-traction-motor-global-market-report

Electric Traction Motor Global Market Report 2024 from TBRC covers the following information:
Market size date for the forecast period: Historical and Future
Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Electric Traction Motor Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on electric traction motor market size, electric traction motor market drivers and trends, electric traction motor market major players, electric traction motor market competitors' revenues, electric traction motor market positioning, and electric traction motor market growth across geographies. The electric traction motor market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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