Electric Traction Motor Market to Record Sturdy Growth by 2032

Traction means producing frictional force between two surfaces without slipping and this can be produced electrically or non-electrically. A traction motor is a kind of electric motor. Electric traction motor is used in electrically powered rail vehicles such as electric locomotives and electric multiple units, as well as in electric vehicles, such as conveyors, elevators, and electric milk floats. A traction motor is used to make rotation torque on a machine, and it is usually changed into a straight-line motion.

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The electric traction motor is considered as a specific class in industrial motors as they require low-torque high-speed cruising, a high rate of acceleration/deceleration, high torque low-speed hill-climbing, and a very wide range of operating speeds.

Electric vehicles are growing at a fast pace across the globe and so are investments in the railway sector, which is positively affecting the electric traction motor market. The growing focus on electric vehicles to reduce carbon emissions is anticipated to create a significant opportunity for market players to boost the growth of the market during the forecast period.

Moreover, emission norms, environmental regulation, unstable fossil fuel prices, favorable government policies, and subsidies are some of the factors expected to boost market growth during the forecast period and create great opportunities for revenue generation as well.

However, motor failure due to overheating is one of the major challenges faced by market players. Plus, the price volatility of raw materials such as copper and aluminum and safety and reliability concerns are other factors that can restrain the market growth.

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Key Electric Traction Motor Market Segments:

By Type
• AC
• DC

By Application
• Railway
o Light Rail Vehicle
o Metro
o Commuter Rail
o High-speed Train
o Locomotive
• Electric Vehicle
o Battery Electric Vehicle
o Plug-in Hybrid
o Hybrid Electric Vehicle
o Fuel Cell Electric Vehicle
o Others

By Power Rating
• Below 500 kW
• 500-1000 kW
• Above 1000 kW

By Industry Vertical
• Chemical & Petrochemical
• Oil & Gas
• Energy & Power
• Automotive
• Food & Beverages
• Healthcare
• Others

Key Market Players
• Alstom SA
• SKF AB
• ABB Ltd.
• Parker-Hannifin Corp
• Toshiba Corp
• CG Power and Industrial Solutions
• Siemens AG
• Robert Bosch GmbH
• Nidec Corporation
• CRRC Corporation Limited

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Regional Analysis

The global electric traction motor market is studied across major four regional markets including North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is expected to be the largest market over the coming years in response to the presence of electric vehicle manufacturers coupled with electric vehicle battery manufacturers, leading to lower costs of electric vehicles in China and Japan. In addition to this, countries like India is rapidly expanding electric vehicle charging infrastructure, to increase sales, and this is further expected to complement the growth of this region. Moreover, North America is expected to register significant growth due to increasing investments in the aging railway sector and a growing focus on electric vehicles.

COVID-19 Impact

• The global market for electric traction motors has been severely impacted by the outbreak of the COVID-19 pandemic.
• The COVID-19 pandemic saw a decline in economic growth in almost all the major countries, thus affecting consumer spending patterns.
• Owing to the lockdown implemented across various countries, national and international transport has been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply-demand gap.
• Thus, insufficiency in raw material supply is expected to hamper the production rate of electric traction motors, which negatively impact the market growth.

Key benefits of the report:

• This study presents the analytical depiction of the global electric traction motor market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global electric traction motor market share.
• The current market is quantitatively analyzed to highlight the global electric traction motor market growth scenario.
• Porter's five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed global electric traction motor market analysis based on competitive intensity and how the competition will take shape in the coming years.

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