Press release
Electric Traction Motor Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | ABB Ltd., Siemens AG, General Electric Company, CG Power and Industrial Solutions Ltd, CRRC Corporation Limited
Electric Traction Motor Market Outlook
The Business Research Company offers in-depth market insights through Electric Traction Motor Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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 growth in the historic period can be attributed to increased electrification of transportation, increased adoption of electric vehicles (evs), government regulations and emission standards automotive industry, investment in evs, and improved energy efficiency.
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%. The growth in the forecast period can be attributed to research and development in motor technology, environmental and sustainability goals, expansion of ev charging infrastructure, increased adoption in commercial and industrial applications, and diversification of electric mobility solutions . Major trends in the forecast period include technological advancements in motor design, advanced battery technology, lightweight and compact motor designs, integration of smart and iot features, and strategic collaborations.
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Market Segmentation:
The main types of electric traction motors are AC and DC. AC refers to the alternating current employed to generate the required propelling power to the systems. The power rating for these electric traction motors is less than 200 kW, between 200 kW to 400 kW, and more than 400 kW. These motors are used in railways, electric vehicles, elevators, conveyors, and industrial machinery. Electrical traction motors are used by chemical & petrochemical, oil & gas, energy & power, automotive, food & beverages, healthcare, and other industry verticals.
Major Driver - Surging Demand For Electric Vehicles Fuels Growth In The Electric Traction Motor Market
The rise in demand for electric vehicles will propel the growth of the electric traction motor market. 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 motor, offering clean and easy handling, speed control, and high power propulsion to the vehicle for a safe and reliable drive. For instance, in March 2022, according to a report published by the US Department Of Energy, a US-based agency that manages nuclear infrastructure and energy policies, electric vehicle (EV) sales increased by 85% between 2020 and 2021. The number of new light-duty plug-in electric vehicle sales, which includes both electric vehicles (EV) and plug-in hybrid electric vehicles (PHEV) sales, nearly doubled from 308,000 in 2020 to 608,000 in 2021. 73% of all plug-in electric car sales in 2021 were made up of EV sales. Therefore, the rising demand for electric vehicles will drive the electric traction motor market.
Competitive Landscape:
Major companies operating in the electric traction motor market include ABB Ltd., Siemens AG, General Electric Company, CG Power and Industrial Solutions Ltd, CRRC Corporation Limited, Kirloskar Electric Company Ltd., Alstom SA, Traktionssysteme Austria GmbH, Skoda Transportation AS, Robert Bosch GmbH, Mitsubishi Electric Corporation, Toshiba Corporation, Nidec Corporation, Johnson Electric Holdings Limited, Ametek Inc., Regal Beloit Corporation, WEG SA, Brook Crompton UK Ltd., TECO Electric & Machinery Co. Ltd., Hitachi Ltd., Emerson Electric Co., Danaher Corporation, Parker Hannifin Corporation, Franklin Electric Co. Inc., Marathon Electric Motors Limited., NORD Drivesystems Pvt. Ltd., Bonfiglioli Riduttori SpA, Sumitomo Heavy Industries Ltd., Yaskawa Electric Corporation, Fuji Electric Co. Ltd., Hyundai Rotem Company, VEM Group, Voith GmbH & Co. KGaA, AEG Power Solutions BV, KEB Automation KG, Nidec Leroy-Somer Holding, Moog Inc.
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Top Trend - Emerging Motor Technology And Technological Advancements Shape The Electric Traction Motor Market
Technological advancement is a key trend gaining popularity in the electric traction motor market. 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. Major companies operating in electric traction motors are focused on providing advanced electric traction motors to strengthen their market position. For instance, in July 2022, Mahle, a Germany-based automotive parts manufacturer, introduced SCT E-motor, a superior continuous torque (SCT) E-motors that can operate with maintaining high performance. This new motor is very compact and light in weight and has achieved this resilience through the innovative integrated oil cooling mechanism.
The Table Of Content For The Market Report 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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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