Press release
Promising Future Predicted for Electric Traction Motor Market: CAGR of 18.8% for 2024-2029 Forecast, Opportunities, and Challenges Explored
Promising Future Predicted for Electric Traction Motor Market
What Is The Projected Market Size Of The Global Electric Traction Motor Market And Its Growth Rate?
The global electric traction motor market continues to demonstrate significant growth and is projected to expand in the coming years due to several influencing factors:
• The market size stood at $19.79 billion in 2024 and it expected to grow to $23.65 billion in 2025 at a CAGR of 19.5%.
• This rapid growth during the historical period can be attributed to increased electrification of transportation, widespread adoption of electric vehicles, stringent government regulations in the automotive industry, and investment in EVs.
• The market size is projected to reach $47.03 billion in 2029, growing at a CAGR of 18.8%.
• Market growth in the forecast period is anticipated due to R&D initiatives in motor technology, environmental sustainability goals, the expansion of EV charging infrastructure, increased commercial and industrial applications, and the diversification of electric mobility solutions.
What Is Driving The Growth In The Electric Traction Motor Market?
The growth of the electric traction motor market is primarily driven by a surge in demand for electric vehicles (EVs). Despite the economic impact of COVID-19, demand for EVs and hybrid vehicles has seen an increase. Aspirations to achieve net-zero emissions are steering the global shift to emission-free motoring. The development of EV charging stations and government interventions are further increasing the adoption of electric vehicles. Rising demand for electric traction motors with clean and easy handling, speed control, and high power propulsion ensures a safe and reliable drive, thus fueling market growth. The U.S. Energy Information Administration reported 16.3% of total new light-duty vehicle sales in the United States in 2023 were hyrbid vehicles, plug-in hybrid electric vehicles, and battery electric vehicles, up from 12.9% in 2022.
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Who Are the Key Players Driving Electric Traction Motor Market Growth?
Several major companies are driving the growth and development of the electric traction motor market including:
• 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
• And many more.
What Are The Key Trends In The Electric Traction Motor Market?
The key trends shaping the electric traction motor market include:
• Technological advancements in motor design
• The progression of battery technology
• The development of lightweight and compact motor designs
• Integration of smart and IoT features
• Strategic collaborations in the industry.
What Are The Segments Of The Global Electric Traction Motor Market?
The electric traction motor market has several segments:
• 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.
Which Region Leads The Electric Traction Motor Market?
Asia-Pacific held the largest market share in the electric traction motor market in 2024. However, North America is predicted to be the fastest-growing region in this market in the foreseeable future.
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What Is Covered In The Electric Traction Motor Market Global Market Report?
- Market Size Analysis: Analyze the Electric Traction Motor Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electric Traction Motor Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Electric Traction Motor Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electric Traction Motor Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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