Electric Traction Motor Market Forecast 2025-2034: Analysing Major Trends, Opportunities, and Growth Drivers

What industry-specific factors are fueling the growth of the electric traction motor market?
The electric traction motor market is set to receive a boost from the growing demand for electric vehicles. The economic impacts of COVID-19 have caused a drop in demand for petrol and diesel cars, while interest in EV and hybrid vehicles continues to rise. Efforts to combat climate change and reach net-zero emissions are at the heart of this global move towards eco-friendly transportation. The transition to EVs carries economic benefits, such as cost savings on fuel and the redirection of consumption from oil products to domestically-produced energy vehicles. Factors such as the establishment of EV charging points, hydrogen fuel stations and government support for the uptake and deployment of electric vehicles are fostering this growth. These incentives have raised the popularity of electric traction motors, praised for their cleanliness, easy handling, speed regulation and potent propulsion, ensuring a safe and dependable drive. For instance, the U.S. Energy Information Administration, an American governmental agency, reported that in 2023, the aggregated sales of hybrid vehicles, plug-in hybrid electric vehicles and battery electric vehicles (BEVs) represented 16.3% of all new light-duty vehicle (LDV) sales in the United States. This is a rise from the 12.9% that it represented in total sales in 2022.

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What Is the projected market size and growth rate for the electric traction motor market?
In recent times, there has been a significant expansion in the electric traction motor market. The market is projected to surge from $19.79 billion in 2024 and reach $23.65 billion in 2025, with a compound annual growth rate (CAGR) of 19.5%. The historical climb in growth can be credited to factors such as the escalating electrification of transport systems, a surge in electric vehicle adoption, regulatory frameworks and emission standards imposed by the government on the automotive industry, as well as investment in electric vehicles and advances in energy efficiency.

The market for electric traction motors is projected to undergo swift expansion in the forthcoming years, culminating in a value of $47.03 billion in 2029 at a Compound Annual Growth Rate (CAGR) of 18.8%. The surge within this projection period can be credited to advancements in motor technology through research and development, emphasis on environmental and sustainability objectives, the growth of electric vehicle charging infrastructure, heightened usage in commercial and industrial fields, and the diversification of electric mobility solutions. Significant trends to watch within this forecast period comprise of breakthroughs in motor design technology, progressive battery technology, the creation of lightweight and compact engines, the incorporation of smart and Internet of Things (IoT) attributes, and tactical alliances.

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What new trends are reshaping the electric traction motor market and its opportunities?
The surge in technological innovation is becoming a significant trend in the electric traction motor market. Despite the long-standing use of electric motors, enhancements in technology and energy efficiency remain viable areas for upliftment. The industry is noticing a growing interest for nascent motor technologies such as axial flux, which typically yield more torque per unit volume than radial motors. Leading companies in the electric traction motor sector are working on offering cutting-edge traction motors to escalate their market standing. For example, in July 2022, automotive components maker Mahle, based in Germany, rolled out the SCT E-motor, a superior continuous torque (SCT) E-motor that ensures high performance during operation. This newly released compact and lightweight motor has achieved its robustness through a pioneering integrated oil cooling mechanism.

What major market segments define the scope and growth of the electric traction motor market?
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

Subsegments:
1) By AC (Alternating Current): Synchronous AC Motors, Asynchronous (Induction) AC Motors, Permanent Magnet AC Motors
2) By DC (Direct Current): Brushed DC Motors, Brushless DC Motors, Permanent Magnet DC Motors

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Which region dominates the electric traction motor market?
Asia-Pacific was the largest region in the electric traction motor market in 2024. North America is expected to be the fastest-growing region in the electric traction motor market during the forecast period. The regions covered in the electric traction motor market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Which key market leaders are driving the electric traction motor industry growth?
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., Parker Hannifin Corporation, 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, KEB Automation KG

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What Is Covered In The Electric Traction Motor Global Market Report?

•Market Size Forecast: Examine the electric traction motor market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the electric traction motor market for a structured understanding.
•Key Players Overview: Analyze major players in the electric traction motor market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the electric traction motor market.
•Segment Contributions: Evaluate how different segments drive overall growth in the electric traction motor market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the electric traction motor market.
•Industry Challenges: Identify potential risks and obstacles affecting the electric traction motor market.
•Competitive Landscape: Review strategic developments in the electric traction motor market, including expansions, agreements, and new product launches.

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