Press release
Surging Demand For Electric Vehicles Fuels Growth In The Electric Traction Motor Market: An Emerging Driver Transforming The Electric Traction Motor Market Landscape
Electric Traction Motor
What Is the Projected Growth of the Electric Traction Motor Market?
In the past few years, the market size of the electric traction motor has expanded expeditiously. The growth projections indicate a rise from $19.79 billion in 2024 to $23.65 billion in 2025, suggesting a compound annual growth rate (CAGR) of 19.5%. The growth during the historic period is driven by factors such as the increased electrification of transportation, the rising adoption rate of electric vehicles (evs), stringent government regulations and emission standards in the automotive industry, investments in evs, and enhanced energy efficiency.
In the coming years, substantial growth is anticipated in the electric traction motor industry, which is projected to climb to $47.03 billion by 2029, reflecting a compound annual growth rate (CAGR) of 18.8%. Several factors are set to drive this expansion during the forecast period including cutting-edge research in motor technology, targets relating to environmental sustainability, an extended network for EV charging, rising uptake in commercial and industrial sectors, and broadening of electric mobility alternatives. Key trends to watch during the forecast period encompass innovations in motor design, improved battery technology, compact and lightweight motors, the inclusion of smart and IoT functionalities, and strategic partnerships.
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What Are the Different Electric Traction Motor Market Segments?
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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What Are the Primary Drivers Shaping the Electric Traction Motor Market?
The surging demand for electric vehicles is set to significantly boost the electric traction motor market. Although the economic repercussions of the COVID pandemic have reduced the need for petrol and diesel vehicles, demand for EVs and hybrid vehicles have seen a concurrent rise. This is largely due to increasing concerns over climate change and the desire to accomplish net-zero emissions, spurring a global transition towards emission-free transportation. This change in vehicle preference benefits the economy by lowering fuel expenditure and shifting consumer preference from oil-based products to power vehicles produced locally. The establishment of EV charging stations, hydrogen fuel stations and adoption initiatives by the government have further encouraged the utilization of electric vehicles. Enhanced demand for electric traction motors, which offer cleanliness, easy handling, speed regulation and high power propulsion, are making vehicles safer and more dependable. For instance, the U.S. Energy Information Administration, a governmental department, reported in January 2024 that 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 in 2023, marking a rise from the 12.9% in 2022.
Which Companies Are Leading in the Electric Traction Motor Market?
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
What Are the Major Trends Shaping the Electric Traction Motor Market?
Advancements in technology are emerging as a significant trend in the electric traction motor market. Despite their long-standing use, electric motors continue to offer opportunities for enhancement in terms of technology and energy efficiency. Axial flux motors, an evolving technology, are gaining increased attention for their ability to generate more torque per motor unit volume compared to radial motors. Leading players in electric traction motors are concentrating on providing upgraded versions to consolidate their market standing. For example, Mahle, a vehicle parts manufacturer based in Germany, launched SCT E-motor in July 2022. This high-performance, continuous torque E-motor is remarkably compact, lightweight, and resilient, thanks to its innovative integrated oil cooling mechanism.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Electric Traction Motor Market?
2. What is the CAGR expected in the Electric Traction Motor Market?
3. What Are the Key Innovations Transforming the Electric Traction Motor Industry?
4. Which Region Is Leading the Electric Traction Motor Market?
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