Press release
Electric Traction Motor Market Set to Reach USD 116.75 Billion by 2032
Electric Traction Motor Market
The global electric traction motor market is poised for significant growth, projected to expand from USD 28.28 billion in 2024 to USD 116.75 billion by 2032, at a robust Compound Annual Growth Rate (CAGR) of 19.39% . This surge is fueled by the escalating adoption of electric vehicles (EVs), increased investments in railway electrification, and advancements in motor technologies.
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◉ Global Electric Traction Motor Market Competitive Landscape
The electric traction motor market is highly competitive, with key players focusing on strategic initiatives to strengthen their market positions. Prominent companies include Siemens AG, General Electric Co., ABB Ltd., Mitsubishi Electric Corporation, Alstom S.A., Bombardier Inc., Toshiba Corporation, Hitachi Ltd., Hyundai Rotem Company, and Magna International. These companies are engaging in mergers and acquisitions, partnerships, and capacity expansions to enhance their global presence.
◉ Global Electric Traction Motor Market Regional Demand Highlights
The Asia-Pacific region dominates the electric traction motor market, driven by significant investments in infrastructure and the production of electric vehicles . China, in particular, plays a critical role in the global EV supply chain, dominating the mining, refining, and production of key materials like lithium, graphite, rare earth metals, and battery components . Europe and North America also hold substantial market shares, with government incentives and emissions regulations propelling electric vehicle adoption .
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◉ Global Electric Traction Motor Market Country-Specific Developments
Growth Opportunities in Vietnam
Vietnam is emerging as a potential hub for electric vehicle manufacturing, attracting investments from global players seeking to diversify their supply chains. The government's supportive policies and infrastructure development are creating conducive conditions for the electric traction motor market to flourish.
Trends in Thailand
Thailand's automotive industry is witnessing growth, with increased demand for electric vehicles in both domestic and export markets. This surge is expected to boost the electric traction motor market, as manufacturers seek high-quality components for EV production.
Consolidation in Japan
Japan continues to be a leader in electric motor innovation, with companies like Hitachi Ltd. and Toshiba Corporation investing in advanced traction motor technologies. The country's focus on research and development is fostering consolidation in the market, as firms collaborate to enhance product offerings.
Updation in South Korea
South Korea's automotive giants are expanding their electric vehicle production capacities, leading to increased demand for electric traction motors. Companies are updating their manufacturing processes to incorporate advanced motor technologies, ensuring the production of high-performance EVs.
Opportunity in Singapore
Singapore's strategic location and robust infrastructure make it an attractive destination for electric vehicle investments. The government's initiatives to promote high-tech industries are creating opportunities for the electric traction motor market to grow, catering to both local and regional demands.
Growth in the United States
The United States remains a significant player in the electric vehicle industry, with ongoing investments in EV manufacturing facilities. The electric traction motor market is expected to benefit from these developments, as manufacturers seek reliable and efficient components for electric vehicle production.
Trends in China
China's aggressive push towards self-reliance in electric vehicle manufacturing is driving the demand for electric traction motors. The country's investments in research and development are leading to the emergence of local motor manufacturers, contributing to market growth.
Consolidation in Europe
Europe is witnessing consolidation in the electric traction motor market, with companies focusing on mergers and acquisitions to enhance their technological capabilities. The region's emphasis on sustainable and efficient transportation solutions is influencing the adoption of advanced motor technologies.
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Electric Traction Motor Market Segment Analysis :
by Power Rating
400 kW
by Type
AC
DC
by Application
Railway
Electric Vehicle
Elevators
Conveyors
Industrial Machinery
◉ Key Recent Developments
In 2023, Siemens AG announced a partnership with a leading automotive manufacturer to develop next-generation electric traction motors for high-performance electric vehicles.
In 2024, ABB Ltd. invested in a new manufacturing facility in Europe to expand its production capacity for electric traction motors, aiming to meet the growing demand in the region.
Mitsubishi Electric Corporation unveiled a new series of compact and efficient electric traction motors designed for urban electric buses, enhancing the company's product portfolio in the public transportation sector.
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