Comprehensive Electric Traction Motor Market Forecast 2025-2034: Growth Trends and Strategic Shifts

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Electric Traction Motor Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, there has been a swift expansion in the market size of the electric traction motor. From a worth of $19.79 billion in 2024, it is projected to escalate to $23.3 billion in 2025, experiencing a compound annual growth rate (CAGR) of 17.8%. Factors such as the amplification in the electrification of transport, an upsurge in acceptance of electric vehicles (evs), the enactment of government rules and automotive industry emission norms, capital inflows in evs, and heightened energy efficiency contributed to this growth during the historic phase.

Electric Traction Motor Market Size Forecast: What's the Projected Valuation by 2029?
Rapid expansion is anticipated in the electric traction motor market in the coming years, with a projected valuation of $45.57 billion by 2029, boasting a compound annual growth rate (CAGR) of 18.3%. The escalation during the forecast period can be credited to advances in motor technology due to research and development, environmental and sustainability objectives, proliferation of electric vehicle charging infrastructure, heightened uptake in commercial and industrial sectors, and diversification in electric mobility solutions. Significant trends for this estimated timeframe include advances in motor design technology, upgraded battery technology, development of lightweight and compact motor designs, incorporation of intelligent and IoT features, and strategic alliances.

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What Are the Drivers Transforming the Electric Traction Motor Market?
The boom in electric vehicle demand is set to fuel the expansion of the electric traction motor market. Even though the economic fallout from COVID-19 has decreased the appetite for petrol and diesel vehicles, interest in EVs and hybrid cars has seen a surge. The pressing need to combat climate change and the drive to attain carbon neutrality are catalysing a worldwide transition to emission-free transportation. Shifts towards electric cars help stimulate the economy by cutting fuel expenses and transitioning consumption from petrol-based products to vehicles powered by locally generated power. The building of charging stations for EVs, along with hydrogen fueling points, and governmental efforts to promote the adoption and successful implementation of electric vehicles support these changes. These elements have boosted the demand for electric traction motors, which provide environmentally friendly and simple handling, speed regulation, and robust propulsion to vehicles, ensuring a safe and dependable drive. For instance, the U.S. Energy Information Administration, a government department in the US, reported in January 2024 that hybrid vehicles, plug-in hybrid electric vehicles, and BEVs made up 16.3% of all new light-duty vehicle sales within the United States in 2023. This figures signal an increase from 2022 when they made up 12.9% of all sales.

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What Are the Key Trends Driving Electric Traction Motor Market Growth?
The trend of technological advancement is becoming increasingly popular in the electric traction motor industry. Despite the long-standing usage of electric motors, they continue to exhibit potential for further refinement, particularly in areas of technology and energy efficiency. The market has been experiencing a surge in demand for axial flux, an emerging motor technology known for delivering higher torque per motor unit volume compared to radial motors. Established companies within the electric traction motor space are concentrating on the development of sophisticated electric traction motors in an effort to bolster their market status. For example, in July 2022, Mahle, an automotive parts manufacturer based in Germany, launched the SCT E-motor, an advanced E-motor that can maintain high levels of performance. Some prominent features of this new motor include its compact size, lightweight nature, and its innovative integrated oil cooling system which contributes to its resilience.

Which Segments in the Electric Traction Motor Market Offer the Most Profit Potential?
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 Firms Dominate the Electric Traction Motor Market by Market Share and Revenue in 2025?
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

Which Regions Offer the Highest Growth Potential 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.

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