Electric Traction Motor Market Size, Share, Trends, Growth and Forecast 2032

Global Electric Traction Motor Market Insights

Zion Market Research has published a report on the global Electric Traction Motor Market, estimating its value at USD 228.17 Million in 2023, with projections indicating that it will reach USD 437.45 Million by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 7.5% over the forecast period 2024-2032.

The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Electric Traction Motor industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Global Electric Traction Motor Market- Introduction

Electric traction motor is a kind of motor operated with the use of electricity. Furthermore, it is utilized in driving of automobiles including electric cars and railways. It provides myriad advantages including quick start & stop, no fuel emission, and easy to use.

Moreover, the product is considered to be a kind of industrial motors requiring huge acceleration or deceleration rate, low-torque high –speed cruising, high torque low-speed hill-climbing, and a wide array for operating velocities.

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Market Growth Dynamics

The growth of the electric traction motor industry during the forecast timeline is due to escalating popularity of high-performing motors, supportive government laws, and subsidies. In addition to this, a surge in the funding in railway industry will prompt the expansion of electric traction motor market over the years ahead.

Apparently, mounting acceptance of electric cars as well as hybrid vehicles in the developed economies will impel the market growth over the forecast timeline. With the electric vehicles slated to rise to nearly over 20% by 2032, the market for electric traction motor is likely to gain traction over the forecast timespan.

Global Electric Traction Motor Market: Segmentation

The study provides a decisive view of the electric traction motor market by segmenting the market based on by application, by type, by power rating and by region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

By type segment analysis includes AC and DC.

By power rating segment analysis includes <200 kW, 200 kW to 400 kW, >400 kW

By application segment analysis includes railway, electric vehicles, others (elevators, conveyors, and industrial machinery).

The regional segment includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Electric Traction Motor Market: Report Scope

Asia Pacific To Account For Major Market Revenue During 2024-2032

The growth of electric traction motor industry in Asia Pacific zone during the forecast timeline can be credited to largest number of trains and railway routes connecting many stations & states in the countries such as India. Apart from this, growing demand for electrification and bulge in the funding of electric cars will prompt the regional market growth. Additionally, a prominent increase in the number of bullet trains in China and Japan will proliferate the industry growth in the Asia Pacific zone. Furthermore, rise in the number of metro trains as well as local trains in the countries like India will fuel the market size in the region. Furthermore, government is focusing on introducing more electric vehicles with the aim of reducing carbon footprints, thereby promoting the market growth in the region.

Global Electric Traction Motor Market: Competitive Players

Key players profiled in the report include-

•  Alstom
•  ABB
•  Bosch
•  CRRC
•  Siemens
•  TSA
•  WEG

Electric Traction Motor Market: Segmentation

The global electric traction motor market is segmented as follows:

By Type

• AC
• DC

By Power Rating

• <200 kW
• 200 kW to 400 kW
• >400 kW

By Application

• Railway
• Electric vehicles
• Others (Elevators, conveyors, and industrial machinery)

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa