A Global Electric Traction Motor Market Size study & Forecast, by Type (Alternating Current, Direct Current), by Power Rating (Below 200 kW, 200 - 400 kW

Global Electric Traction Motor Market Size study & Forecast, by Type (Alternating Current, Direct Current), by Power Rating (Below 200 kW, 200 - 400 kW, Above 400 kW), by Application (Railway, Electric Vehicle, Industrial Machinery, Others) and Regional Analysis, 2023-2030

Global Electric Traction Motor Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030. An electric traction motor is a type of electric motor specifically designed to provide propulsion in electric vehicles, such as electric cars, trains, and trams. It plays a crucial role in converting electrical energy into mechanical energy to drive the vehicle forward. The traction motor works on the basis of electromagnetic induction. It is made up of a stator with stationary windings and a rotor with revolve windings. The stator windings are connected to a power source, typically a high-voltage battery pack or an overhead power line, while the rotor windings are connected to the drivetrain. The key factors driving the market growth driving rising stringency of emission regulations to push OEMs to manufacture and sell electric and hybrid vehicles, rising investments in the railway sector and growing demand for electric vehicles is anticipated to support the market growth during the forecast period 2023-2030.

Moreover, the growing demand for electric vehicles (EVs) has been a key factor in supporting the growth of the Electric Traction Motor Market. As the demand for EVs continues to rise, the market for electric traction motors experiences significant growth. Governments, industries, and consumers worldwide are increasingly adopting EVs due to environmental concerns, government incentives, and advancements in battery technology. This surge in EV sales directly translates into higher demand for electric traction motors. According to Statista, globally the number of electric vehicles sold in 2020 was 3.18 million; in 2022 the number reached 10.24 million and it is anticipated to reach 12.97 million by 2025. As a result, the growing demand for EVs is anticipated to create a lucrative demand for the market. Additionally, cohesive government policies and subsidies are anticipated to create the lucrative opportunities for the market during the forecast period. However, the high cost of electric vehicles compared to ICE vehicles stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Electric Traction Motor Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the presence of key market players, Investment in electric vehicles and fuel-efficient locomotives, and a rising focus on decarbonization of the transport sector. Whereas, the Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as the rising investments in electric vehicles, government initiatives to upgrade existing diesel locomotives with electric models, and growing investments in electric vehicles and railway projects that anticipated to support the market growth.

Major market player included in this report are:
Toshiba Corp
Nidec Corporation
Alstom SA
Parker-Hannifin Corp
CRRC Corporation Limited
ABB Ltd.
Robert Bosch GmbH
Siemens AG
SKF AB
CG Power and Industrial Solutions Limited

Recent Developments in the Market:
In Feb. 2020, NIDEC CORPORATION expanded its footprints by inaugurating three new manufacturing plants in China, Poland, and Mexico. These plants would supply millions of electric motors at significantly reduced prices.

Global Electric Traction Motor Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered – Type, Power Rating, Application, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Type:
Alternating Current
Direct Current
By Power Rating:
Below 200 kW
200 - 400 kW
Above 400 kW
By Application:
Railway
Electric Vehicle
Industrial Machinery
Others
By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
Toshiba Corp
Nidec Corporation
Alstom SA
Parker-Hannifin Corp
CRRC Corporation Limited
ABB Ltd.
Robert Bosch GmbH
Siemens AG
SKF AB
CG Power and Industrial Solutions Limited

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