Global Electric Traction Systems Market to Reach $481.8 Billion by 2030
The global market for Electric Traction Systems estimated at US$395.1 Billion in the year 2023, is expected to reach US$481.8 Billion by 2030, growing at a CAGR of 2.9% over the analysis period 2023-2030. Electric Traction Motors, one of the segments analyzed in the report, is expected to record a 2.6% CAGR and reach US$289.3 Billion by the end of the analysis period. Growth in the Electric Traction Transformers segment is estimated at 2.4% CAGR for the next 7-year period.
The U.S. Market is Estimated at $107 Billion, While China is Forecast to Grow at 4.5% CAGR
The Electric Traction Systems market in the U.S. is estimated at US$107 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$93 Billion by the year 2030 trailing a CAGR of 4.5% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.9% and 2.6% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 2.1% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$60.7 Billion by the year 2030.
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