Electric Traction Motor Market Forecasts to 2030 – Global Analysis By Type (Alternating Current (AC) Motor and Direct Current (DC) Motor), Power Rating (Below 200 Kw, 200-400 kW and Above 400 kW), Vehicle Type (Plug-in Hybrid Electric Vehicles, Mild Hybri

Electric Traction Motor Market Forecasts to 2030 – Global Analysis By Type (Alternating Current (AC) Motor and Direct Current (DC) Motor), Power Rating (Below 200 Kw, 200-400 kW and Above 400 kW), Vehicle Type (Plug-in Hybrid Electric Vehicles, Mild Hybrid Vehicles, Full Hybrid Vehicles and Other Vehicle Types), Application and By GeographyAccording to Stratistics MRC, the Global Electric Traction Motor Market is accounted for $14.09 billion in 2023 and is expected to reach $36.59 billion by 2030 growing at a CAGR of 14.6% during the forecast period. An electric motor known as a traction motor is one that is created primarily for propulsion in vehicles like trains, electric cars, and hybrid electric cars. It provides the necessary traction to power the vehicle's movement by delivering torque to drive the wheels or axles of the vehicle. A traction motor is a crucial part of the power train of contemporary automobiles since it is often made to work with great efficiency and power density. The traction motor is a crucial part of an electric vehicle's power train and is in charge of providing the torque and power required for the vehicle to move in EVs and HEVs.

According to the IEC 600038 standard (International Electro-technical Commission’s), any motor with a rating up to 1000 volts is regarded as a low voltage (LV). The industry standards for low-voltage motors vary broadly. Several manufacturers have different motor classifications that are considered low-voltage motors.

Market Dynamics:

Driver:

Government initiatives that are successful and rising demand for energy-efficient motors

Government law promotes the use of electric traction motors these motors are useful because they reduce environmental pollution and energy consumption. In the next years, there will be severe regulations limiting carbon emissions. It will result in the use of environmentally beneficial technologies. Low maintenance and energy savings are made possible through vehicle energy efficiency. Fossil fuel costs are always fluctuating. The rising price of gasoline, however, has a substantial influence on the market for electric traction. Because of this, electric traction motor-powered vehicles are becoming increasingly widespread. Additionally, reducing carbon emissions will be increasingly prevalent in the coming years.

Restraint:

Challenging procedure involved in making electric traction motors

This energy-efficient technology must be produced using premium raw materials. Premium metals like copper and aluminum are used in the process. The fluctuating cost of raw materials, however, poses problems for the electric traction motor. The high or low variations in raw material prices cause a number of market anomalies. The use of inexpensive raw material alternatives can affect the dependability and safety of an electric traction motor's functioning. The leading rivals on the market face substantial challenges due to the cost of raw materials.

Opportunity:

Application of electric traction motors in hybrid and all-electric cars

Traction motors are the primary components of hybrid and all-electric vehicles that convert electrical energy into mechanical energy. Electric traction motors are a standard component of electric automobiles and are used for initial propulsion as well as to provide rotational torque. The development of hybrid vehicle technology has led to a major growth in the demand for traction motors. The increased understanding of the detrimental effects of carbon emissions from moving cars is another important factor influencing the rise of the market for electric traction motors.

Threat:

Overheating-related motor failure

By degrading the winding insulation in electric motors, excessive heat brought on by overheating can lead to motor failure. Overload inadequate power conditions, extreme effective service factors, frequent turning on and off of the motor and lack of airflow around the motor are all causes of overheating. In hot climates, electric motors also frequently overheat. Insulation failure is the cause of around 30% of all motor failures, while overheating is the cause of about 60%. Significant dependability problems plague permanent magnet motors; when subjected to high temperatures, these motors lose their magnetic. These motors' permanent magnets demagnetize, which lowers their torque capacity in turn impedes the growth of the market.

Covid-19 Impact

The COVID 19 has a significant negative influence on the worldwide electric traction motor. Global economic collapse has resulted from the COVID 19 pandemic. During this time, consumer spending is changing in all of the main nations. The expansion of the transportation sector is being constrained by low-level regulations in a number of areas. Fuelling has been banned for both domestic and foreign travel at this time. These limitations have also cast doubt on the electric traction market's supply chain. Profitability may be impacted by the industry's supply-demand imbalance. A scarcity of raw materials for the market and a slowdown in manufacturing are further issues. The prognosis for the electric traction motor industry is significantly altered by all these variables.

The alternating current (AC) motor segment is expected to be the largest during the forecast period

The alternating current (AC) motor segment is estimated to have a lucrative growth, due to the lack of mechanical components needed for operation, AC motors are simpler to construct and lighter than DC motors for the same power. The AC units may operate precisely and successfully to improve traction and adhesion thanks to the use of cutting-edge electronics. Microprocessors have the ability to accurately monitor it, and they also assist in redeveloping current till it ceases. DC regeneration drastically decreases at low speeds. These products are most typically used in a range of applications in the modern industrial sector, such as electric vehicles, conveyors, and industrial equipment. AC motors are more often employed in the automobile sector. The demand for AC motors is expected to increase as a result of these factors.

The electric vehicle segment is expected to have the highest CAGR during the forecast period

The electric vehicle segment is anticipated to witness the highest CAGR growth during the forecast period, as a vehicle runs only on chemical energy from rechargeable battery packs is known as a battery-powered vehicle. Battery electric cars use motor controllers and electric motors in place of conventional IC engines for propulsion. The BEV category is predicted to rule the market for electric vehicle traction motors during the forecast period as a result of a major change in customer attitudes toward zero emission automobiles. Technology advancements like long-range batteries with rapid charging capabilities are expected to boost the BEV industry.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to its sizable fleet of electric cars, rail, and metro projects. The dominant nations in the area include South Korea, China, India, Japan, and Japan, and their electrification initiatives are expanding quickly. China plans to minimize pollution from its road transport vehicles in light of the country's rising urbanization. Additionally, it aims to lessen the nation's reliance on hydrocarbon imports and promote the growth of the industrial sector. India, on the other hand, is in the process of electrifying the whole railway industry.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the region's rapid urbanization, which has increased air pollution, greenhouse gas emissions, and energy waste; the growing government emphasis on the adoption of efficient and sustainable transportation solutions; and the rising daily commuter traffic. The widespread use of EVs, such as automobiles, scooters, and buses; heavy investment by auto industry titans; application of environmental laws; and expanding end-use sectors in addition, to that Europe generates the bulk of the region's income due to the presence of important industry players, the rapid adoption of electric cars, and the high level of consumer spending in the nation.

Key players in the market

Some of the key players profiled in the Electric Traction Motor Market include Siemens AG, ABB, Ltd., Delphi Automotive LLP, Mitsubishi Electric Corporation, Caterpillar Inc., General Electric Co., Toshiba Corporation, Hitachi, Ltd., Magna International, Hyundai Rotem Company, Schneider Electric SE,Alstom S.A., CG Power and Industrial Solutions Ltd., CRRC Corporation Limited, Robert Bosch GmbH, Traktionssysteme Austria (TSA) GmbH, Kawasaki Heavy Industries Ltd., Prodrive Technologies, Transtech Melbourne Pty Ltd. And The Curtiss-Wright Corporation

Key Developments:

In August 2023, Siemens launches new SIRIUS 3UG5 line monitoring relays, the relays are the easiest way to monitor standards-compliant grid stability and quality, ensuring proper system operation and a long service life of components such as motors or compressors.

In July 2023, ABB and Microsoft collaborate to bring generative AI to industrial applications, the collaboration aims to deploy Copilot capabilities to enable more intuitive user interaction with ABB Ability™ Genix Industrial Analytics and AI Suite and its applications.

In May 2023, Mitsubishi Electric and Mitsubishi Heavy Industries Definitively Agree to Integrate Their Power-generator Systems Businesses, prior to the establishment of the joint-venture company; a preparatory company will be established.

Types Covered:
• Alternating Current (AC) Motor
• Direct Current (DC) Motor

Power Ratings Covered:
• Below 200 kW
• 200-400 kW
• Above 400 kW

Vehicle Types Covered:
• Plug-in Hybrid Electric Vehicles
• Mild Hybrid Vehicles
• Full Hybrid Vehicles
• Other Vehicle Types

Applications Covered:
• Conveyors
• Electric Vehicle
• Elevators
• Industrial Machinery
• Railways
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements