Electric Traction Motor Market Size (2024 - 2029)

The electric traction motor market is poised for substantial expansion, driven by the increasing demand for high-performance motors and supportive government policies promoting electric vehicles and railway electrification. Despite challenges such as raw material price volatility and safety concerns, the market is expected to benefit from government initiatives aimed at reducing air pollution and transitioning to electric transportation. Developing regions, particularly in Asia-Pacific, are anticipated to offer significant opportunities for growth, with major demand originating from countries like China, India, Japan, and South Korea.

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Market Size of Electric Traction Motor Industry

Electric Traction Motor Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 15.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Medium

Major Players

Electric Traction Motor Market Major Players

*Disclaimer: Major Players sorted in no particular order

Electric Traction Motor Market Analysis

The electric traction motor market is expected to grow at a CAGR of around 15% during the forecast period. Factors such as increasing demand for high-performance electric traction motors, favorable government policies and subsidies for electric vehicles, and an increase in railway electrification projects are likely to drive the drive. However, price volatility of raw materials such as copper and aluminum, and safety and reliability concerns are significant factors that are expected to hinder the market growth during the forecast period.

  • With supportive government initiatives and incentives, electric vehicles are expected to have significant demand for traction motors during the forecast period.
  • On account of growing concerns regarding air pollution, governments across various nations have set targets to implement or to transform existing transportation modes from fossil fuel to electricity. Developing countries like India are planning to electrify 30% of its passenger vehicles by 2030, which is likely to provide ample opportunity for the electric traction motor companies in the near future.
  • Asia-Pacific is expected to witness significant growth during the forecast period, with the majority of the demand coming from China, India, Japan, and South Korea.

Electric Traction Motor Industry Segmentation

The electric traction motor market report includes:

Type
Alternating Current
Direct Current
Power Rating
Below 200 kW
200 - 400 kW
Above 400 kW
Application
Railway
Electric Vehicle
Industrial Machinery
Others
Geography
North America
Asia-Pacific
Europe
South America
Middle-East and Africa
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Electric Traction Motor Market Size Summary

The electric traction motor market is poised for substantial growth, driven by the increasing demand for high-performance motors and supportive government policies promoting electric vehicles. The shift towards electrification in transportation, particularly in developing countries like India, is expected to create significant opportunities for market players. However, challenges such as raw material price volatility and safety concerns may impede growth. The Asia-Pacific region, with its robust electric vehicle and railway electrification projects, is anticipated to be a key growth area, with countries like China, India, Japan, and South Korea leading the demand.

The electric vehicle market's expansion is a crucial factor in the growth of the electric traction motor market, as it aligns with global efforts to achieve sustainable transportation and reduce emissions. Technological advancements, particularly in battery technology, are expected to lower costs and further drive market growth. The collaboration between private entities and research centers is also likely to bolster the market. Despite being moderately fragmented, the market features prominent players such as ABB Ltd, Siemens AG, and General Electric Company, who are instrumental in shaping the industry's landscape during the forecast period.

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Electric Traction Motor Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD million, till 2025

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Alternating Current

      2. 2.1.2 Direct Current

    2. 2.2 Power Rating

      1. 2.2.1 Below 200 kW

      2. 2.2.2 200 - 400 kW

      3. 2.2.3 Above 400 kW

    3. 2.3 Application

      1. 2.3.1 Railway

      2. 2.3.2 Electric Vehicle

      3. 2.3.3 Industrial Machinery

      4. 2.3.4 Others

    4. 2.4 Geography

      1. 2.4.1 North America

      2. 2.4.2 Asia-Pacific

      3. 2.4.3 Europe

      4. 2.4.4 South America

      5. 2.4.5 Middle-East and Africa

Electric Traction Motor Market Size FAQs

The Electric Traction Motor Market is projected to register a CAGR of greater than 15% during the forecast period (2024-2029)

ABB Ltd, Siemens AG, General Electric Company, Kirloskar Electric Company Ltd and CG Power and Industrial Solutions Ltd are the major companies operating in the Electric Traction Motor Market.

Electric Traction Motors Market Report Snapshots

Electric Traction Motor Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)