Global Electric Traction Motor global market 2024, Forecast To 2033

The electric traction motor market has experienced exponential growth, surging from $16.7 billion in 2023 to $20.09 billion in 2024, with a compound annual growth rate (CAGR) of 20.3%. This growth in the historic period is attributed to the increased electrification of transportation, adoption of electric vehicles (EVs), government regulations and emission standards in the automotive industry, investment in EVs, and improved energy efficiency. Looking forward to 2028, the market is expected to witness rapid growth, reaching $40.62 billion, maintaining a 19.2% CAGR. The forecasted expansion can be attributed to research and development in motor technology, environmental and sustainability goals, the expansion of EV charging infrastructure, increased adoption in commercial and industrial applications, and diversification of electric mobility solutions. Major trends in the forecast period include technological advancements in motor design, advanced battery technology, lightweight and compact motor designs, integration of smart and IoT features, and strategic collaborations.