What Has Been the Progress and Growth of the Electric Traction Motor Market in Recent Years?
The electric traction motor market has seen considerable growth due to a variety of factors.
• Over the past few years, the electric traction motor market has seen substantial growth. From $19.79 billion in 2024, it is slated to reach a market size of $23.65 billion in 2025, delivering a compound annual growth rate (CAGR) of 19.5%.
The historical period growth has hinged on factors like heightened transportation electrification, the surge in the popularity of electric vehicles (evs), government restrictions and emission rules in the automotive sector, investments in evs, and superior energy productivity.
What Can Be Expected from the Electric Traction Motor Market in the Coming Years?
The electric traction motor market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the electric traction motor market is anticipated to witness a substantial expansion. The market is projected to escalate to a value of $47.03 billion in 2029, growing at a compound annual growth rate (CAGR) of 18.8%.
Factors contributing to the growth during the projected period include advancements in motor technology stemming from research and development, environmental sustainability targets, the growth of the electric vehicle charging infrastructure, higher utilization in industrial and commercial applications, and proliferations of electric mobility options. Additionally, prevalent trends for the forthcoming period comprise innovations in motor design, breakthroughs in battery technology, lightweight and compact motor designs, incorporation of smart and internet of things (IoT) features, alongside strategic partnerships.
What Are The Leading Drivers Of Growth In The Electric Traction Motor Market?
The growth of the electric traction motor market is expected to be propelled by an increase in demand for electric vehicles. The economic impact of COVID-19 has curtailed the demand for petrol and diesel cars, but at the same time, it has heightened demand for EV and hybrid vehicles. The global move towards zero-emissions motoring, buoyed by climate change concerns and net-zero emissions goals, helps the economy by bringing down fuel costs and shifting consumption from petroleum products to locally produced power vehicles. Growth in EV charging stations, hydrogen fueling points along with governmental policies promoting adoption and implementation, all incentivize the use of electric vehicles. These elements have surged the demand for electric traction motors, that provide clean, easy handling, speed regulation, and high energy propulsion for safe and dependable driving. For example, the U.S. Energy Information Administration, a US government department, stated in January 2024 that the combined sales of hybrid vehicles, plug-in hybrid electric vehicles, and battery electric vehicles (BEVs) represented 16.3% of total new light-duty vehicle (LDV) sales in the United States in 2023, a significant increase from the 12.9% in 2022.
How Are The Segments Defined Within The Global Electric Traction Motor Market?
The electric traction motor market covered in this report is segmented –
1) By Type: AC, DC
2) By Power Rating: Less Than 200 kW, Between 200 kW To 400 kW, More Than 400 kW
3) By Application: Railway, Electric Vehicle, Elevators, Conveyors, Industrial Machinery
4) By Industry Vertical: Chemical And Petrochemical, Oil And Gas, Energy And Power, Automotive, Food And Beverages, Healthcare, Other Industry Verticals
Subsegments:
1) By AC (Alternating Current): Synchronous AC Motors, Asynchronous (Induction) AC Motors, Permanent Magnet AC Motors
2) By DC (Direct Current): Brushed DC Motors, Brushless DC Motors, Permanent Magnet DC Motors
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How Are New Trends Expected To Influence The Growth Of The Electric Traction Motor Market?
The rise of technological innovation is a significant trend observed in the electric traction motor market. Although electric motors have been around for quite some time, there's always room for more advancements in technology and energy efficiency. The market is currently experiencing a growing demand for innovative motor technologies, such as axial flux motors, which usually generate higher torque per motor volume than radial motors. Leading companies in the electric traction motor arena are striving to supply advanced electric traction motors to consolidate their market dominance. For example, in July 2022, Mahle, an automotive parts manufacturing company based in Germany, launched the SCT E-motor, a higher continuous torque (SCT) E-motors capable of maintaining excellent performance. This newly introduced motor is impressively compact and lightweight, a feat achieved through the innovative integrated oil cooling mechanism.
Who Are the Key Players in the Electric Traction Motor Market?
Major companies operating in the electric traction motor market include:
• ABB Ltd.
• Siemens AG
• General Electric Company
• CG Power and Industrial Solutions Ltd
• CRRC Corporation Limited
• Kirloskar Electric Company Ltd.
• Alstom SA
• Traktionssysteme Austria GmbH
• Skoda Transportation AS
• Robert Bosch GmbH
• Mitsubishi Electric Corporation
• Toshiba Corporation
• Nidec Corporation
• Johnson Electric Holdings Limited
• Ametek Inc.
• Regal Beloit Corporation
• WEG SA
• Brook Crompton UK Ltd.
• TECO Electric & Machinery Co. Ltd.
• Hitachi Ltd.
• Emerson Electric Co.
• Parker Hannifin Corporation
• Marathon Electric Motors Limited.
• NORD Drivesystems Pvt. Ltd.
• Bonfiglioli Riduttori SpA
• Sumitomo Heavy Industries Ltd.
• Yaskawa Electric Corporation
• Fuji Electric Co. Ltd.
• Hyundai Rotem Company
• VEM Group
• Voith GmbH & Co. KGaA
• KEB Automation KG
What Is The Most Dominant Region In The Electric Traction Motor Market?
Asia-Pacific was the largest region in the electric traction motor market in 2024. North America is expected to be the fastest-growing region in the electric traction motor market during the forecast period. The regions covered in the electric traction motor market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
