The Global Electric Traction Motor Market size is expected to reach $23 billion by 2028, rising at a market growth of 11.7% CAGR during the forecast period.
Electricity powers traction motors, which produce the force needed to turn the train's wheels. The traction motors' generated turning force is transferred to the wheels by the driving gear unit and axle. Traction motors are typically mounted in cars where the wheels are. A traction motor is an electric motor attached to a shaft that produces linear motion by transforming electrical energy into torque energy.
Due to the enormous weight of the car, traction motors are typically employed to power big vehicles like railroads, locomotives, and industrial machinery, among others. In comparison to traditional steam and diesel engines, these motors also provide improved performance, easier construction, and increased reliability.
Additionally, the advancement of superior semiconductor products like insulated gate bipolar transistors (IGBT) and thyristors, dependable AC induction motors, and the electrification of locomotives and railroads as a result of technological advancement is expected to create lucrative business opportunities for the manufacturers in the years to come.
A traction motor is an electric motor attached to a shaft that produces linear motion by transforming electrical energy into torque energy. Due to the enormous weight of the car, traction motors are typically employed to power big vehicles like railroads, locomotives, and industrial machinery, among others. In comparison to traditional steam and diesel engines, these motors also provide improved performance, easier construction, and increased reliability.
Additionally, the advancement of superior semiconductor products like insulated gate bipolar transistors (IGBT) and thyristors, dependable AC induction motors, and the electrification of locomotives and railroads as a result of technological advancement is expected to create lucrative business opportunities for the manufacturers in the years to come.
The COVID-19 pandemic has had a significant impact on the international electric traction motor. The economic crisis brought on by the illness spread has hampered car sales in the first half of 2020. As a result of strict movement restrictions, disruptions in the electric traction market's supply chain are expected to adversely affect the profitability of the sector. This has altered the market outlook significantly for electric traction motors. Due to the current pandemic scenarios, the railway traction motor market is impacted by the financial crisis and economic recession, which hinders industrial expansion.
Day by day, there are more and more worries about the damaging impacts of various modes of transportation on the environment, such as air pollution. Automobile manufacturers have been compelled to create automobiles that adhere to local regulatory norms as a result of growing environmental pollution concerns. The International Energy Agency (IEA) estimates that by 2020, there will be 10 million electric cars on the road, with battery electric vehicles (BEVs) making up two-thirds of the fleet.
Due to fluctuating fuel prices and the growing need to reduce CO2 emissions, the number of electric and hybrid vehicles is fast increasing. The International Energy Agency (IEA) estimates that approximately 10 million electric vehicles were sold in 2020, an increase of 63% from the year before. Over 95% of the world's supply of electric two- and three-wheelers comes from China. The World Health Organization (WHO) reports that China is making major efforts to address air pollution, which causes about 1 million fatalities annually.
Deploying railways, including locomotives, metros, trams, and other types, comes at a relatively high initial cost. Setting up field-level devices and equipment with new technologies involves a sizable initial expenditure. Setting up the sophisticated infrastructure for organizing transmission networks and administering new and current systems also incurs significant costs. Railway authorities are also quite concerned about the significant maintenance and operation costs following deployment.
On the basis of Type, the Electric Traction Motor Market is segmented into AC and DC. The DC segment witnessed a significant revenue share in the electric traction motor market in 2021. The first kind of traction motor is a DC motor with series field windings. With considerable torque at low speeds for vehicle acceleration and falling torque as speed increases, these offer a speed-torque characteristic beneficial for propulsion.
Based on the Power Rating, the Electric Traction Motor Market is divided into Below 200 kW, 200-400 kW, and Above 400 kW. The below 200 kW segment procured the largest revenue share in the electric traction motor market in 2021. One of the key factors fueling the expansion of this market is the increasing investment in electric automobiles. Plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles (HEVs), battery electric vehicles (BEVs), electric two-wheelers, and electric buses are some examples of electric vehicles that utilize these motors.
By Application, Electric Traction Motor Market is bifurcated into Railways, Electric Vehicle, and Others. The railways segment garnered the highest revenue share in the electric traction motor market in 2021. Elevators, industrial equipment, and conveyor belts are more examples. The railway is the favored option and is more cost effective for the mass transportation of commodities and products over greater distances.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 10.9 Billion |
| Market size forecast in 2028 | USD 23 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 11.7% from 2022 to 2028 |
| Number of Pages | 215 |
| Number of Tables | 343 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Power Rating, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
|
| Restraints |
|
Region-wise, the Electric Traction Motor Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region acquired the largest revenue share in the electric traction motor market in 2021. It is because the increased need for transportation connectivity brought about by the region's growing population has prompted investments in the railway industry and is projected to spur additional growth in demand for electric traction motors.
Free Valuable Insights: Global Electric Traction Motor Market size to reach USD 23 Billion by 2028
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Siemens AG and ABB Group are the forerunners in the Electric Traction Motor Market. Companies such as Robert Bosch GmbH, Mitsubishi Electric Corporation, Toshiba Corporation are some of the key innovators in Electric Traction Motor Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Robert Bosch GmbH, Toshiba Corporation, ABB Group, Siemens AG, Nidec Corporation, General Electric (GE) Co., CG Power & Industrial Solutions Ltd. (Murugappa Group), Mitsubishi Electric Corporation, Ametek, Inc., and Kawasaki Heavy Industries, Ltd.
By Power Rating
By Type
By Application
By Geography
The Electric Traction Motor Market size is projected to reach USD 23 billion by 2028.
Increasingly Strict Pollution Standards Are Encouraging OEMS To Produce And Market Electric And Hybrid Vehicles are driving the market in coming years, however, Electric traction motors in the rail industry have a high initial implementation cost restraints the growth of the market.
Robert Bosch GmbH, Toshiba Corporation, ABB Group, Siemens AG, Nidec Corporation, General Electric (GE) Co., CG Power & Industrial Solutions Ltd. (Murugappa Group), Mitsubishi Electric Corporation, Ametek, Inc., and Kawasaki Heavy Industries, Ltd.
The expected CAGR of the Electric Traction Motor Market is 11.7% from 2022 to 2028.
The AC segment acquired maximum revenue share in the Global Electric Traction Motor Market by Type in 2021 thereby, achieving a market value of $14.8 billion by 2028.
The Asia Pacific market dominated the Global Electric Traction Motor Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $8.6 billion by 2028.
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 