Industrial Machinery Segment to Dominate System on Package Market
According to Custom Market Insights (CMI), The Global Electric Traction Motor Market Size was valued at USD 12 billion in 2021 and is expected to reach USD 12.2 billion in 2022, and is estimated to reach USD 24 billion by the end of 2030 at a CAGR of approximately 13% during the forecast period 2022-2030.
Our research report offers a 360-degree view of the Electric Traction Motor market’s drivers and restraints, coupled with their impact on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Electric Traction Motor market.
Electric Traction Motor Market: Overview
Traction motor-equipped vehicles are exclusively hybrid and battery-powered (BEVs). BEVs and HEVs have rapidly gained recognition in the global automotive industry by providing almost zero emissions and fuel efficiency at ever-lower prices. Around the world, numerous automakers are currently creating cutting-edge HEV and EV designs. For consumers to experience the best range and fuel economy, preventing electrical and magnetic losses is essential.
Browse the full “Electric Traction Motor Market Size, Trends and Insights By Type (AC motor, DC motor), By Power Rating (<200 kW, 200 kW to 400 kW, >400 kW), By Application (Electric Vehicles, Railways, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/electric-traction-motor-market/
The market is expanding due to increased investments in electric vehicles and the growing adoption of energy-efficient motors. EV sales are increasing due to the traction motors’ high efficiency and low power consumption. Additionally, tight environmental regulations and emission limits to safeguard environmental sustainability fuel the demand for EVs, creating excellent conditions for market expansion.
A growing popular preference for zero-emission vehicles has resulted in a global boom in hybrid electric vehicle (HEV) sales. Therefore, the market would gain from the increased HEV production. The government is also implementing various schemes, like tax benefits and rebates, to boost EV sales, driving the market for EV traction motors.
The market for Electric Traction motors is segmented into type, power rating, and application. Railways, electric cars, and other applications make up the electric traction motor market. Elevators, industrial equipment, and conveyor belts are more examples. The electric vehicle segment is anticipated to develop faster during the projected period. The demand for effective traction motors is rising as more electric vehicles are on the road globally. Tesla, Mercedes, BMW, Daimler, Jaguar Land Rover, and Toyota are some of the top manufacturers that use traction motors.
The market for electric traction motors is divided into two types: AC and DC. The AC segment is anticipated to be the market’s largest by type for electric traction motors during the anticipated period. Electric cars, industrial machinery, and the rail industry frequently employ these motors for propulsion. Compared to DC motors, AC motors are more effective and simpler to manage.
The Asia Pacific region will lead the electric DC motor market in 2021. The expansion is anticipated to result from an increase in the use of electric vehicles (EVs) and a significant number of rail and metro projects in the continent’s developing nations, including China, India, Japan, and others. Due to its rapid urbanization, China intends to reduce the pollution from its road transport vehicles, which will spur the development of electric vehicles. These elements will influence future market statistics for electric transition motors in China.
In 2021, Europe ranked second after North America in terms of the use of electric traction motors. The need for electric traction motors in the area is rising along with the demand for electric automobiles.
|Feature of the Report||Details|
|Market Size in 2021||USD 12 Billion|
|Projected Market Size in 2030||USD 24 Billion|
|CAGR Growth Rate||13% CAGR (2022-2030)|
|Prominent Players||Siemens AG, NIDEC Corporation, CRRC, Skoda Electric, CG Power, GE, Bosch, Alstom, and Others|
|Key Segment||By Type, Power Rating, Application, and Region|
|Report Coverage||Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends|
|Regional Scope||North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America|
|Buying Options||Request tailored purchasing options to fulfil your requirements for research.|
Key Players Insights
The competitive landscape for the electric traction motor market includes information from competitors. The company’s financials, revenue generated, market potential, investment in R&D, new market initiatives, production sites and facilities, global presence, production capacities, product launch, company strengths and weaknesses, product width and breadth, and application dominance are among the details that are included. As mentioned earlier, the data are limited to the companies’ systems with a market-related focus.
Some of the prominent players
- Siemens AG
- NIDEC Corporation
- Skoda Electric
- CG Power
The global Electric Traction Motor market is segmented as follows:
- AC motor
- DC motor
By Power Rating
- <200 kW
- 200 kW to 400 kW
- >400 kW
- Electric Vehicles
On the basis of Geography
- The U.S.
- The UK
- Rest of Europe
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Rest of Latin America