Global Electric Traction Motor Market 2024 – 2033

Reports Description

Increasingly strict pollution standards are encouraging OEMs to produce and market electric and hybrid vehicles, which, in turn, is boosting the demand for electric traction motors.

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

When two surfaces come into contact without slipping, traction is created electrically or without electricity. An electric motor called a traction motor is utilized to create rotational torque on a machine, often converted into a straight-line motion. Due to the demands of low-torque high torque, low-speed hill-climbing, high-speed cruising, a fast rate of acceleration/deceleration, and a high range of operating speed, this motor is classified as a special class in industrial motors.

The electric milk floats, elevators, conveyors, railways, trams, and EVs are just a few examples of the electrically powered rail vehicles that utilize this traction motor, along with electric locomotives and electric multiple units.

Electric Traction Motor Market: COVID–19 Impact Analysis

COVID-19 has a significant negative impact on the global electric traction motor. The global economic collapse has resulted from the COVID-19 outbreak. During this time, consumer spending is changing in all main nations. Low-level regulations in several areas are constraining the growth of the transportation sector.

Fueling has been banned for both domestic and international travel at this time. These limitations have also cast doubt on the electric traction market’s supply chain. The industry’s supply-demand imbalance may impact profitability. A scarcity of raw materials for the market and a slowdown in manufacturing are further issues. All these factors significantly alter the prognosis for the electric traction motor industry.

Electric Traction Motor Market: Growth Drivers

Governments’ Stringent Regulations for Pollution Control

Day by day, there are more and more worries about the damaging impacts of various modes of transportation on the environment, including air pollution. Due to growing environmental pollution concerns, automobile manufacturers have been compelled to create automobiles that adhere to local regulatory norms. Several factors have contributed to the popularity of electric and hybrid vehicles. Electric and hybrid vehicles’ popularity has been fueled partly by government subsidies, zero emissions, battery technology improvements, and user experiences. Sales of electric vehicles, including BEVs, HEVs, and PHEVs, have surged due to stricter emission regulations.

Automated systems have taken the place of mechanical links as a result of vehicle electrification. For instance, the rising use of 48-volt electrical systems in automobiles has increased the demand for powerful electric traction motors to meet the necessary power requirements. The motor business has been directly impacted by the rise in electric car sales, which bodes well for the future of the electric traction motor market.

Surging Demand for Electric Vehicles

Due to fluctuating fuel prices and the growing need to reduce CO2 emissions, the number of electric and hybrid vehicles is fast increasing. According to the Automotive Fuel Economy Survey, nearly 40% of American automobile owners named fuel economy as the most important factor in increasing the efficiency of their vehicles. The International Energy Agency (IEA) estimates that approximately 10 million electric vehicles were sold globally 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.

Traction motors are the main mechanisms in hybrid and all-electric vehicles for transforming electrical energy into mechanical energy. Electric traction motors are included in electric vehicles for initial propulsion and to give the vehicle rotational torque. The need for traction motors has significantly increased due to advancements in hybrid vehicle technologies. Because they are more lightweight than induction motors and have a more compact design, electric traction motors like permanent magnet synchronous motors are frequently utilized in electric vehicles. Another significant reason driving the expansion of the market for electric traction motors is the growing awareness of the negative impacts of vehicle carbon emissions.

Electric Traction Motor Market: Segmentation Analysis

In our research scope, the Electric Traction Motor market is segmented into power rating, type, and application. By power rating, the <200 kW segment is anticipated to witness a high CAGR during the projection period. Electric vehicles and light rail vehicles like trams, monorails, and others commonly employ electric traction motors with a power rating of 200 kW or less. In the upcoming years, the segment’s growth is anticipated to be driven by the need to reduce carbon emissions in the transportation industry and increased expenditures on light rail vehicles. 

Based on type, the AC motors segment is estimated to hold the largest market share in 2021. Because they don’t need any mechanical components to function, AC motors are simpler to construct and lighter than DC motors of the same power. Modern electronics allow AC units to operate precisely and successfully to improve traction and adhesion.

Report Scope

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)
Base Year	2023
Forecast Period	2024-2033
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 Insights: 

• Per the analysis shared by our research analyst, the Electric Traction Motor market is estimated to grow annually at a CAGR of around 13% over the forecast period (2022-2030).
• In terms of revenue, the Electric Traction Motor market was valued at around USD 12 billion in 2021 and is projected to reach USD 24 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• Based on power rating segmentation, the <200 kW segment was predicted to show maximum market share in 2021.
• Based on the type segmentation, the AC motors segment was the leading revenue-generating category in 2021.
• Based on application segmentation, the electric vehicle (EV) segment was the leading revenue-generating category in 2021.
• Based on geography/region, the Asia Pacific region was the leading revenue generator in 2021.

Recent Development

• 2020: NIDEC CORPORATION increased its geographic reach by opening three new production facilities in China, Poland, and Mexico. These factories would provide electric motors in the millions at considerably lower costs.
• 2019: A contract for the delivery of 300 Urban 9/9 electric buses for the BRTS circuit in Ahmedabad was accepted by Tata Motor. This one is the only business in India to obtain such a large order. It also supports the government’s promotion of e-mobility. 

Competitive Landscape

The leading manufacturers implement a variety of strategies, including acquisitions and mergers. The leading players also employ new product launches and focus on ongoing technological breakthroughs in their strategy. By investing in R&D, the businesses are also attempting to hold the market share.

Our report offers quantitative and qualitative insights into the Electric Traction Motor market and major development initiatives adopted by the key players. Further, it offers competitive details and market share analysis. The report further includes relevant financial information, products and services offered, SWOT analysis, and the players’ recent developments.

List of the prominent players in the Global Electric Traction Motor Market:

• Siemens AG
• NIDEC Corporation
• CRRC
• Skoda Electric
• CG Power
• GE
• Bosch
• Alstom

Regional Landscape

The market for electric traction motors is anticipated to develop fastest between 2022 and 2030 in the Asia Pacific region. The increased need for transportation connectivity brought about by the region’s growing population has prompted investments in the railway industry. It is projected to spur additional growth in demand for electric traction motors.

The global Electric Traction Motor market is segmented as follows:

By Type

• AC motor
• DC motor

By Power Rating

• <200 kW
• 200 kW to 400 kW
• >400 kW

By Application

• Electric Vehicles
• Railways
• Others

On the basis of Geography

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America