The Electric Traction Motor Market has been witnessing steady growth over the past few years. Electric traction motors find application in electric locomotives, electric multiple units, electric trains, trams, trolley buses and electric road vehicles. They help convert electrical energy into mechanical energy and deliver high torque starting from low speeds. Growing concerns about pollution and carbon emissions from transportation sector have made governments around the world launch supportive policies and incentives for electric mobility. Manufacturers are also launching efficient and durable electric traction motors to meet the demand from rail and automobile OEMs.
The Global Electric Traction Motor Market is estimated to be valued at USD 18.34 Billion in 2024 and is expected to exhibit a CAGR of 14.5% over the forecast period 2024.
Key Takeaways
Key players operating in the Electric Traction Motor Market are Siemens AG, CG Power and Industrial Solutions Limited, Traktionssysteme Austria, Voith GmbH, Mitsubishi Electric Corporation, ABB Ltd., CRRC Corporation Limited and Skoda Transportation.
Growing investments by rail operators and OEMs in developing sustainable public transport infrastructure present huge opportunities for traction motor manufacturers. Furthermore, rising sales of electric buses and commercial electric vehicles will drive the demand for high-performance Electric Traction Motor Market Growth in the coming years.
Major electric traction motor manufacturers are strategizing global expansion plans by setting up manufacturing plants in high growth regions through subsidiaries, joint ventures or acquisitions. For instance, CG Power acquired Italian electric motor manufacturer Ansaldo Breda S.p.A. in 2019 to strengthen its traction systems business in Europe.
Market Drivers
The major market driver for the growth of the Electric Traction Motor Market is the increasing support from various governments in the form of subsidies and regulations for expanding electric transportation infrastructure and fleet. Many countries have proposed complete bans on new internal combustion engine vehicles by 2030-2040 which isexpected to boost the demand for electric traction motors in electric buses, trains and commercial vehicles.Furthermore, advancements in battery technologies allowing for higher vehicle range at reduced costs and rapid decline in battery prices are making electric vehicles more viable propositions.
PEST Analysis
Political: Governments are providing subsidies for adoption of electric vehicles which is promoting growth of Electric Traction Motor Market. Stringent emission norms are also pushing automakers to shift towards electric mobility.
Economic: Fall in battery prices and improving performance is making electric vehicles more affordable for customers. Lower operating and maintenance costs of electric vehicles compared to fuel vehicles is attracting more buyers.
Social: Growing climate change concerns and increasing environmental awareness among public is boosting preference for green technologies like electric vehicles. Social media influence is positively impacting EV adoption.
Technological: Advancements in battery technologies, electric powertrains and charging infrastructure are enhancing performance and driving range of electric vehicles. Development of new magnetic materials, power electronics and motor designs are improving efficiency and lifespan of electric traction motors.
Geographical Regions with Highest Market Value
Currently, Asia Pacific holds the highest value share in global Electric Traction Motor Market led by China. Government support through incentives and expanding charging network in China has accelerated local EV production and sales. Europe is the second largest market driven by supportive FAME regulations and Green Vehicle initiatives in major countries like Germany and UK.
Fastest Growing Geographical Region
North America is expected to emerge as the fastest growing regional market during the forecast period on account of increasing investments by automakers as well as policy support from governments. Presence of major EV companies and technology leaders in countries like US and Canada is positively impacting the electric traction motor demand. Growing consumer acceptability of EVs in America will further drive the regional market growth.
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About Author-
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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