The electric traction motor market has grown significantly in recent years, owing to the growing popularity of electric vehicles (EVs) worldwide. Electric traction motors are a critical component of electric vehicles, providing the necessary power to drive the wheels and propel the vehicle forward.
According to a latest research, ‘The global electric traction motor market is projected to reach USD 22.2 billion by 2027 from an estimated market size of USD 12.3 billion in 2022, at a CAGR of 12.6% during the forecast period.’
The market for electric traction motors is expected to continue growing rapidly in the coming years, as governments around the world push for the adoption of electric vehicles in an effort to reduce greenhouse gas emissions and combat climate change.
The increasing demand for electric traction motors has led to significant advancements in motor technology, including the development of high-efficiency and high-torque motors that can provide better performance and longer range for EVs.
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In addition to the automotive industry, electric traction motors are also being used in other sectors such as railways, marine, and industrial applications. The railway industry, for instance, is increasingly adopting electric traction motors to power trains, as they offer a more efficient and environmentally-friendly alternative to traditional diesel engines.
This research report categorizes the electric traction motor market by type, power rating, application, and region.
On the basis of by type, the electric traction motor market has been segmented as follows:
- AC
- DC
On the basis of by power rating, the electric traction motor market has been segmented as follows:
- Below 200 kW
- 200-400 kW
- Above 400 kW
On the basis of by application, the electric traction motor market has been segmented as follows:
- Railways
- Electric Vehicle
- Others
On the basis of region, the electric traction motor market has been segmented as follows:
- North America
- South America
- Europe
- Asia Pacific
- Middle East & Africa
Key Market Players
The major players in the electric traction motor market are ABB (Switzerland), CG Power and Industrial Solutions (India), CRRC (China), General Electric (US), Mitsubishi (Japan), TOSHIBA CORPORATION (Japan), and Siemens (Germany).
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Asia Pacific is projected to be the fastest growing region for electric traction motor market during the forecast period
The Asia-Pacific region is expected to be a key market for electric traction motors in the coming years, due to the rapidly growing demand for electric vehicles in countries like China and India. North America and Europe are also expected to see significant growth in the market, as governments in these regions push for the adoption of EVs through incentives and regulations.
