Global Electric Traction Motor Market – Overview
The global electric traction motor market is expected to grow at a CAGR of 20.9%, from 2020 to 2025, to reach USD 36.6 billion by 2025 from an estimated market size of USD 14.2 billion in 2020. A traction motor is an electric motor used for propulsion in various applications, particularly in electric and diesel-electric locomotive applications, such as electrically powered rail vehicles, electric vehicles, trolleybuses, hybrid buses, and mining trucks. Electric traction motors are associated with a wide range of advantages, including high starting torque, lower maintenance costs compared to steam traction motors, low-noise designs, and effortless speed control. This further results in increased demand for high-performance motors and are likely to drive the electric traction motor market during the forecast period.
Key Market Players:
The electric traction motor market is dominated by a few major players that are established brand names with a wide regional presence. The leading players in the electric traction motor industry include ABB (Switzerland), CG Power and Industrial Solutions (India), CRRC (China), GE (US), and Siemens (Germany). The other dominant players include Toshiba, VEM Group, Nidec, Robert Bosch, Traktionssysteme, AMETEK, Škoda, Voith, American Traction Systems, Eaton, Hyundai Rotem, WEG, Mitsubishi, Kawasaki, Lynch, Johnson Electric, Wabtec, Prodrive, Hitachi, Magna
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The AC segment is estimated to be the fastest growing segment of the electric traction motor market, by type, from 2020 to 2025. Earlier, DC motors were preferred for railway applications; however, AC motors are now increasingly being used due to modern power electronics. Compared to DC motors, AC motors are more efficient and easier to control. Therefore, this segment is expected to witness a steady growth.
The below 200 kW segment is estimated to be the fastest growing segment of the electric traction motor market, by power rating, from 2020 to 2025. Increasing investments in electric cars, electric two-wheelers, and light rail transit are responsible for the large share of electric traction motors with a power rating of below 200 kW in the market and is further driving the segment.
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The railways segment is estimated to grow at the fastest rate from 2020 to 2025. Electric traction motors are an essential part of railway trains. The railways segment is likely to dominate the market in the coming years due to the increased reliance of the railway industry on electric traction motors for enhanced speed control and high start-up torque.
Asia Pacific is estimated to be the largest market for electric traction motors in 2020 due to the rising investments in electric vehicles and the growing metro rail network in the region. Asia Pacific is also expected to be the fastest growing market for electric traction motors owing to the increasing need to reduce carbon emissions in the region. Countries such as China, India, and Japan are expected to witness the highest growth in the market during the forecast period.
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