New Revenue Pockets:
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. Growing demand for high-performance motors, across the end use segment is propelling the demand for electric traction motor market. Furthermore, favorable government policies and subsidies, and the rise in investments in the railway sector are likely to drive the market growth.
Key Market Players:
The major players in the electric traction motor market are ABB (Switzerland), Mitsubishi (Japan), TOSHIBA CORPORATION (Japan), General Electric (US), and Siemens (Germany).
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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.
Electric Traction Motor Market Ecosystem
The AC segment is projected to be the fastest grownig segment by type for electric traction motor market, dyring the forecast period from 2022 to 2027. Previously, DC motors were used by various applications such as for railway; however, it is now replaced by AC motors due to modern power electronics. AC motors are easier to control, more efficient and less expensive to manufacture. The rising demand for AC electric traction motors from the transportation sector of developing countries such as India and South Korea and the growing need for energy-efficient motors are expected to drive the market of this segment. AC electric traction motor segment. Companies like ABB, Industrial Solutions and CG Power, are manufacturing AC electric traction motor market.
The below 200 kW segment is the largest segment of the electric traction motor market, by power rating, in 2021. Rising investments in electric vehicles like, light rail transit, electric two-wheelers, and electric cars are responsible for the highest share of below 200 kW segment by power rating for electric traction motors market and is further driving the segment.
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The railways is the largest segment of the electric traction motor market, by application, in 2021. The need for effective rail transport is steadily increasing globally due to the growing population in developing economies and the increasing demand for intercity and interurban mobility. The railways segment is likely to be the fastest growing market in the forecast period due to the increased reliance of railway industry on electric traction motors for high efficiency and low maintenance cost to drive market.
