The electric traction motor market thrives on vehicle electrification and efficient power conversion, bolstered by factors including energy efficiency and environmental regulations. The market for EV traction motors is expanding at an accelerated rate due to factors such as government subsidies, industry player cooperation, shifting customer preferences towards environmentally friendly solutions, and worries about energy independence
NEWARK, Del, Feb. 21, 2024 (GLOBE NEWSWIRE) — According to Future Market Insights (FMI), the global electric traction motor market is expected to grow from US$ 18.5 billion in 2024 to US$ 91.1 billion by 2034. By 2034, the market is projected to surge at 17.3% CAGR.
The market for electric traction motors is driven by growing vehicle electrification and an increasing need for effective power conversion. Several factors, including energy efficiency advantages, fluctuating fossil fuel prices, strict emission standards, and environmental restrictions, are projected to further drive the demand for electric traction motors.
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For leading market players and industry investors, the growing usage of high-capacity lithium-ion batteries in rolling stock and traction power presents profitable development prospects. Leading players spend extensively on research & development to enhance railway systems and boost total sales and profitability.
Demand for electric traction motors is anticipated to increase due to the growing demand from end-use sectors like railroads and automobiles. Due to government discounts and subsidies, consumers are directed toward electric cars these days.
Key Takeaways from the Electric Traction Motor Market Report:
- The electric traction motor market is expected to reach a valuation of US$ 91.1 billion by 2034.
- The market is projected to surge at a CAGR of 17.3% by 2034.
- China’s electric traction motor market is expected to expand at a CAGR of 17.9% by 2034.
- The United States is projected to reach a valuation of US$ 16.2 billion in 2034.
- Based on type, the AC segment is expected to surge at a CAGR of 17.0% by 2034.
“Worldwide, governments are enacting laws and rules to cut greenhouse gas emissions and encourage electricity-powered transportation. The market for electric traction motors is expected to rise because of incentives, including tax breaks, rebates, and subsidies for electric cars and charging stations.” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI)
Competitive Landscape
Manufacturers are focusing on several growth strategies, such as partnerships and collaborations. Through these collaborations, firms in the market that have been stagnating are given a boost in demand growth.
For instance,
- In 2024, WEG Africa announced the implementation of minimum energy performance standards (MEPS) in South Africa.
- In 2023, ABB launched the AMI 5800 NEMA modular induction motor, designed for demanding oil and gas industry applications.
Key Players in the Electric Traction Motor Market
- Schneider Electric SE
- The Curtiss-Wright Corporation
- Prodrive Technologies
- Toshiba Corporation
- General Electric Co.
- CG Power and Industrial Solutions Ltd.
- Aisin
- ABB, Ltd.
- Alstom SA.
- Siemens AG
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Electric Traction Motor Market Segmentation by Category
By Type:
- AC
- DC
By Power Rating:
- Below 200 KW
- 200 KW to 400 KW
- Above 400 KW
By Vehicle Type:
- Plug-in Hybrid Electric Vehicles
- Mild Hybrid Vehicles
- Full Hybrid Vehicles
By Application:
- Railways
- Electric Vehicles
- Elevators
- Conveyors
- Industrial Machinery
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Authored By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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