New York, United States , Sept. 07, 2023 (GLOBE NEWSWIRE) -- The Global Electric Traction Motor Market Size is to grow from USD 23.12 Billion in 2022 to USD 62.75 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period.
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An electric traction motor is a vital component in electric and hybrid vehicles, converting electrical energy into mechanical energy to propel the vehicle. Powered by batteries or fuel cells, these motors utilize electromagnetism to generate a magnetic field when electric current flows through their windings. This magnetic field interacts with permanent magnets or electromagnets, resulting in rotational motion. Electric traction motors offer benefits like high torque, instant acceleration, regenerative braking, and low maintenance requirements. With the growing demand for sustainable transportation, the advancement and optimization of electric traction motors are crucial for facilitating the transition towards greener mobility solutions.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on, "Global Electric Traction Motor Market Size, Share, and COVID-19 Impact Analysis, By Type (AC and DC), By Power Rating (Below 200 kW, 200-400 kW, and Above 400 kW), By Application (Railways, Electric Vehicle, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Here:
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The railways segment is expected to grow at a CAGR of around 9.1% during the forecast period.
Based on application, the global electric traction motor market is segmented into railways, electric vehicle, and others. The railways segment is expected to witness significant growth during the forecast period in the electric traction motor market. This growth can be attributed to several factors because there is a growing emphasis on sustainability and reducing carbon emissions in the transportation sector, driving the adoption of electric traction systems in railways. Electric traction motors offer advantages such as high efficiency, regenerative braking, and lower maintenance costs, making them an attractive option for railways. Additionally, government initiatives promoting electrification of railways and investments in rail infrastructure contribute to the market's expansion.
The 200-400 kW segment held the largest market share with more than 38.5% in 2022.
Based on the power rating, the global electric traction motor market is segmented into below 200 kW, 200-400 kW, and above 400 kW. The 200-400 kW segment currently holds the largest market share in the electric traction motor market. This can be attributed to the increasing demand for high-performance electric vehicles, such as luxury cars and commercial vehicles, which require higher power ratings. The 200-400 kW range provides sufficient power for these applications, enabling faster acceleration and improved driving performance. Moreover, advancements in motor technology have made it possible to achieve higher power outputs within this segment, making it a preferred choice for manufacturers and consumers alike. The growing popularity of electric vehicles in this power range has contributed to the segment's dominant market share.
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Europe is predicted to grow at a significant CAGR of around 11.2% over the projected period.
Europe is expected to witness significant growth during the forecast period in the electric traction motor market. Several factors contribute to this projection, European countries have been proactive in implementing stringent emission regulations and promoting the adoption of electric vehicles to mitigate environmental concerns. This supportive regulatory environment encourages manufacturers to invest in electric traction motor technology. Additionally, the region has a well-developed charging infrastructure network, facilitating the growth of electric vehicle sales. Moreover, the presence of major automotive manufacturers in Europe, along with government incentives and subsidies, further drives the market's expansion. The increasing consumer awareness and preference for sustainable transportation solutions also contribute to the anticipated growth of the electric traction motor market in Europe.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global electric traction motor market include Schneider Electric SE, The Curtiss-Wright Corporation, Prodrive Technologies, Toshiba Corporation, General Electric Co., CG Power & Industrial Solutions Ltd., Aisin, ABB, Ltd., Alstom S.A., Siemens AG, Delphi Automotive LLP, Voith GmbH, Mitsubishi Electric Corporation, Bombardier Inc., American Traction Systems, VEM Group, Caterpillar Inc., Kawasaki Heavy Industries Ltd., Traktionssysteme Austria GmbH, Hyundai Rotem Company, Hitachi, Ltd., Ansaldo Signalling, and Magna International.
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