Electric Traction Motor
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What Will the Electric Traction Motor Industry Market Size Be by 2025?
The market for electric traction motors has witnessed significant expansion in the recent past. The market is anticipated to grow from a value of $19.79 billion in 2024 to reach a size of $23.65 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 19.5%. The noteworthy growth during the historic period is due to the upsurge in electrification of transportation, the escalating acceptance of electric vehicles (evs), policy regulations and emission norms within the automotive sector, investments flowing into evs, and advancements in energy efficiency.
What’s the Long-Term Growth Forecast for the Electric Traction Motor Market Size Through 2029?
The market for electric traction motors is predicted to experience a swift expansion in the coming years, with projections showing it will escalate to a value of $47.03 billion by the year 2029, indicative of a compound annual growth rate (CAGR) of 18.8%. Factors contributing to this predicted growth during the projected period include advancements in motor technology stemming from research and development activities, a focus on environmental sustainability, the broadening of electric vehicle charging infrastructures, growing utilisation in commercial and industrial sectors, and the diversification of electric mobility options. Upcoming trends during this period comprise advancements in motor design technology, improved battery technology, the introduction of compact and lightweight motor designs, incorporation of intelligent and IoT features, as well as strategic partnerships.
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What Are the Key Growth Drivers Fueling the Electric Traction Motor Market Expansion?
The escalating demand for electric vehicles is expected to fuel the electric traction motor market’s expansion. Although the financial repercussions of COVID-19 have led to a decline in the demand for gas and diesel vehicles, the popularity of EVs and hybrid vehicles is on the rise. Concerns about climate change and aims for net-zero emissions are fueling the worldwide shift towards carbon-neutral transportation. Transitioning to EVs not only benefits the economy by lowering fuel expenses but also shifts consumption away from fossil-fuel products toward domestically manufactured power vehicles. The establishment of EV charging points, hydrogen fuel stations, and government efforts to promote and implement the adoption of electric vehicles all contribute to their increased use. This shift to electric vehicles, which offer clean operation, easy speed management, and powerful propulsion, has boosted demand for electric traction motors leading to safer and more dependable driving experiences. As an example, in January 2024, the U.S. Energy Information Administration, a government agency, reported that in 2023, hybrid vehicles, plug-in hybrid electric vehicles, and battery electric vehicles (BEVs) made up 16.3% of all new light-duty vehicle (LDV) sales in the USA, up from 12.9% in 2022.
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What Are the Key Trends Driving Electric Traction Motor Market Growth?
The electric traction motor market is seeing profound growth in technological advancements, a leading trend at present. Despite the extensive use of electric motors over the years, there is still potential for enhancing technology and energy efficacy. The outcry for pioneering motor technologies like axial flux is evident in the market. Compared to radial motors, these axial flux motors tend to generate a greater amount of torque per unit motor volume. Mainstream companies in the electric traction motor scene are aiming to deliver advanced versions of these motors to cement their market dominance. For example, in July 2022, Mahle, an automotive component manufacturer based in Germany, launched the superior continuous torque (SCT) E-motors, SCT E-motor. This newly developed motor, which sets high performance standards, is both highly compact and light, a feat achieved through a unique integrated oil cooling system.
How Is the Electric Traction Motor Market Segmented?
The electric traction motor market covered in this report is segmented –
1) By Type: AC, DC
2) By Power Rating: Less Than 200 kW, Between 200 kW To 400 kW, More Than 400 kW
3) By Application: Railway, Electric Vehicle, Elevators, Conveyors, Industrial Machinery
4) By Industry Vertical: Chemical And Petrochemical, Oil And Gas, Energy And Power, Automotive, Food And Beverages, Healthcare, Other Industry Verticals
Subsegments:
1) By AC (Alternating Current): Synchronous AC Motors, Asynchronous (Induction) AC Motors, Permanent Magnet AC Motors
2) By DC (Direct Current): Brushed DC Motors, Brushless DC Motors, Permanent Magnet DC Motors
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Which Companies Are Leading the Charge in Electric Traction Motor Market Innovation?
Major companies operating in the electric traction motor market include ABB Ltd., Siemens AG, General Electric Company, CG Power and Industrial Solutions Ltd, CRRC Corporation Limited, Kirloskar Electric Company Ltd., Alstom SA, Traktionssysteme Austria GmbH, Skoda Transportation AS, Robert Bosch GmbH, Mitsubishi Electric Corporation, Toshiba Corporation, Nidec Corporation, Johnson Electric Holdings Limited, Ametek Inc., Regal Beloit Corporation, WEG SA, Brook Crompton UK Ltd., TECO Electric & Machinery Co. Ltd., Hitachi Ltd., Emerson Electric Co., Parker Hannifin Corporation, Marathon Electric Motors Limited., NORD Drivesystems Pvt. Ltd., Bonfiglioli Riduttori SpA, Sumitomo Heavy Industries Ltd., Yaskawa Electric Corporation, Fuji Electric Co. Ltd., Hyundai Rotem Company, VEM Group, Voith GmbH & Co. KGaA, KEB Automation KG
Which Regions Are Leading the Global Electric Traction Motor Market in Revenue?
Asia-Pacific was the largest region in the electric traction motor market in 2024. North America is expected to be the fastest-growing region in the electric traction motor market during the forecast period. The regions covered in the electric traction motor market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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