"Increasing Adoption of Electric Traction Motor Globally To Ensure Rapid Growth for Electric Traction Motor Market"

Globally, the electric traction motor market is expected to grow with a CAGR of 19.2% during the forecast period from 2021 to 2029, starting from US$ 17.85 Bn in 2020. The electric traction motors are mainly used in the locomotive or the electric vehicles for the propulsion by producing the rotational torque. At present, these electric traction motors play an important role in the locomotives. The electric traction motors help vehicles for reliable and safe functions. The growing adoption of electric traction motors in the railways is the key factor that drives the growth of the electric traction motor market. The growing preference for rail transportation over the road transportation accelerates the railways tread activities worldwide.

Furthermore, the growing demand for electric traction motors in the hybrid and the battery electric vehicles is augmenting the growth of electric traction motor market. Moreover, the increasing demand for the efficient power conservation coupled with the electrification of automotive is anticipated to propel the growth of the electric traction motor market. However, the high initial cost of traction motor is expected to hamper the growth of the electric traction motor market. Furthermore, the growing digitalization in the electric motors is projected to serve various growth opportunities for the electric traction motor market in the near future. 

"Growing application of electric traction motors in the locomotives continues to dominate the application segment"

In 2020, based on the application, the railway applications contributing to over 42% of the total revenue generated globally led the electric traction motor market. The rapid development in the railway sector and digitalization of railway systems are fueling the growth of the electric traction motors market. The ongoing research and development in the electric motor technology are majorly contributing to the growth of electric traction motors market. In addition, by types, the electric traction motor market is categorized into AC motors and the DC motors. The Ac motors hold the significant market shares in the electric traction motors market. The continuous development in the electric vehicles is fueling the growth of the electric traction motors market. 

"North America holds the axiom market share in the electric traction motor market"

In 2020, the electric traction motors market is dominated by the North America region and it is expected to be the dominating the region through the forecast region. The high adoption of advanced technologies and the presence of major players are the primary factors that drive the growth of North America electric traction motor market. The U.S. holds the largest market shares in the electric traction motor market across North America. Furthermore, Asia Pacific is the fastest-growing region owing to the growing automotive industry and ongoing technological advancements in the motor technology.

Some of the prominent players operating in the Electric Traction Motor market include Siemens Corp., General Electric, Skoda Electric, ABB, Weg SA, Toshiba Corporation, Benchmarking, CG Power, Traktionssysteme Austria GmbH, Alstom SA, Robert Bosch GmbH and others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Electric Traction Motor market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Electric Traction Motor market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Electric Traction Motor market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Electric Traction Motor market?
• Which is the largest regional market for Electric Traction Motor market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Electric Traction Motor market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Electric Traction Motor market worldwide?