Electric Traction Motor Market by Power Rating (<200 kW, 200 kW to 400 kW, and >400 kW); and Application (Railway, Electric Vehicles, Industrial Machinery, Conveyors, and Elevators): Global Market Size Estimates and Forecast (2022–2030)

Code: BMIRE00025813 | Pages: 100 | Industry: Electronics and Semiconductor | Date: Sep 2022 | Type: Global

The market crossed the US$ 11 billion mark in 2022 and is expected to hit US$ 24 billion by 2030, recording a CAGR of 13% during the forecast period.

Demand for Traction Motors with a Power Rating of 200 kW to 400kW holds a Significant Share in the Market

The demand for traction motors with a power rating of 200 kW to 400kW is increasing owing to investment in high-speed trains, metro systems, and subway trains. With the rise in mentioned trains in countries including the UK, China, Japan, Germany, and many more, the demand for related components will also rise. This factor is creating the demand for electric traction motors and henceforth generating demand for 200 kW to 400kW of electric traction motors. Further, >400 kW is expected to gain traction during the forecasted year.

Within the report, the market is segmented into power rating, application, and geography. The market is further segmented by power rating into <200 kW, 200 kW to 400 kW, and >400 kW. Based on application, the market is bifurcated into the railway, electric vehicles, industrial machinery, conveyors, and elevators. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Get more information on this report :

Rising Demand for Electric Vehicles will Rise the Demand for Electric Traction Motors During the Forecast Period.

An electric traction motor is used to drive a piece of machinery. It provides rotational torque to machines such as electric locomotives, conveyors, elevators, trolley-buses, and other electric vehicles. It also consists of mounting features, temperature sensors, and wiring terminals which are useful in mounting the motors in a vehicle. In industrial motors, the traction motor is considered a specific class due to the requirements of high torque, low-speed hill-climbing, low-torque high-speed cruising, a high rate of acceleration/ deceleration, and a high range of operating speed.

The Growing Adoption of Electric Traction Motors in Numerous Applications is One of the Major Factors Accelerating the Market Growth.

The application of electric traction motors includes railways, electric vehicles, industrial machinery, and others. In railway, the electric traction motor rotates the train's wheels. The motor is used particularly for routes with dense traffic and high-speed lines that need electric traction to obtain the speed required for inter-city travel. In electric vehicles, traction motors convert electrical energy to mechanical energy to propel the vehicle to overcome aerodynamic drag, rolling resistance drag, and kinetic resistance. Other applications such as industrial machinery, conveyors, and elevators are also rising the demand for electric traction motor globally.

Recent Strategic Developments in the Electric Traction Motor Market

The electric traction motor market has undergone several significant developments, and a few of these have been mentioned below:

  • In July 2022, Mahle introduced a new electric traction motor that can be used for passenger cars, commercial vehicles, construction machines, and tractors.
  • In April 2022, ABB announced that they are constructing a manufacturing unit of traction motor for rail and metro in India. The unit will have the capacity to produce 1,500 traction motor annually.

Several players drive the electric traction motor market by implementing strategic investments, new launches, mergers & acquisitions, and partnerships. ABB Ltd., Skoda Electric, Toshiba Corporation, General Electric, Weg SA, Bosch Limited, CG Power, TSA, Alstom, and NIDEC Corporation are the prominent players operating in the market.

The Target Audience for the Report:

  • Raw material providers
  • Traction motor providers
  • Traction motor related service providers
  • Electric traction motor related associations, organizations, and Government bodies
  • Electric motor component suppliers
  • Electric traction motor distributors and sales firms
  • End users of electric traction motor

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Power Rating:
    • <200 kW
    • 200 kW to 400 kW
    • >400 kW
  • Application
    • Railway
    • Electric Vehicles
    • Industrial Machinery
    • Conveyors
    • Elevators
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • ABB Ltd.
    • Skoda Electric
    • Toshiba Corporation
    • General Electric
    • Weg SA
  • ABB Ltd.
  • Skoda Electric
  • Toshiba Corporation
  • General Electric
  • Weg SA
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