Global Electric Traction Motor Market To Power Gracefully And Reach USD 437.45 Million by 2032

As per Zion Market Research, the global electric traction motor market was valued at global Electric Traction Motor Market, estimating its value at USD 228.17 Million in 2023, with projections indicating that it will reach USD 437.45 Million by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 7.5% over the forecast period 2024-2032. Increasing requirement from the railway industry and the rising production of EVs, majorly in European and Asia Pacific region, are the major factors powering the market in the years to come. 

AC To Be The Quickest Developing Section In The Global Market

The global electric traction motor market has been divided based on type into DC and AC. AC is the quickest developing section in the market. The global market is majorly powered by the rising spending in electric vehicles and railways.

The <200 kW Section Is Predicted To Develop At The Quickest Pace In The Years To Come

The global market for electric traction motor, based on power rating, has been divided into 200 kW to 400 kW, <200 kW, and >400 kW. The <200 kW section is predicted to develop at the quickest pace in the years to come. Such motors with <200 kW power rating are broadly employed in light rail vehicles and EVs such as mono rail, trams, and others. Requirement for decarbonizing transport industry and rising spending in the light rail cars are predicted to power the market for these motors with <200 kW power in the years to come.

The Electric Vehicle Section Is Predicted To Develop At The Max CAGR In The Years To Come

The electric traction motor market, based on application, is divided into electric vehicles, railway, and others. The electric vehicle section is predicted to develop at the max CAGR in the years to come. The requirement for EVs is rising in order to the increase efficiency of the cars and to lower the emissions by lowering the reliance on internal combustion engines.

Asia Pacific Is Predicted To Lead The Market In The Years To Come

The electric traction motor market based on region is divided into South America, Asia Pacific, North America, Europe, and the Middle East & Africa. Asia Pacific is predicted to lead the market in the years to come owing to elevated spending in railway industry, majorly in India and nations in South-East Asia, and the increasing requirement for EVs in nations such as Japan and China to lower carbon emission.

Browse the full “Electric Traction Motor Market - by Application (Electric Vehicles, Railway, Conveyors, Elevators, and Industrial Machinery), By Type (DC and AC), By Power Rating (<200 kW, 200 kW to 400 kW, and >400 kW), and By Region - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024 – 2032.” Report at https://www.zionmarketresearch.com/report/electric-traction-motor-market

Global Electric Traction Motor Market: Competitive Players

Key players profiled in the report include-

•  Alstom
•  ABB
•  Bosch
•  CRRC
•  Siemens
•  TSA
•  WEG

The global electric traction motor market is segmented as follows:

By Type

• AC
• DC

By Power Rating

• <200 kW
• 200 kW to 400 kW
• >400 kW

By Application

• Railway
• Electric vehicles
• Others (Elevators, conveyors, and industrial machinery)

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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