Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
---|---|---|---|
USD 228.17 Million | USD 437.45 Million | 7.5% | 2023 |
Zion Market Research has published a report on the 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. The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Electric Traction Motor industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.
Electric traction motor is a kind of motor operated with the use of electricity. Furthermore, it is utilized in driving of automobiles including electric cars and railways. It provides myriad advantages including quick start & stop, no fuel emission, and easy to use.
Moreover, the product is considered to be a kind of industrial motors requiring huge acceleration or deceleration rate, low-torque high –speed cruising, high torque low-speed hill-climbing, and a wide array for operating velocities.
The growth of the electric traction motor industry during the forecast timeline is due to escalating popularity of high-performing motors, supportive government laws, and subsidies. In addition to this, a surge in the funding in railway industry will prompt the expansion of electric traction motor market over the years ahead.
Apparently, mounting acceptance of electric cars as well as hybrid vehicles in the developed economies will impel the market growth over the forecast timeline. With the electric vehicles slated to rise to nearly over 20% by 2032, the market for electric traction motor is likely to gain traction over the forecast timespan.
The study provides a decisive view of the electric traction motor market by segmenting the market based on by application, by type, by power rating and by region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.
By type segment analysis includes AC and DC.
By power rating segment analysis includes <200 kW, 200 kW to 400 kW, >400 kW
By application segment analysis includes railway, electric vehicles, others (elevators, conveyors, and industrial machinery).
The regional segment includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Report Attributes | Report Details |
---|---|
Report Name | Electric Traction Motor Market |
Market Size in 2023 | USD 228.17 Million |
Market Forecast in 2032 | USD 437.45 Million |
Growth Rate | CAGR of 7.5% |
Number of Pages | 110 |
Key Companies Covered | Alstom, ABB, Bosch, CRRC, Siemens, TSA, and WEG |
Segments Covered | By Application, By Type, By Power Rating And By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2022 |
Forecast Year | 2024 - 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
The growth of electric traction motor industry in Asia Pacific zone during the forecast timeline can be credited to largest number of trains and railway routes connecting many stations & states in the countries such as India. Apart from this, growing demand for electrification and bulge in the funding of electric cars will prompt the regional market growth. Additionally, a prominent increase in the number of bullet trains in China and Japan will proliferate the industry growth in the Asia Pacific zone. Furthermore, rise in the number of metro trains as well as local trains in the countries like India will fuel the market size in the region. Furthermore, government is focusing on introducing more electric vehicles with the aim of reducing carbon footprints, thereby promoting the market growth in the region.
Key players profiled in the report include-
The global electric traction motor market is segmented as follows:
By Type
By Power Rating
By Application
By Region
FrequentlyAsked Questions
Mounting adoption of electric cars as well as hybrid vehicles in the developed economies will impel the market growth.
The CAGR of the industry is expected to be approximately over 7.5% during the forecast timespan.
Asia Pacific region will contribute sizably towards the global market revenue over the estimated timeline.
The key market participants include Bosch, CRRC, TSA, Alstom, ABB, Siemens, and WEG.
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