Global Electric Traction Motor market will register a CAGR of over 20% during the period from 2020 to 2026.
The global Electric Traction Motor market will register a CAGR of over 20% during the period from 2020 to 2026. The report offers assessment and analysis of the Electric Traction Motor market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
Details of the Report:
Report Metric |
Details |
Base Year |
2019 |
Historical Data |
2017 and 2018 |
Forecast period |
2020-2026 |
Market Representation |
Earnings provided in terms of USD Billion and CAGR estimated from 2020 to 2026 |
Segments Analyzed |
By Application, By Type, By Power Rating, and By Region |
Regions Analyzed |
North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa |
Introduction
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.
Market Growth Dynamics
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 2030, the market for electric traction motor is likely to gain traction over the forecast timespan.
Asia Pacific To Account For Major Market Revenue During 2020-2026
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 Alstom, ABB, Bosch, CRRC, Siemens, TSA, and WEG.
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 20% 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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