Global Electric Traction Motor Market Size By Application, By Power Rating, By Type, By Geographic Scope Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationGlobal Electric Traction Motor Market Size By Application, By Power Rating, By Type, By Geographic Scope Forecast
Electric Traction Motor Market Size And Forecast
Electric Traction Motor Market size was valued at USD 11.31 Billion in 2023 and is projected to reach USD 34.14 Billion in 2030, growing at a CAGR of 23.10% during the forecasted period 2024 to 2030.
The Electric Traction Motor Market refers to the global industry dedicated to the manufacturing, distribution, and utilization of traction motors powered by electricity for various applications such as electric vehicles (EVs), hybrid electric vehicles (HEVs), and locomotives. These motors play a crucial role in converting electrical energy into mechanical energy, enabling efficient propulsion systems in transportation and industrial sectors.
Global Electric Traction Motor Market Drivers
The market drivers for the Electric Traction Motor Market can be influenced by various factors. These may include
- Growing Interest in Electric Cars (EVs) The market for electric traction motors has been greatly influenced by the growing use of electric vehicles, such as buses, passenger cars, and commercial vehicles. The demand for electric motors is being driven by governments’ and consumers’ increased interest in sustainable transportation solutions.
- Tight Environmental rules Car manufacturers have been forced to switch to producing electric and hybrid vehicles as a result of strict environmental rules designed to reduce greenhouse gas emissions and promote greener transportation. In order to achieve these legal norms, electric traction motors are essential to the electrification of automobiles.
- Technological Developments The use of electric traction motors has been fueled by continuous developments in electric motor technologies, which include increases in motor efficiency, power density, and cost reduction. These developments help increase consumer interest in electric automobiles.
- Government Subsidies and Incentives To encourage the use of electric vehicles, a number of governments have implemented tax credits, subsidies, and other forms of financial assistance. By lowering the cost of electric vehicles for consumers and motivating manufacturers to invest in electric vehicle technologies, these financial incentives have a favourable effect on the market for electric traction motors.
- Increasing Investments in Electric Mobility There has been a rise in funding for the study and creation of electric mobility solutions in the automotive industry and associated industries. This covers expenditures on electric propulsion systems, such as electric traction motors, charging infrastructure, and battery technologies.
- Growing Environmental Awareness and Shifting Consumer Preferences As consumers’ preferences for eco-friendly and sustainable transportation grow, so does their interest in electric vehicles. The market for electric traction motors is being driven in large part by this change in consumer preferences.
- Growing Congestion and Urbanization As urbanization keeps growing, more attention is being paid to sustainable urban mobility solutions. Issues with urban traffic, noise pollution, and air quality can all be mitigated by electric cars equipped with effective traction motors.
Global Electric Traction Motor Market Restraints
Several factors can act as restraints or challenges for the Electric Traction Motor Market. These may include
- High Initial Cost The total cost of an electric vehicle can be greatly increased by electric traction motors, particularly by high-performance and sophisticated models. Compared to conventional internal combustion engine vehicles, the initial cost of electric vehicles, including the traction motor, is still relatively high. For buyers who are cost conscious, this can be a turnoff.
- Limited Range and Charging Infrastructure Issues with electric vehicles’ limited range on a single charge and the accessibility of charging infrastructure may serve as barriers. For some prospective owners of electric vehicles, range anxiety—the worry of running out of battery power before reaching a charging station—remains a concern.
- Limitations of Battery Technology Improvements in battery technology have a direct impact on how well electric traction motors work. Even with the advancements, issues with energy density, charging durations, and total battery life persist. The effectiveness and allure of electric vehicles may be impacted by certain restrictions.
- Problems with the Global Supply Chain There is a chance that the supply chain for traction motors and other parts of electric vehicles will be disrupted. Geopolitical unrest, shortages of essential raw materials, or other world events can affect how many electric traction motors are produced and made available.
- Lack of Standardisation Manufacturers may face difficulties and interoperability may be hampered by the absence of standardised specifications for electric traction motors. In order to facilitate the widespread adoption of electric vehicles and to promote interoperability among various components, standardisation is essential.
- Perceived Charging Inconvenience Despite the expansion of the charging infrastructure, some customers still believe that refuelling a traditional car with liquid fuels is more convenient than charging an electric vehicle. Customer sentiments might be influenced by the length of time needed for charging and the accessibility of fast-charging stations.
- Limited Model Variety Compared to conventional cars, the selection of electric vehicle models may be more limited in some areas. Customer selections may be impacted by a lack of variety in the types and models of vehicles equipped with electric traction motors.
- Technological Difficulties Despite progress, there are still issues with electric traction motor optimisation for different kinds of vehicles and uses. Reliability, effectiveness, and performance under various circumstances continue to be research and development priorities.
Global Electric Traction Motor Market Segmentation Analysis
The Electric Traction Motor Market is segmented based on Application, Power Rating, Type And Geography.
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Electric Traction Motor Market, By Application
- Automotive This includes electric traction motors used in electric vehicles (EVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs).
- Railways Electric traction motors are used in electric trains and locomotives for rail transport.
Electric Traction Motor Market, By Power Rating
- Less than 200 kW Traction motors with lower power ratings are often used in smaller electric vehicles and some light-duty applications.
- 200 kW to 400 kW Medium-power traction motors are commonly found in various electric vehicles, including passenger cars and buses.
- Above 400 kW High-power traction motors are typically used in larger electric vehicles, such as commercial trucks and heavy-duty applications.
Electric Traction Motor Market, By Type
- AC Traction Motors Alternating current (AC) traction motors are commonly used in electric and hybrid vehicles.
- DC Traction Motors Direct current (DC) traction motors are used in various applications, including some electric trains and certain electric vehicles.
- Synchronous Traction Motors These motors operate in synchronization with the frequency of the power supply and are often used in railway applications.
Electric Traction Motor Market, By Geography
- North America Market conditions and demand in the United States, Canada, and Mexico.
- EuropeAnalysis of the Electric Traction Motor Market in European countries.
- Asia-PacificFocusing on countries like China, India, Japan, South Korea, and others.
- Middle East and AfricaExamining market dynamics in the Middle East and African regions.
- Latin AmericaCovering market trends and developments in countries across Latin America.
Key Players
The major players in the Electric Traction Motor Market can be categorized into
- ABB
- Siemens AG
- General Electric Company (GE)
- Alstom
- Bombardier
- Emerging Players
- Nidec Motor Corporation
- Tesla
- BYD
- Valeo
- Continental AG
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2020-2030 |
| BASE YEAR | 2023 |
| FORECAST PERIOD | 2024-2030 |
| HISTORICAL PERIOD | 2020-2022 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | ABB, Siemens AG, General Electric Company (GE), Alstom, Bombardier, Emerging Players, Nidec Motor Corporation, Tesla, BYD, Valeo, Continental AG. |
| SEGMENTS COVERED | By Application, By Power Rating, By Type And By Geography. |
| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
Analyst’s Take
In conclusion, the Electric Traction Motor Market is witnessing substantial growth attributed to the increasing adoption of electric vehicles worldwide, stringent government regulations regarding emissions, and advancements in electric motor technology. As the automotive industry continues to shift towards electrification and sustainability, the demand for electric traction motors is expected to surge significantly in the coming years. Key market players are focusing on research and development activities to introduce innovative and efficient traction motor solutions, thereby enhancing their market presence and competitive edge. Overall, the Electric Traction Motor Market presents lucrative opportunities for stakeholders, driving technological innovation and sustainable transportation solutions.
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