Categories: AutomotivePress Releases

Electric Traction Motor Market Size, Growth, Report By 2032

The electric traction motor market size reached USD 15.47 billion in 2023 and is expected to attain around USD 63.07 billion by 2032 with a registered CAGR of 16.9% from 2023 to 2032.

Key Points

By type, the AC segment has contributed the highest revenue share of over 87% in 2022.
DC segment has generated a market share of around 13% in 2022.
Asia Pacific hit revenue share up to 48% i

The electric traction motor market has witnessed significant growth in recent years, driven by the increasing demand for electric vehicles (EVs), advancements in motor technology, and the growing focus on sustainable transportation solutions. Electric traction motors are crucial components in electric vehicles, providing the necessary power for propulsion. They are also utilized in various other applications such as railway systems, industrial machinery, and marine propulsion systems.

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Growth Factors

Several factors contribute to the growth of the electric traction motor market. The rising adoption of electric vehicles, driven by environmental concerns and government initiatives to reduce carbon emissions, is a primary growth driver. Additionally, technological advancements leading to the development of more efficient and compact traction motors have fueled market expansion. Moreover, the increasing investment in infrastructure for electric vehicle charging stations and the expanding network of electric railways contribute to the growth of the electric traction motor market.

Regional Insights: The electric traction motor market exhibits regional variations driven by factors such as government policies, infrastructure development, and consumer preferences. Regions like North America and Europe have witnessed significant adoption of electric vehicles, leading to a robust demand for electric traction motors. Meanwhile, emerging economies in Asia Pacific, particularly China and India, are experiencing rapid growth in the electric vehicle market, presenting lucrative opportunities for traction motor manufacturers.

Electric Traction Motor Market Scope

Report Coverage	Details
Market Size in 2023	USD 15.47 Billion
Market Size by 2032	USD 63.07 Billion
Growth Rate from 2023 to 2032	CAGR of 16.9%
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Vehicle Type, Type, Power Rating, Application, and Geography

Drivers:

Several drivers propel the electric traction motor market forward. The push for stricter emission regulations worldwide encourages the adoption of electric vehicles, stimulating demand for traction motors. Additionally, advancements in motor technology, such as the development of rare-earth magnet materials and high-efficiency motor designs, enhance the performance and efficiency of electric traction motors, further driving market growth. Moreover, government incentives and subsidies for electric vehicle adoption incentivize consumers and manufacturers to invest in electric propulsion systems, boosting the traction motor market.

Opportunities:

The electric traction motor market presents numerous opportunities for growth and innovation. The increasing focus on electrification across various industries, including automotive, railways, and marine, opens up new avenues for traction motor manufacturers to expand their product offerings. Additionally, the emergence of electric and hybrid electric aircraft presents a nascent yet promising opportunity for electric traction motor suppliers to penetrate the aviation sector.

Challenges:

Despite the favorable market dynamics, the electric traction motor market faces several challenges. One of the primary challenges is the high initial cost of electric vehicles compared to conventional internal combustion engine vehicles, which can deter mass adoption. Additionally, concerns regarding the availability and sourcing of rare-earth materials, which are essential components in electric traction motors, pose supply chain risks. Moreover, the lack of standardized charging infrastructure

Recent Developments

In October 2019, a reputable company, Tata Motor, accepted a contract for the delivery of 300 Urban 9/9 electric buses that travel along Ahmedabad’s BRTS circuit. This company is the only one in India to receive such a sizable order. Additionally, it helps the government’s push for e-mobility.
A renowned firm, CZECH Railways, received a contract in July 2019 to deliver 300 traction motors to the Skoda Subsidiary Pars Nova. Additionally, the renowned rolling stock maker Stadler granted the leading business ABB a traction equipment deals worth more than $140 million. The ABB began offering the most cutting-edge technology for locomotives and trains in the US and throughout Europe.