Automotive

Electric Traction Motor Market Size to Reach USD 63.07 Bn by 2032

The global electric traction motor market size accounted for USD 13.29 billion in 2022 and it is expected to reach around USD 63.07 billion by 2032 with a CAGR of 16.9% from 2023 to 2032.

The rise in investments in the railway industry, favourable government regulations and subsidies, and the rising need for high-performance motors are all expected to fuel the electric traction motors market expansion.

Key Takeaways:

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% in 2022.

For vehicle propulsion, an electric traction motor is employed. On a machine, it is utilised to create rotational torque, which is then converted to straight-line motion. Using the driving gear unit and axle, the motor’s turning force is transmitted to the wheels.

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An electric traction motor can be used to power an electric car or locomotive. Elevators, trolleys, and conveyors as well as electric-powered railway cars employ them. They are capable of driving large industrial gear. Such motors provide a number of benefits, including minimal noise and less maintenance requirements. They are also highly reliable and have straightforward construction. The motor doesn’t emit smoke, making it a good choice for underground transportation services.

Report Scope of the Electric Traction Motor Market

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

Regional Snapshots

The Asia Pacific will continue to dominate the market for electric traction systems for the foreseeable year. The global market for electric traction systems in this sector is expected to rise as transportation infrastructure develops, including railway connections, hybrid electric automobiles, high-speed bullet trains, and metro rail systems. Rising demand for narrow gauge, including, hybrid, diesel-electric, and electric locomotives, is expected to contribute considerably to market share over the projection year.

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.

Key Market Players