According to Future Market Insights (FMI), the global electric traction motor market is expected to grow from USD 18.5 billion in 2024 to USD 91.1 billion by 2034, with a projected CAGR of 17.3%.
The rising demand for electric traction motors is driven by the increasing electrification of vehicles and the need for efficient power conversion. Key factors such as energy efficiency benefits, fluctuating fossil fuel prices, stringent emission standards, and environmental regulations are expected to further fuel market growth.
Industry leaders and investors are seeing lucrative opportunities in the growing use of high-capacity lithium-ion batteries in rolling stock and traction power. Leading players are heavily investing in research and development to improve railway systems, which is expected to boost overall sales and profitability.
The demand for electric traction motors is also rising due to increased demand from key end-use sectors such as railways and automotive industries. Additionally, government incentives and subsidies are encouraging consumers to shift towards electric vehicles.
Key Takeaways from the Electric Traction Motor Market Report:
- The electric traction motor market is expected to reach a valuation of USD 91.1 billion by 2034.
- The market is projected to surge at a CAGR of 17.3% by 2034.
- China’s electric traction motor market is expected to expand at a CAGR of 17.9% by 2034.
- The United States is projected to reach a valuation of USD 16.2 billion in 2034.
- Based on type, the AC segment is expected to surge at a CAGR of 17.0% by 2034.
Competitive Landscape
Manufacturers are focusing on several growth strategies, such as partnerships and collaborations. Through these collaborations, firms in the market that have been stagnating are given a boost in demand growth.
For instance,
- In 2024, WEG Africa announced the implementation of minimum energy performance standards (MEPS) in South Africa.
- In 2023, ABB launched the AMI 5800 NEMA modular induction motor, designed for demanding oil and gas industry applications.
Key Players in the Electric Traction Motor Market
- Schneider Electric SE
- The Curtiss-Wright Corporation
- Prodrive Technologies
- Toshiba Corporation
- General Electric Co.
- CG Power and Industrial Solutions Ltd.
- Aisin
- ABB, Ltd.
- Alstom SA.
- Siemens AG
Electric Traction Motor Market Segmentation by Category
By Type:
- AC
- DC
By Power Rating:
- Below 200 KW
- 200 KW to 400 KW
- Above 400 KW
By Vehicle Type:
- Plug-in Hybrid Electric Vehicles
- Mild Hybrid Vehicles
- Full Hybrid Vehicles
By Application:
- Railways
- Electric Vehicles
- Elevators
- Conveyors
- Industrial Machinery
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Report Preview: https://www.futuremarketinsights.com/reports/electric-traction-motor-market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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