The global traction motor market is anticipated to grow at a CAGR of 13.0% between 2022 and 2032, surpassing a value of US$ 30 billion by that year, while global sales are anticipated to reach 12 to 15%. The overall demand for these high-performance motors has fueled market growth in this area, which had previously experienced little competition until recent advancements in technology rendered some of the older models obsolete.
Rising Sales of BEVs and PHEVs Foster Market Growth
The global Traction Motors Market is quickly developing, owing mostly to rising demand for ecologically friendly modes of transportation. Electric vehicles (EVs) have become a vital aspect of the automotive industry as the world progresses towards a more sustainable future. Market growth is being driven by rising sales of battery-electric cars (BEVs) and plug-in hybrid electric vehicles (PHEVs).
Furthermore, the emergence of environmentally friendly hybrid technology as an alternative fuel increases market demand. Stricter government laws and attempts to reduce car emissions and pollution, as well as promote the usage of electric vehicles, expand market size. According to Future Market Insights (FMI) (2022 to 2032), the global Traction Motors Market is predicted to develop at a considerable CAGR during the review period.
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Proliferation of Sustainable Electric Mobility Create Significant Market Opportunities
The automotive industry worldwide is moving towards manufacturing ultra-lightweight, more sustainable vehicles that are innovative and affordable, increasing the global electric traction motor industry share. Governments in countries worldwide have realized the potential of electric vehicles. Resultantly, many of them have initiated new policies and proposals for e-mobility infrastructures.
Such initiatives have helped them meet their goals to address climate change and net-zero carbon targets. Additionally, large-scale uses of hypercars and increasing government initiatives to revolutionize e-mobility influence the market growth. Simultaneously, the government incentive programs to encourage EV manufacturers for increased hybrid electric vehicle production impact market growth positively.
High Manufacturing Cost is a Major Headwind Impeding Market Growth
The high costs of these traction motors are a major factor impeding the market growth. Also, volatility in price and the demand-supply gap in raw materials required for production affect market health. Nevertheless, technological upgrades expected in the recent future would support market growth throughout the assessment period, offering cost-competitive manufacturing techniques.
COVID 19 Impact on the Market
The onset of COVID 19 affected the electric traction motor industry severely. Lockdown mandates implemented to control the virus spread disrupted the supply chain severely, making industry players face various problems, including obtaining raw materials & and components, attracting workers from quarantines required for the production, and delivering end products to the market.
At the same time, the rising demand for healthcare products to treat patients affected with Coronavirus offered substantial opportunities, driving the uptake of electric mobility in the logistic industry. Resultantly, the Traction Motors Market is rapidly returned to normal, witnessing the steadily increasing demand. The market demand is anticipated to pick up further following the uplift of the lockdown in many countries.
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Segments
The market is segmented into types, power ratings, applications, and regions. The type segment is sub-segmented into AC motors and DC motors. The AC motor segment accounts for the largest market share, witnessing the high demand from electric vehicles and railway sectors.
The power rating segment is sub-segmented into <200 kW, 200 kW to 400 kW, and >400 kW. The application segment is sub-segmented into railways, electric vehicles, elevators, conveyors, industrial machinery, and others. By regions, the market is sub-segmented into Americas, Asia Pacific, Europe, and rest-of-the-world.
Regional Analysis
Asia Pacific dominates the global Traction Motors Market, mainly due to the rising popularity of alternative fuel vehicles. Besides, growing investment in rolling stock and focus on electric vehicles to reduce carbon emission drive the Traction Motors Market growth. Supportive government plans to improve manufacturing sectors boost the Traction Motors Market size.
Massively increased production and sales of e-vehicles in the region create lucrative growth opportunities. Also, increasing foreign direct investments and heavy investments by key players for advanced product developments are major factors impacting the Traction Motors Market revenue.
To tackle the increased fuel costs, the customers in this region prefer hybrid vehicles. Additionally, advancements in EV technologies and devices used for electric vehicles, alongside increasing government initiatives and stringent policies, and affordable prices of electric vehicles are major driving forces behind the growth of the Traction Motors Market value.
Increased government support for the hybrid electric vehicle industry in the region fosters market growth. Moreover, the underperforming and overburdened public transports system in India and China fosters market growth. China, India, and Japan account for major Traction Motors Market shares in the APAC, resulting in a continual increase in private automobiles.
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Key Market Segments Covered in the Traction Motors Industry Research
Application:
- Transportation
- Industrial machinery and equipment
- Others
End Users:
- Hybrid vehicles
- Compact construction equipment
- Escalators
- Elevators
- Other (Washing machines, Electric Aircraft, etc.)
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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