An electric traction motor is a type of electric motor specifically designed to provide propulsion in electric vehicles, such as electric cars, trains, and trams. It plays a crucial role in converting electrical energy into mechanical energy to drive the vehicle forward. The traction motor works on the basis of electromagnetic induction. It is made up of a stator with stationary windings and a rotor with revolve windings. The stator windings are connected to a power source, typically a high-voltage battery pack or an overhead power line, while the rotor windings are connected to the drivetrain. The key factors driving the market growth driving rising stringency of emission regulations to push OEMs to manufacture and sell electric and hybrid vehicles, rising investments in the railway sector and growing demand for electric vehicles is anticipated to support the market growth during the forecast period 2023-2030.
Moreover, the growing demand for electric vehicles (EVs) has been a key factor in supporting the growth of the Electric Traction Motor Market. As the demand for EVs continues to rise, the market for electric traction motors experiences significant growth. Governments, industries, and consumers worldwide are increasingly adopting EVs due to environmental concerns, government incentives, and advancements in battery technology. This surge in EV sales directly translates into higher demand for electric traction motors. According to Statista, globally the number of electric vehicles sold in 2020 was 3.18 million; in 2022 the number reached 10.24 million and it is anticipated to reach 12.97 million by 2025. As a result, the growing demand for EVs is anticipated to create a lucrative demand for the market. Additionally, cohesive government policies and subsidies are anticipated to create the lucrative opportunities for the market during the forecast period. However, the high cost of electric vehicles compared to ICE vehicles stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Electric Traction Motor Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the presence of key market players, Investment in electric vehicles and fuel-efficient locomotives, and a rising focus on decarbonization of the transport sector. Whereas, the Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as the rising investments in electric vehicles, government initiatives to upgrade existing diesel locomotives with electric models, and growing investments in electric vehicles and railway projects that anticipated to support the market growth.
Major market player included in this report are:
- Toshiba Corp
- Nidec Corporation
- Alstom SA
- Parker-Hannifin Corp
- CRRC Corporation Limited
- ABB Ltd.
- Robert Bosch GmbH
- Siemens AG
- SKF AB
- CG Power and Industrial Solutions Limited
Recent Developments in the Market:
- In Feb. 2020, NIDEC CORPORATION expanded its footprints by inaugurating three new manufacturing plants in China, Poland, and Mexico. These plants would supply millions of electric motors at significantly reduced prices.
Global Electric Traction Motor Market Report Scope:
- Historical Data: 2020 - 2021
- Base Year for Estimation: 2022
- Forecast period: 2023-2030
- Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Segments Covered: Type, Power Rating, Application, Region
- Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
- Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below.
By Type:
- Alternating Current
- Direct Current
By Power Rating:
- Below 200 kW
- 200 - 400 kW
- Above 400 kW
By Application:
- Railway
- Electric Vehicle
- Industrial Machinery
- Others
By Region:
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Table of Contents
Chapter 1. Executive Summary
- 1.1. Market Snapshot
- 1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
- 1.2.1. Electric Traction Motor Market, by Region, 2020-2030 (USD Billion)
- 1.2.2. Electric Traction Motor Market, by Type, 2020-2030 (USD Billion)
- 1.2.3. Electric Traction Motor Market, by Power Rating, 2020-2030 (USD Billion)
- 1.2.4. Electric Traction Motor Market, by Application, 2020-2030 (USD Billion)
- 1.3. Key Trends
- 1.4. Estimation Methodology
- 1.5. Research Assumption
Chapter 2. Global Electric Traction Motor Market Definition and Scope
- 2.1. Objective of the Study
- 2.2. Market Definition & Scope
- 2.2.1. Industry Evolution
- 2.2.2. Scope of the Study
- 2.3. Years Considered for the Study
- 2.4. Currency Conversion Rates
Chapter 3. Global Electric Traction Motor Market Dynamics
- 3.1. Electric Traction Motor Market Impact Analysis (2020-2030)
- 3.1.1. Market Drivers
- 3.1.1.1. Rising stringency of emission regulations to push OEMs to manufacture and sell electric and hybrid vehicles
- 3.1.1.2. Increasing investments in railway sector
- 3.1.1.3. Growing demand for electric vehicles
- 3.1.2. Market Challenges
- 3.1.2.1. High cost of electric vehicles compared to ICE vehicles
- 3.1.3. Market Opportunities
- 3.1.3.1. Cohesive government policies and subsidies
- 3.1.3.2. Growing technological advancement
Chapter 4. Global Electric Traction Motor Market Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.2. Porter's 5 Force Impact Analysis
- 4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
- 4.4. Top investment opportunity
- 4.5. Top winning strategies
- 4.6. COVID-19 Impact Analysis
- 4.7. Disruptive Trends
- 4.8. Industry Expert Perspective
- 4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Electric Traction Motor Market, by Type
- 5.1. Market Snapshot
- 5.2. Global Electric Traction Motor Market by Type, Performance - Potential Analysis
- 5.3. Global Electric Traction Motor Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
- 5.4. Electric Traction Motor Market, Sub Segment Analysis
- 5.4.1. Alternating Current
- 5.4.2. Direct Current
Chapter 6. Global Electric Traction Motor Market, by Power Rating
- 6.1. Market Snapshot
- 6.2. Global Electric Traction Motor Market by Power Rating, Performance - Potential Analysis
- 6.3. Global Electric Traction Motor Market Estimates & Forecasts by Power Rating 2020-2030 (USD Billion)
- 6.4. Electric Traction Motor Market, Sub Segment Analysis
- 6.4.1. Below 200 kW
- 6.4.2. 200 - 400 kW
- 6.4.3. Above 400 kW
Chapter 7. Global Electric Traction Motor Market, by Application
- 7.1. Market Snapshot
- 7.2. Global Electric Traction Motor Market by Application, Performance - Potential Analysis
- 7.3. Global Electric Traction Motor Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
- 7.4. Electric Traction Motor Market, Sub Segment Analysis
- 7.4.1. Railway
- 7.4.2. Electric Vehicle
- 7.4.3. Industrial Machinery
- 7.4.4. Others
Chapter 8. Global Electric Traction Motor Market, Regional Analysis
- 8.1. Top Leading Countries
- 8.2. Top Emerging Countries
- 8.3. Electric Traction Motor Market, Regional Market Snapshot
- 8.4. North America Electric Traction Motor Market
- 8.4.1. U.S. Electric Traction Motor Market
- 8.4.1.1. Type breakdown estimates & forecasts, 2020-2030
- 8.4.1.2. Power Rating breakdown estimates & forecasts, 2020-2030
- 8.4.1.3. Application breakdown estimates & forecasts, 2020-2030
- 8.4.2. Canada Electric Traction Motor Market
- 8.5. Europe Electric Traction Motor Market Snapshot
- 8.5.1. U.K. Electric Traction Motor Market
- 8.5.2. Germany Electric Traction Motor Market
- 8.5.3. France Electric Traction Motor Market
- 8.5.4. Spain Electric Traction Motor Market
- 8.5.5. Italy Electric Traction Motor Market
- 8.5.6. Rest of Europe Electric Traction Motor Market
- 8.6. Asia-Pacific Electric Traction Motor Market Snapshot
- 8.6.1. China Electric Traction Motor Market
- 8.6.2. India Electric Traction Motor Market
- 8.6.3. Japan Electric Traction Motor Market
- 8.6.4. Australia Electric Traction Motor Market
- 8.6.5. South Korea Electric Traction Motor Market
- 8.6.6. Rest of Asia Pacific Electric Traction Motor Market
- 8.7. Latin America Electric Traction Motor Market Snapshot
- 8.7.1. Brazil Electric Traction Motor Market
- 8.7.2. Mexico Electric Traction Motor Market
- 8.8. Middle East & Africa Electric Traction Motor Market
- 8.8.1. Saudi Arabia Electric Traction Motor Market
- 8.8.2. South Africa Electric Traction Motor Market
- 8.8.3. Rest of Middle East & Africa Electric Traction Motor Market
Chapter 9. Competitive Intelligence
- 9.1. Key Company SWOT Analysis
- 9.1.1. Company 1
- 9.1.2. Company 2
- 9.1.3. Company 3
- 9.2. Top Market Strategies
- 9.3. Company Profiles
- 9.3.1. Toshiba Corp
- 9.3.1.1. Key Information
- 9.3.1.2. Overview
- 9.3.1.3. Financial (Subject to Data Availability)
- 9.3.1.4. Product Summary
- 9.3.1.5. Recent Developments
- 9.3.2. Nidec Corporation
- 9.3.3. Alstom SA
- 9.3.4. Parker-Hannifin Corp
- 9.3.5. CRRC Corporation Limited
- 9.3.6. ABB Ltd.
- 9.3.7. Robert Bosch GmbH
- 9.3.8. Siemens AG
- 9.3.9. SKF AB
- 9.3.10. CG Power and Industrial Solutions Limited
Chapter 10. Research Process
- 10.1. Research Process
- 10.1.1. Data Mining
- 10.1.2. Analysis
- 10.1.3. Market Estimation
- 10.1.4. Validation
- 10.1.5. Publishing
- 10.2. Research Attributes
- 10.3. Research Assumption