Electric Traction Motor Market

Electric Traction Motor Market was estimated at USD 11,317 Million in 2019 and anticipated to grow at 20.3% CAGR during the forecast period.

An electric traction motor refers to a type of electric motor that is utilized for the propulsion of vehicles. These motors are widely used in electric vehicles and electrically powered rail vehicles. It helps in converting the electrical energy into mechanical energy and is responsible for the propulsion of vehicles. In this system, the driving force is achieved by using several devices such as an electric motor, steam engine drives, and other related devices.

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The factors propelling the growth of the global electric traction motor market include the increase in the spending on the railway sector and several supportive government subsidies and regulations. The continuous technological advancements and growing R&D activities for the development of advanced and efficient electric traction motor is also a key factor fuelling the growth of the global electric traction motor market. In addition to this, the increasing electrification in the railways and rising demand for electric vehicles across several countries in order to the rising concerns regarding carbon emissions will create several growth opportunities in the market.

The implementation of electric traction motor offers exceptional advantages such as increased efficiency, ability to reduce the use of electricity, and minimum requirement of maintenance. The rising emphasis towards the speed railways, followed by the expanding metro rail network are some other factors leading to increasing adoption of electric traction motor. The factors hampering the growth of the global electric traction motor market include the high cost required for the manufacturing and designing of the motor and challenge related to the overheating of the motor.

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Based on the type, the AC Electric Traction Motor is expected to grow at a higher CAGR during the forecast period owing to the rising adoption of AC electric traction motor as compared to the DC electric traction motors driven by its increased reliability, reduced requirements of maintenance and enhanced efficiency.
Based on the application, the Railways segment is anticipated to grow at a higher CAGR over the forecast period due to the rising electrification in the rail routes and development in the railroad technologies. In addition, the rising implementation of electric traction motors owing to their ability to increase the efficiency range of the railway systems, smooth start with eliminated shocks along with the ability to accomplish the required speed control and protection from the risk of breakdowns & overload of railway engines are some other key factors fuelling the market growth of this segment.

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Based on the region, Asia-Pacific is anticipated to lead the market during the forecast period owing to the increasing adoption of electric vehicles driven by the growing concerns regarding the carbon emissions in this region. In addition to this, the expansion in the metro rail network, increasing urbanization, and rising focus on electrification are also some of the major factors fuelling the market growth in this region.
Various notable players operating in the market include American Traction Systems, ABB, Robert Bosch GmbH, AMETEK, Inc., CG Power and Industrial Solutions Limited, GE, CRRC Corporation Limited, Hitachi, Ltd., Johnson Electric and Nidec Corporation among others.

Key Market Developments:

• • In 2020, Nidec Corporation launched two traction motor systems referred to as 200 kW Ni200Ex and 50 kW Ni50Ex. These motor systems are a part of its portfolio for the electric vehicles and are based on the company’s original 150 kW E-Axle, which is the first completely integrated traction motor system.
  • In 2019, CG Power and Industrial Solutions Limited entered into the electric vehicle segment by designing & developing a dedicated EV motor for a 12-meter passenger bus.

The global electric traction motor market has been segmented on the basis of type, power rating, application, and region. Based on the type, the market is segmented into DC electric traction motor and AC electric traction motor. Based on the power rating, the market is segmented into <200 KW, 200-400 KW, and >400 KW. Based on the application, the market is segmented into electric vehicles, railways, and others. Based on the electric vehicles, the market is further segmented into hybrid electric vehicles, battery electric vehicles, plug-in hybrid electric vehicles, and fuel cell vehicles.

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Key questions answered in this research report:

• • At what pace is the global electric traction motor market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global electric traction motor market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global electric traction motor market?
  • Which type of electric traction motor generated the maximum revenues in 2019 and identify the most promising products during the forecast period?
  • What are the various application areas of the electric traction motor, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation:

Global Electric Traction Motor Market by Type

• • DC Electric Traction Motor
  • AC Electric Traction Motor

Global Electric Traction Motor Market by Power Rating

• • <200 KW
  • 200-400 KW
  • >400 KW

Global Electric Traction Motor Market by Application

• • Electric Vehicles
    • Hybrid Electric Vehicles
    • Battery Electric Vehicles
    • Plug-in Hybrid Electric Vehicles
    • Fuel Cell Vehicles
  • Railway
  • Others

Global Electric Traction Motor Market by Region

• • North America Electric Traction Motor Market
    (Option 1: As a part of the free 25% customization)
    • North America Electric Traction Motor Market by Type
    • North America Electric Traction Motor Market by Power Rating
    • North America Electric Traction Motor Market by Application
    • United States of America (US) Electric Traction Motor Market All-Up
    • Canada Electric Traction Motor Market All-Up
  • Europe Electric Traction Motor Market
    (Option 2: As a part of the free 25% Customization)
    • Europe Electric Traction Motor by Type
    • Europe Electric Traction Motor Market by Power Rating
    • Europe Electric Traction Motor Market by Application
    • United Kingdom (UK) Electric Traction Motor Market All-Up
    • Germany Electric Traction Motor Market All-Up
    • France Electric Traction Motor Market All-Up
    • Spain Electric Traction Motor Market All-Up
    • Rest of Europe Electric Traction Motor Market All-Up
  • Asia-Pacific Electric Traction Motor Market
    (Option 3: As a part of the free 25% Customization)
    • Asia-Pacific Electric Traction Motor Market by Type
    • Asia-Pacific Electric Traction Motor Market by Power Rating
    • Asia-Pacific Electric Traction Motor Market by Application
    • China Electric Traction Motor Market All-Up
    • India Electric Traction Motor Market All-Up
    • Japan Electric Traction Motor Market All-Up
    • Rest of APAC Electric Traction Motor Market All-Up
  • RoW Electric Traction Motor Market
    (Option 4: As a part of the free 25% Customization)
    • RoW Electric Traction Motor Market by Type
    • RoW Electric Traction Motor Market by Power Rating
    • RoW Electric Traction Motor Market by Application
    • Brazil Electric Traction Motor Market All-Up
    • South Africa Electric Traction Motor Market All-Up
    • Saudi Arabia Electric Traction Motor Market All-Up
    • UAE Electric Traction Motor Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Electric Traction Motor Market All-Up

Global Electric Traction Motor Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • American Traction Systems
  • ABB
  • Robert Bosch GmbH
  • AMETEK, Inc.
  • CG Power and Industrial Solutions Limited
  • GE
  • CRRC Corporation Limited
  • Hitachi, Ltd.
  • Johnson Electric
  • Nidec Corporation