Global Electric Traction Motor Market 2025 – 2034

The CMI Team's most recent market research shows that the global Electric Traction Motor Market size is expected to grow at a CAGR of 13.04% from 2025 to 2034. The market size is expected to be worth USD 16.62 billion in 2025. The value is expected to reach USD 50.76 billion by 2034.

Electric Traction Motor Market: An Overview

CMI experts say that an electric traction motor is a kind of electric motor that changes electrical energy into mechanical energy. These motors are used in a variety of settings, such as electric vehicles, railroads, factories, and more.

There are a number of things that are driving the market for electric traction motors. These include the growing trend toward electrification around the world, more government programs, and the growing use of renewable energy sources like solar, wind, hydro, and others.

Also, the main companies in the electric traction motor industry are working together more and launching new products. But there are some things that are holding back the growth of the electric traction motor industry. These include a lack of infrastructure, reliance on rare earth materials, slow adoption in developing areas, and more competition from other technologies.

Electric Traction Motor Market: What Makes It Grow and Change

More and more focus on saving energy

The need for transportation systems that use less energy is growing around the world. Electric traction motors are better than internal combustion engines because they have fewer moving parts and higher conversion rates.

Vehicle manufacturers and fleet operators like these benefits of electric traction motors. Also, the governments are putting in place rules for transportation networks that make them more energy-efficient. Rules about things like fuel efficiency and emissions control push manufacturers to use technologies that use less energy, like electric traction motors.

Europe, North America, and Asia-Pacific are setting standards for energy-efficient transportation, which is making the need for electric traction motors grow.

Improvement in motor design

Big improvements in the design of electric traction motors are making them more energy efficient. For example, improvements in power electronics, motor control systems, and materials like strong magnets and light parts all help make things work better and use less energy.

Permanent Magnet Synchronous Motors (PMSMs) used in electric cars and trains are very efficient because they can drive at high torque while using very little energy. Induction motors and brushless DC motors (BLDCs) are also parts that make things work more efficiently.

Dependence on rare earth materials

Rare earth minerals like neodymium and dysprosium are important for the magnetic properties of many electric traction motors, especially permanent magnet motors. But these materials cost a lot of money, and most of the supply chain is in a few countries, such as China.

There aren't many resources on Earth that can be used to make electric traction motors. This industry is therefore vulnerable to price volatility and supply chain instability, which impede market growth.

Scope of the Report

Details about the Report's Features

Market Size in 2025: $16.62 Billion

Estimated Market Size in 2034: USD 50.76 Billion

Market Size in 2024: $14.9 Billion

CAGR Growth Rate: 13.04% CAGR

Year of Base - 2024

Time frame for the forecast: 2025–2034

Key Segment: By Type, Power Rating, Application, and Region

Report Coverage: Company Profile, Revenue Estimation and Forecast, Competitive Landscape, Growth Factors, and Recent Trends

North America, Europe, Asia Pacific, the Middle East and Africa, and South and Central America are all in the scope. Show more