Electric Traction Motor Market by Type (AC and DC), Power Rating (Below 200 kW, 200-400 kW, and Above 400 kW), Application (Railways, Electric Vehicles, Elevators, Conveyors, and Industrial Machinery) and Region - Global Forecast to 2027

Electric Traction Motor Market by Type (AC and DC), Power Rating (Below 200 kW, 200-400 kW, and Above 400 kW), Application (Railways, Electric Vehicles, Elevators, Conveyors, and Industrial Machinery) and Region - Global Forecast to 2027

The global electric traction motor market is projected to reach USD 22.2 billion by 2027 from an estimated market size of USD 12.3 billion in 2022, at a CAGR of 12.6% during the forecast period. The increase in demand for high-performance motors, favorable government policies and subsidies, and the rise in investments in the railway sector are expected to drive the electric traction motor market. Increased demand for electric vehicles is the major growth opportunity for the electric traction motor market.

“The AC segment, is expected to be the largest market for electric traction motor, by Type”

The AC segment by type is estimated to be the largest market during forecast period from 2022 to 2027. As compared to DC electric traction motor, AC electric traction motor are more in demand because of several reasons like, they does not require any additional mechanical contacts such as brushes to work, are simple to construct, and comparatively lighter in weight for equivalent power. These factors are expected to increase the demand for AC electric traction motors during the forecast period.

“Europe: The second largest market for electric traction motor”

Europe accounted for the second largest market of electric traction motor , followed North America in 2021. The region’s demand for electric vehicles is increasing, therefore driving the demand for electric traction motors. The German and the UK electric traction motor markets are expected to grow at a fast pace during the forecast period.

Breakdown of Primaries:

The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:

By Company Type: Tier I–66%, Tier II–24%, and Tier III–11%

By Designation: C-Level–30%, Director Level–25%, and Others–45%

By Region: Asia Pacific–33%, North America–27%, Europe–20%, South America–7%, Middle East & Africa–13%

The electric traction motor market is dominated by a few globally established players such as ABB (Switzerland), CG Power and Industrial Solutions (India), CRRC (China), General Electric (US), Mitsubishi (Japan), TOSHIBA CORPORATION (Japan), and Siemens (Germany).

Research Coverage:

The report defines, describes, and forecasts the electric traction motor market, by type, power rating, application, and region. It also offers a detailed qualitative and quantitative analyses of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the electric traction motor market

Key Benefits of Buying the Report

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