Electric Traction Motor Market Size was valued at USD 15.47 billion in 2023. The Electric Traction Motor Market industry is projected to grow from USD 18.02 billion in 2024 to USD 63.07 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.1% during the forecast period (2024 - 2032). increased demand for energy efficient motors is expected to drive global Electric Traction Motor Market.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Traction refers to producing frictional force either electrically or non-electrically between two surfaces without slipping. A traction motor is an electric motor used to make rotation torque on a machine which is usually changed into a straight-line motion. In industrial motors, this motor is considered a specific class due to the requirements of low-torque high-speed cruising, high torque low-speed hill-climbing, a high rate of acceleration/ deceleration, and a high range of operating speed.
This traction motor is widely used in electrically powered rail vehicles like electric locomotives and electric multiple units and also in electric vehicles like electric milk floats, conveyors, elevators, railways, trams, metros, and EVs. The growing concerns over GHG emissions are gaining importance for electric vehicles. These electric vehicles encourage e-transportation cleaner and reduce the demand for fossil fuel.
Hence the rising adoption of e-mobility and growing concern over environmental deterioration is accelerating the growth of the electric traction market. Rising investments in the railway sector are propelling the growth of the market. Furthermore, environmental regulation, favorable government policies, emission norms, unstable fossil fuels, and subsidies are the few factors escalating the market growth in the forecast period. Traction is a frictional force that is produced with electrical or non-electrical surfaces. Electric traction is used in plenty of vehicles.
Rails, locomotive electrical, conveyors, lifts and multiple units can be powered through electrical traction. The traction motor can create electrical torque on any machine. The electric traction motor is known as an industrial motor. It comes in both low torque and high-speed torque. These vehicles with electrical traction motors can receive high acceleration power for hill climbing.
The increased demand for energy-efficient motors is driving the election traction market. The electric traction motor is a cost-efficient and energy-efficient solution. The operations of this motor are segmented into AC and DC. AC type of electric traction motors is used for industrial use and DC type for railways applications. The market is expected to reach an exceptional growth rate during the forecast period.
The global electric traction motor has severe impacts due to the covid 19. The outbreak of covid 19 has caused economic downfall across the globe. All the major countries are witnessing changes in customer spending during this period. The lowdown restrictions in several regions are declining the growth of the transport industry.
Both national and international transportation has been restricted fueling this period. Also, the supply chain of the electric traction market is disputed due to these restrictions. The supply-demand gap for the industry can affect profitability. Also, there is a slowdown in production and a lack of raw materials for the market. All these factors drastically change the electric traction motor market outlook.
The rising demand for the energy-efficient motor is a crucial driving factor for the electric traction motor market. The energy efficiency in vehicles can save energy and enables less maintenance. Fossil fuel prices are fluctuating constantly. However, the rising fuel price is a crucial driver for the electric traction market. Due to this reason, the adoption of electric traction motor powered vehicles is gaining popularity. Also, the environmental norm to reduce carbon emissions is rising in upcoming years.
The governmental policies are favourable regarding the use of electric traction motors. The use of these motors is beneficial as they save energy and reduce environmental pollution. In the upcoming years, there is going to be stringent regulations to reduce carbon emission. It will result in the use of environmentally friendly technologies. The implementation of environmental regulation will prove beneficial for the electric traction market. The revenue and demand for the market will reach a peak during the forecast period.
The electric traction motor market is expected to have plenty of investments in the upcoming years. The rising investments from key players will make the market more profitable. Also, the launch of new innovative traction motors is high during this period. An investment of 3.3 billion records in the North American market. The overall regional analysis shows more investments from other market players. The launch of a hybrid electric traction motor will provide many growth possibilities to the market. The sale of electric vehicles is already witnessing exceptional demand in china.
More than 12.43 million sales are recorded in the Asia Pacific market. The launch of hybrid traction in other regions will result in more market growth opportunities. Further, electric traction motors reduce carbon emissions in vehicles. Several governments are investing more on technologies that reduce carbon emissions. The governmental regulation regarding the use of energy-efficient technology will rise in the future. It is another factor that provides an electric traction motor market growth.
There are few restraints in the electric traction motor industry. Motor failure is a major limitation in this market. Also, the frictional force of electric traction technology is high. Unlike, other technologies the use of oil or lubricants is less for any traction technology. It results in overheating of motor and motor failure.
The motor is a key part of any technology or machine. The issues in the traction motor can vastly hamper the overall demand. The key players of the market are investing more in R&D to fix this issue. However, the overheating of motor and motor failure will cause many effects on the market demand and market growth.
The manufacturing of electric traction motors is complex. There is a need for high-end raw materials to create this energy-efficient technology. High-end metals, aluminium and copper are used in the process. However, the price volatility of the raw materials poses a challenge to the electric traction motor. The raw materials price fluctuation low or high causes several market inconsistencies. Choosing cheap alternatives of raw materials can cause reliability and safety of the electric traction motor operations. The raw materials price is a major challenge for the key players of the market.
The electric traction motor market trends is witnessing a sharp increase in the forecast period. There are profitable market segments that enable electric traction motor market growth. The AC segment of the market is more efficient and easier to control. Also, the DDC segment of the market is essential for railways applications. There are 200KW to 400 KW electric tractions motors. The 200 KW segment is witnessing massive growth.
The 200 KW is useful for lightweight to basic model vehicles. Also, the market drivers such as rising fossil fuel prices, governmental policies and environmental regulations are raising the market demand. Motor failure and volatility of the raw material price is a major market challenge. However, the overall eclectic traction market growth looks promising in the forecast period.
The Asia Pacific is expected to hold the largest electric traction motor market share. The rising investments are the crucial drivers of the market. The deployment of metro rails is causing high demand for DC electric traction motors. Also, Asia Pacific is expected to have the fastest growth rate in the forecast period. The increasing carbon emission in Asia pacific region is another market driver for the electric traction market.
The market expansion possibilities are higher in this region. Also, the chain is already launching the hybrid traction motors. This new product launch will continue in India, Japan and South Korea. Asia Pacific region will have the highest demand among other regional players.
The electric traction market is diversified into Asia Pacific, Europe, North America, South America and Middle East Africa. Asia Pacific region will lead other regional players. The rising global concern for carbon emission is the key driver in this region. Also, North America has a powerful electric traction motor market. There are plenty of key players in the North American region.
Also, the overall investments for the electric traction motor are high in this region. Europe is another key region in this market. There are strict government regulations related to carbon emissions in this region. The need to reduce carbon emissions is high in this region. Therefore, the launch of energy-efficient technologies will rise in Europe. South America and the Middle East are emerging markets with plenty of growth opportunities.
The electric traction motor industry will have several competitions in the forecast period. The technological solutions will further increase the competition among market players. The infrastructural capabilities of the market will develop in the forecast period. Also, all these factors will result in market expansions and high profitability.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 15.47 Billion |
| Market Size 2024 | USD 18.02 Billion |
| Market Size 2032 | USD 63.07 Billion |
| CAGR | 15.1% (2024-2032) |
| Base Year | 2023 |
| Forecast Period | 2024 to 2032 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Power Rating, Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | CRRC (China), Alstom (France), ABB (Switzerland), GE (US), Siemens (Germany), Traktionsysteme Austria, Bosch (Germany), CG Power (India), Nidec (Japan), and Skoda Electric (Czech Republic) |
| Key Market Opportunities | unstable fossil fuel prices emission norms environmental regulation |
| Key Market Drivers | Continuous increase in investment in railways increased demand for energy efficient motors |
Frequently Asked Questions (FAQ) :
Electric traction market growth rate is 15.1% for the forecast period.
The key regional players of the market are China, UK and India.
The key players of the electric traction motor market are Skoda Electric (Czech Republic), CRRC (China), CG Power (India), Alstom (France), Nidec (Japan), GE (US), Bosch (Germany) and Siemens (Germany).
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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