Global Electric Traction Motor Market size and share is currently valued at USD 15.36 billion in 2024 and is anticipated to generate an estimated revenue of USD 48.50 billion by 2034, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 12.3% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2025 – 2034
Market Overview:
The electric traction motor market is experiencing significant growth, driven by the increasing demand for energy-efficient and high-performance transportation systems. Electric traction motors play a critical role in railway systems, electric vehicles (EVs), trams, metro trains, and industrial applications by converting electrical energy into mechanical energy to propel vehicles.
With the global transition toward electrification and sustainable mobility, the adoption of electric traction motors is rapidly expanding. These motors are known for their high torque, reliability, and efficiency, making them essential components in modern transportation systems. Governments and industries are investing heavily in electric traction technologies to reduce carbon emissions and dependence on fossil fuels.
Market Growth Drivers:
Several key factors are driving the growth of the electric traction motor market, including:
Rising Adoption of Electric Vehicles (EVs)
The rapid growth of the EV industry is a major driver of electric traction motor demand. As governments enforce stricter emissions regulations and incentivize electric mobility, automakers are increasingly integrating advanced traction motors to enhance vehicle performance, efficiency, and range.
Expansion of Railway Electrification Projects
Many countries are investing in railway electrification to reduce greenhouse gas emissions and improve the efficiency of public transport. The shift from diesel-powered locomotives to electric traction systems is boosting demand for high-performance traction motors in metros, trams, high-speed trains, and freight railways.
Increasing Demand for Energy-Efficient Transportation
With a growing emphasis on sustainability, electric traction motors are being widely adopted in electric buses, hybrid-electric ships, and aerospace applications. These motors offer superior energy efficiency compared to conventional internal combustion engine-based systems, reducing operational costs and emissions.
Technological Advancements in Motor Design
The development of next-generation electric traction motors, including permanent magnet synchronous motors (PMSM), switched reluctance motors (SRM), and induction motors, is revolutionizing the market. These advancements improve motor efficiency, reduce weight, and enhance power density, making them ideal for modern transportation applications.
Government Policies and Incentives
Supportive government initiatives, including subsidies for EV adoption, investment in electric public transport, and incentives for energy-efficient rail transport, are accelerating the deployment of electric traction motors. Policies promoting green energy solutions further drive market expansion.
Major Key Players:
- Bosch Limited
- CG Power and Industrial solutions Ltd.
- Delta Engineering Works
- Denso Corporation
- General Electric Company
- Hitachi Ltd.
- Johnson Electric
- Kirloskar Electric Co.Ltd.
- NIDEC Corp.
- Siemens AG
- Traktionssysteme Austria
- Vem Group
𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐓𝐡𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐂𝐨𝐦𝐩𝐫𝐞𝐡𝐞𝐧𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐞𝐫𝐞:
https://www.polarismarketresearch.com/industry-analysis/electric-traction-motor-market
Electric Traction Motor Market Developments:
- May 2024: ABB Ltd. announced the acquisition of Siemens’ Wiring Accessories business in China, aiming to strengthen its distribution network and expand market reach across the region.
- June 2024: Hitachi secured an order for 173 elevators and escalators for the Torch Tower in Japan, marking one of the largest orders the company has received.
- December 2023: Hitachi Rail completed the acquisition of Thales’ Ground Transportation division, enhancing its global presence across 51 countries.
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:
The research study includes segmental analysis that divides the market into distinct groups or segments based on common characteristics. With market segmentation, businesses can identify specific customer groups that are more likely to be interested in specific products or services. Also, it enables these businesses to focus their marketing efforts and resources more efficiently, leading to higher conversion rates and improved return on investment. Furthermore, segmentation analysis helps companies develop personalized products or services, which can result in increased customer loyalty and improved customer satisfaction.
By Product Type Outlook
- DC Traction Motor
- AC Traction Motor
By Application Outlook
- Railways
- Electric Vehicles
- Conveyors
- Industrial Machinery
By Power Ratings Outlook
- Below 200 KW
- 200–400 KW
- Above 400 kW
The future of the electric traction motor market looks promising, with continued technological advancements and increasing adoption across multiple sectors. Some key developments expected in the coming years include:
- Greater Adoption of Next-Generation Motors: Advancements in magnet-free and ultra-high efficiency motors will shape the future of electric traction technology.
- Expansion of Public Transport Electrification: Investment in electric buses, metro systems, and high-speed rail networks will continue to drive demand for electric traction motors.
- Improved Energy Efficiency and Performance: R&D efforts will focus on enhancing motor efficiency, reducing weight, and optimizing power density for improved vehicle performance.
𝐁𝐫𝐨𝐰𝐬𝐞 𝐌𝐨𝐫𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:
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