Global Electric Traction Motor Market 2024 – 2033

Reports Description

Electric Traction Motor Market: Overview

As per the current market research conducted by the CMI Team, the global Electric Traction Motor Market is expected to record a CAGR of 12.5% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 14.9 Billion. By 2033, the valuation is anticipated to reach USD 42.8 Billion.

An electric traction motor is a particular kind of motor that powers electric buses, electric trains, electric cars, and others. This vehicle is propelled by the conversion of electrical energy into mechanical energy by the electric traction motors. Trams, metros, electric railroads, and hybrid/electric automobiles are examples of common applications.

The electric traction motor market is being driven by several factors including the growing demand for EVs, stringent emissions regulations, growth of railway electrification, advancement in motor technology, rising focus on energy efficiency, government incentives and subsidies, increasing investment in public transport, growth in renewable energy integration and others. However, the high initial costs and limited charging infrastructure might be hampering the growth of the electric traction motion sector.

• According to secondary analysis, a dedicated budget of Rs 65,00 crore as allocated in 2024-25 in India can help to achieve complete electrification of the rail network.

• According to estimates from Kelley Blue Book, a Cox Automotive firm, 1.2 million U.S. car customers decided to switch to electric vehicles last year.

• According to the data published by the Department of Energy, It is anticipated that domestic solar energy generation will rise by 75% and wind by 11% by 2025. With its abundance of renewable energy resources, the United States is a resource-rich nation that could produce more than 100 times the annual electrical consumption of its citizens.

Electric Traction Motor Market: Drivers

Favorable properties of electric traction motors

Electric traction motors are suitable for powering trains, electric cars, and other types of transportation due to several properties such as high starting torque, wide speed range, efficient energy conversion and others. Among these attributes several traits about durability, effectiveness, and performance.

The vehicles like buses and trains, electric traction motors’ ability to deliver strong torque at low speeds is crucial for starting from a stationary position. The vehicle’s high starting torque enables it to accelerate swiftly and manage large loads effectively.

Furthermore, they have outstanding efficiency in transforming electrical energy into mechanical energy is one of their most important properties. They are more efficient and waste less energy as compared to internal combustion engines as they have fewer moving parts.

Rising product launches

The growing product launches in the electric traction motor industry florish the revenue growth. As of July 2022, the most robust electric motor was developed by the car supplier MAHLE. The traction motor is the only one on the market that can operate at a high level for a long period.

This technological advance is made feasible by a novel cooling concept. At the demand of the customer, the new electric motor may be manufactured without the use of rare earths and is incredibly light, efficient, and clean.

Both passenger automobiles and commercial vehicles, as well as tractors and construction equipment, can use the new improvement. With the SCT E-motor, MAHLE can offer a wide range of electric drive solutions, addressing anything from heavy-duty commercial vehicles to e-scooters, as well as off-road and industrial applications.

Electric Traction Motor Market: Recent Development

The electric traction motor industry adopted several strategies which include product launches, acquisitions, collaboration, expansion and others. Some of the company strategies include:

• In October 2021, Nidec Corporation stated that Ni200Ex, the company’s 200kW E-Axle traction motor system, has been integrated into ZEEKR 001, an electric car just unveiled by Chinese auto giant Geely Automobile Group under its luxury brand, “Zeekr.”

• In September 2024, Hitachi Industrial Products, Ltd. commercialized the world’s first copper die-cast rotor for railway traction motors as a lightweight rotor. By integrating weight-reduction technology into Hitachi Industrial Products’ existing high-efficiency technologies, they will contribute to increased energy savings and a lower environmental effect of railway vehicle operation.

These product launches and collaboration strategies have expanded the market presence of the company in the electric traction motor industry and gained its competitive edge.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

Electric Traction Motor Market: Challenge

High initial cost

Electric traction motors are expensive to manufacture due to the high cost of components such as rare earth magnets (used in permanent magnet motors) and complex production methods. This increases the initial expenses of electric vehicles (EVs) and electrified public transit systems, making them less economical than regular internal combustion engine (ICE) vehicles.

Furthermore, manufacturers may face unacceptably high expenses when designing and integrating modern electric drivetrains and power electronics. Thus, this high cost of the electric traction motor hinders the market expansion.

Electric Traction Motor Market: Segmentation Analysis

By Type:

The alternating current segment is expected to dominate the market. The segment expansion is attributed to the growing advancements in AC motor design. Motor design advances, such as developments in power electronics, control systems, and AC motor materials, have increased the efficiency and cost-effectiveness of these motors.

Variable frequency drives (VFDs) and inverter technologies provide more accurate control of alternating current motors, hence improving their performance in electric traction applications. These developments are lowering the cost of AC traction motors, making them more accessible to manufacturers and increasing their use in a variety of industries.

Besides, the direct current segment growing at a rapid rate. DC motors are frequently seen as more cost-effective than AC motors for smaller-scale applications. DC motors are still used in electric vehicles such as forklifts, bicycles, and small electric cars due to their lower cost and simpler construction.

By Application:

The electric vehicle segment captures a prominent market share in the electric traction motor industry. The segment expansion of the industry is attributed to the high adoption of EVs across the globe.

For instance, as per the data published by the International Energy Agency, Electric vehicles accounted for approximately 25% of all car sales in France and the United Kingdom, 30% in the Netherlands, and 60% in Sweden. Despite the overall market contraction, Norway’s sales share climbed somewhat, and it continues to be the greatest in Europe, at about 95%.

Besides, the railway segment shows a rapid expansion. The segment expansion is attributed to the high investment in railway electrification across the globe including the US, Europe, India and others. Moreover, the rising government initiatives influence industry expansion.

Report Scope

Electric Traction Motor Market: Regional Analysis

North America dominates the electric traction motor market. The growth in the region is attributed to the presence of major players and the growing electrification trends.

Furthermore, the increasing integration of renewable energy and technological advancement influences market growth. Also, the rising investment by the key players in the North American area is a prominent factor driving the industry expansion over the projected period.

However, the Asia Pacific is growing at a significant pace in the global electric traction motor industry owing to the increasing investment in railway infrastructures and rising government efforts for electrification.

List of the prominent players in the Electric Traction Motor Market:

• ABB Ltd
• Siemens AG
• General Electric Company
• Kirloskar Electric Company Ltd
• CG Power and Industrial Solutions Ltd
• CRRC Corporation Limited
• Alstom SA
• Traktionssysteme Austria (TSA) GmbH
• Skoda Transportation AS
• Robert Bosch GmbH
• Others

The Electric Traction Motor Market is segmented as follows:

By Type

• Alternating Current
• Direct Current

By Power Rating

• Below 200 kW
• 200 – 400 kW
• Above 400 kW

By Application

• Railway
• Electric Vehicle
• Industrial Machinery
• Others

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America