With the emergence and long-term Impact of COVID-19, Global Electric Traction Motor Market to reach USD xx Billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Electric Traction Motor Market points towards a potential rise to USD xx Billion by 2030. An electric traction motor is a type of electric motor specifically designed to provide propulsion in electric vehicles, such as electric cars, trains, and trams. It plays a crucial role in converting electrical energy into mechanical energy to drive the vehicle forward. The traction motor works on the basis of electromagnetic induction. It is made up of a stator with stationary windings and a rotor with revolve windings. The stator windings are connected to a power source, typically a high-voltage battery pack or an overhead power line, while the rotor windings are connected to the drivetrain. The key factors driving the market growth driving rising stringency of emission regulations to push OEMs to manufacture and sell electric and hybrid vehicles, rising investments in the railway sector and growing demand for electric vehicles is anticipated to support the market growth during the forecast period 2023-2030.
Geographically, the global Electric Traction Motor market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to the presence of key market players, Investment in electric vehicles and fuel-efficient locomotives, and a rising focus on decarbonization of the transport sector. Whereas, the Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as the rising investments in electric vehicles, government initiatives to upgrade existing diesel locomotives with electric models, and growing investments in electric vehicles and railway projects that anticipated to support the market growth.
The global Electric Traction Motor market is highly competitive owing to the presence of several key manufacturers such as Toshiba Corp, Nidec Corporation, Alstom SA, Parker-Hannifin Corp, CRRC Corporation Limited, ABB Ltd, Robert Bosch GmbH, Siemens AG, SKF AB, CG Power and Industrial Solutions Limited and others.
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Global Electric Traction Motor Market Size study & Forecast, 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) and Regional Analysis, 2023-2030
Key findings of the study suggest:
- Global Electric Traction Motor Market is anticipated to grow with a healthy growth rate of more than xx% over the forecast period 2023-2030.
- In the Type segment, Alternating Current emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to increasing stringency of emission regulations to push OEMs to manufacture and sell electric and hybrid vehicles in the region.
- Asia Pacific is expected to grow at higher rate during 2022-2030 owing to rising population within the region has led to a significant increase in the demand for transportation connectivity in the region.
Bizwit Research & Consulting has considered following segments for the study:
- Alternating Current
- Direct Current
By Power Rating:
- Below 200 kW
- 200 – 400 kW
- Above 400 kW
- Electric Vehicle
- Industrial Machinery
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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