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Global Electric Traction Motor Market to reach USD XX billion by the end of 2030

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

Product Code: ALTAMC-37560732
Publish Date: 10-08-2023
Page: 200

Global Electric Traction Motor Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030. 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.

Moreover, the growing demand for electric vehicles (EVs) has been a key factor in supporting the growth of the Electric Traction Motor Market. As the demand for EVs continues to rise, the market for electric traction motors experiences significant growth. Governments, industries, and consumers worldwide are increasingly adopting EVs due to environmental concerns, government incentives, and advancements in battery technology. This surge in EV sales directly translates into higher demand for electric traction motors. According to Statista, globally the number of electric vehicles sold in 2020 was 3.18 million; in 2022 the number reached 10.24 million and it is anticipated to reach 12.97 million by 2025. As a result, the growing demand for EVs is anticipated to create a lucrative demand for the market. Additionally, cohesive government policies and subsidies are anticipated to create the lucrative opportunities for the market during the forecast period. However, the high cost of electric vehicles compared to ICE vehicles stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Electric Traction Motor Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. 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.

Major market player included in this report are:
Toshiba Corp
Nidec Corporation
Alstom SA
Parker-Hannifin Corp
CRRC Corporation Limited
ABB Ltd.
Robert Bosch GmbH
Siemens AG
CG Power and Industrial Solutions Limited
Recent Developments in the Market:
Ø In Feb. 2020, NIDEC CORPORATION expanded its footprints by inaugurating three new manufacturing plants in China, Poland, and Mexico. These plants would supply millions of electric motors at significantly reduced prices.
Global Electric Traction Motor Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Type, Power Rating, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:
Alternating Current
Direct Current
By Power Rating:
Below 200 kW
200 – 400 kW
Above 400 kW
By Application:
Electric Vehicle
Industrial Machinery
By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Electric Traction Motor Market, by Region, 2020-2030 (USD Billion)
1.2.2. Electric Traction Motor Market, by Type, 2020-2030 (USD Billion)
1.2.3. Electric Traction Motor Market, by Power Rating, 2020-2030 (USD Billion)
1.2.4. Electric Traction Motor Market, by Application, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Electric Traction Motor Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Electric Traction Motor Market Dynamics
3.1. Electric Traction Motor Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Rising stringency of emission regulations to push OEMs to manufacture and sell electric and hybrid vehicles Increasing investments in railway sector Growing demand for electric vehicles
3.1.2. Market Challenges High cost of electric vehicles compared to ICE vehicles
3.1.3. Market Opportunities Cohesive government policies and subsidies Growing technological advancement
Chapter 4. Global Electric Traction Motor Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Electric Traction Motor Market, by Type
5.1. Market Snapshot
5.2. Global Electric Traction Motor Market by Type, Performance – Potential Analysis
5.3. Global Electric Traction Motor Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
5.4. Electric Traction Motor Market, Sub Segment Analysis
5.4.1. Alternating Current
5.4.2. Direct Current
Chapter 6. Global Electric Traction Motor Market, by Power Rating
6.1. Market Snapshot
6.2. Global Electric Traction Motor Market by Power Rating, Performance – Potential Analysis
6.3. Global Electric Traction Motor Market Estimates & Forecasts by Power Rating 2020-2030 (USD Billion)
6.4. Electric Traction Motor Market, Sub Segment Analysis
6.4.1. Below 200 kW
6.4.2. 200 – 400 kW
6.4.3. Above 400 kW
Chapter 7. Global Electric Traction Motor Market, by Application
7.1. Market Snapshot
7.2. Global Electric Traction Motor Market by Application, Performance – Potential Analysis
7.3. Global Electric Traction Motor Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
7.4. Electric Traction Motor Market, Sub Segment Analysis
7.4.1. Railway
7.4.2. Electric Vehicle
7.4.3. Industrial Machinery
7.4.4. Others
Chapter 8. Global Electric Traction Motor Market, Regional Analysis
8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Electric Traction Motor Market, Regional Market Snapshot
8.4. North America Electric Traction Motor Market
8.4.1. U.S. Electric Traction Motor Market Type breakdown estimates & forecasts, 2020-2030 Power Rating breakdown estimates & forecasts, 2020-2030 Application breakdown estimates & forecasts, 2020-2030
8.4.2. Canada Electric Traction Motor Market
8.5. Europe Electric Traction Motor Market Snapshot
8.5.1. U.K. Electric Traction Motor Market
8.5.2. Germany Electric Traction Motor Market
8.5.3. France Electric Traction Motor Market
8.5.4. Spain Electric Traction Motor Market
8.5.5. Italy Electric Traction Motor Market
8.5.6. Rest of Europe Electric Traction Motor Market
8.6. Asia-Pacific Electric Traction Motor Market Snapshot
8.6.1. China Electric Traction Motor Market
8.6.2. India Electric Traction Motor Market
8.6.3. Japan Electric Traction Motor Market
8.6.4. Australia Electric Traction Motor Market
8.6.5. South Korea Electric Traction Motor Market
8.6.6. Rest of Asia Pacific Electric Traction Motor Market
8.7. Latin America Electric Traction Motor Market Snapshot
8.7.1. Brazil Electric Traction Motor Market
8.7.2. Mexico Electric Traction Motor Market
8.8. Middle East & Africa Electric Traction Motor Market
8.8.1. Saudi Arabia Electric Traction Motor Market
8.8.2. South Africa Electric Traction Motor Market
8.8.3. Rest of Middle East & Africa Electric Traction Motor Market

Chapter 9. Competitive Intelligence
9.1. Key Company SWOT Analysis
9.1.1. Company 1
9.1.2. Company 2
9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
9.3.1. Toshiba Corp Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
9.3.2. Nidec Corporation
9.3.3. Alstom SA
9.3.4. Parker-Hannifin Corp
9.3.5. CRRC Corporation Limited
9.3.6. ABB Ltd.
9.3.7. Robert Bosch GmbH
9.3.8. Siemens AG
9.3.9. SKF AB
9.3.10. CG Power and Industrial Solutions Limited
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
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Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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