Electric Traction Motor Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 To 2029

Increasing Adoption of Electric Traction Motor Globally To Ensure Rapid Growth for Electric Traction Motor Market

Globally, the electric traction motor market is expected to grow with a CAGR of 19.2% during the forecast period from 2021 to 2029, starting from US$ 17.85 Bn in 2020. The electric traction motors are mainly used in the locomotive or the electric vehicles for the propulsion by producing the rotational torque. At present, these electric traction motors play an important role in the locomotives. The electric traction motors help vehicles for reliable and safe functions. The growing adoption of electric traction motors in the railways is the key factor that drives the growth of the electric traction motor market. The growing preference for rail transportation over the road transportation accelerates the railways tread activities worldwide.

Furthermore, the growing demand for electric traction motors in the hybrid and the battery electric vehicles is augmenting the growth of electric traction motor market. Moreover, the increasing demand for the efficient power conservation coupled with the electrification of automotive is anticipated to propel the growth of the electric traction motor market. However, the high initial cost of traction motor is expected to hamper the growth of the electric traction motor market. Furthermore, the growing digitalization in the electric motors is projected to serve various growth opportunities for the electric traction motor market in the near future.

Growing application of electric traction motors in the locomotives continues to dominate the application segment

In 2020, based on the application, the railway applications contributing to over 42% of the total revenue generated globally led the electric traction motor market. The rapid development in the railway sector and digitalization of railway systems are fueling the growth of the electric traction motors market. The ongoing research and development in the electric motor technology are majorly contributing to the growth of electric traction motors market. In addition, by types, the electric traction motor market is categorized into AC motors and the DC motors. The Ac motors hold the significant market shares in the electric traction motors market. The continuous development in the electric vehicles is fueling the growth of the electric traction motors market.

North America holds the axiom market share in the electric traction motor market

In 2020, the electric traction motors market is dominated by the North America region and it is expected to be the dominating the region through the forecast region. The high adoption of advanced technologies and the presence of major players are the primary factors that drive the growth of North America electric traction motor market. The U.S. holds the largest market shares in the electric traction motor market across North America. Furthermore, Asia Pacific is the fastest-growing region owing to the growing automotive industry and ongoing technological advancements in the motor technology.

Some of the prominent players operating in the Electric Traction Motor market include Siemens Corp., General Electric, Skoda Electric, ABB, Weg SA, Toshiba Corporation, Benchmarking, CG Power, Traktionssysteme Austria GmbH, Alstom SA, Robert Bosch GmbH and others.

Historical & Forecast Period

This research report presents the analysis of each segment from 2019 to 2029 considering 2020 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2021 to 2029.

Key questions answered in this report

• What was the market size of electric traction motor in 2020 and forecast up to 2029?
• Which is the largest regional market for Railways electric traction motor applications?
• What are the major trends followed in electric traction motor market across different regions?
• Who are the key Electric Traction Motor companies leading the market?
• What are the key strategies adopted by the leading electric traction motor companies in market?

Unique data points of this report

• Statistics on electric traction motor penetration and spending worldwide
• Recent trends across different regions in terms of adoption of electric traction motor
• Notable developments going on in electric traction motor market
• Attractive investment proposition for segments as well as geography
• Comparative scenario for all the segments for years 2020 (actual) and 2029 (forecast)

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