The Electric Traction Motor Market comprises electric motors that are used for traction applications in electric vehicles including electric cars, hybrid electric vehicles, electric locomotives and more. Traction motors provide torque and rotational force to wheels or tracks for propulsion in electric vehicles. The advantages of traction motors include high efficiency, reliability and minimal maintenance. Growing environmental concerns and stringent emission norms are driving demand for electric and hybrid vehicles which in turn is fueling growth of the Electric Traction Motor Market.
The Global Electric Traction Motor Market is estimated to be valued at USD 18.34 Billion in 2024 and is expected to exhibit a CAGR of 14.5% over the forecast period 2024.
Key Takeaways
Key players operating in the electric traction motor are Siemens, ABB, CRRC, Nidec Corporation and Toshiba. Siemens is a leading traction motor manufacturer with a wide range of induction and permanent magnet motors portfolio for underground metros, trams, locomotives and electric vehicles.
Growing environmental regulations and rising fuel costs are encouraging adoption of electric vehicles for transportation. Several automakers are ramping up electric vehicle production with governments providing favorable policies and subsidies. This rising electric vehicle demand is a key driver boosting the Electric Traction Motor Market Growth.
The Electric Traction Motor Market is witnessing increasing global expansion with automakers setting up or expanding electric vehicle and component manufacturing plants across countries. China, US, Germany, France and UK are leading markets for electric vehicles currently. However, demand is growing rapidly across emerging economies of Asia Pacific and Latin America as well.
Market Key Trends
One of the key trends in the Electric Traction Motor Market is the adoption of permanent magnet synchronous motors. Permanent magnet synchronous motors offer superior torque density, high efficiency and a compact size making them an ideal fit for electric vehicles. They are rapidly replacing induction motors currently dominating the electric vehicle motor landscape. Leading automakers are sourcing permanent magnet motors from suppliers for electric drivetrains. This shift to permanent magnet technology is expected to significantly drive the Electric Traction Motor Market growth over the coming years.
Porter's Analysis
Threat of new entrants: New companies can enter this industry with moderate level of investment required to setup their production facilities.
Bargaining power of buyers: Large automotive manufacturers have significant bargaining power over existing players due to reduced switching costs.
Bargaining power of suppliers: Suppliers have moderate level of bargaining power as raw materials required for manufacturing electric traction motor are commoditised in nature.
Threat of new substitutes: Threat from new substitutes is high as technology like fuel cells can replace electric motors over the long run for transportation sector.
Competitive rivalry: Industry players compete on parameters like product pricing, quality, innovation and after sales service to gain higher market share.
Geographically, Asia Pacific region accounts for more than 45% of global Electric Traction Motor Market in terms of value led by countries like China, Japan and South Korea. Countries in this region are leading manufacturers of electric vehicles worldwide and have local presence of automotive OEMs which drives the Electric Traction Motor Market.
North America region is expected to witness highest CAGR of over 17% during the forecast period till 2024 led by supportive policies and initiatives taken by governments for promoting electric vehicles in countries like US and Canada. Rising awareness towards environmental pollution coupled with increase in production of plug-in hybrid electric vehicles offer lucrative opportunities for growth of Electric Traction Motor Market in this region.
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About Author-
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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