Global Electric Traction Motor Market Insights and Forecast to 2028

Electric Traction Motor Market Report 2028

Due to the COVID-19 pandemic, the global Electric Traction Motor market size is estimated to be worth US$ 12260 million in 2022 and is forecast to be a readjusted size of US$ 27860 million by 2028 with a CAGR of 14.7% during the review period. The Electric Traction Motor market is being driven by increasing investments in the railway industry, high demand for powerful motors for propulsion applications, and a growing focus on electric vehicles to reduce carbon emissions. Due to rising investments in railway projects, particularly those involving high-speed rail and metro trains, nations like India, Australia, and South Korea are also seeing positive growth in the electric traction motor market. Additionally, it is anticipated that price fluctuations for raw materials like copper and aluminum will restrain the market's expansion for electric traction motors.

Electric Traction Motor Market Trends

The incorporation of traction motors in railway engines is expected to drive the growth of the Electric Traction Motor market. In comparison to motorways, the railway is the favored option and is more cost effective for the mass transportation of commodities and products over greater distances. Additionally, thanks to technical improvements, the performance of railway engines and motors has improved in terms of speed and locomotive safety. Traction motors are widely used in the railway industry due to their numerous advantages, including their small design, power efficiency, longevity, and low maintenance requirements. As a result, traction motors have grown to be a crucial part of railroad locomotives. Additionally, it is anticipated that during the forecast period, the popularity of metro locomotives, particularly in metropolitan areas, would fuel the demand for traction motors.

The significant change brought on by increased R&D spending for the region's transportation and railway systems would create enormous potential for the production of motors and improve product features for many applications. An important trend driving the market expansion for traction motors is R&D. The demand for electric motors will be supported by government efforts to promote their use. In the near future, it is anticipated that a combination of rising R&D spending and government efforts will offer significant development prospects for the Electric Traction Motor market. 

The electric traction motors market is growing as a result of favorable government policies and subsidies, as well as stricter emission rules that force OEMs to produce and market electric and hybrid vehicles. Day by day, there are more and more worries about the damaging impacts of various modes of transportation on the environment, such as air pollution. Automobile manufacturers have been compelled to create automobiles that adhere to local regulatory norms as a result of growing environmental pollution concerns. The market for electric traction motors is anticipated to grow as a result of this factor.

 

Electric Traction Motor Market Share Analysis

According to estimates, the railway sector will account for a sizable portion of the global market for electric traction motors. The expanding railway infrastructure around the world is to blame for the market's expansion. The main factors driving the railway applications segment include a growing emphasis on speed control and strong starting torque, which are required by rail cars, as well as rising investments in rolling stock.

During the anticipated year, the Asia Pacific is anticipated to dominate the global market for electric traction systems. The global market for electric traction systems in this region is anticipated to grow as a result of the increased development of the transportation infrastructure, which includes railway connections, hybrid electric vehicles, high-speed bullet trains, and metro rail systems. It is anticipated that during the forecast year, rising demand for narrow gauge and industrial railway rolling stock, including diesel-electric, hybrid, and electric locomotives, will contribute significantly to market share.