The Global Traction Motor Market Size valued for USD 31.8 Billion in 2021 and is anticipated to reach USD 41.7 Billion by 2030 with a CAGR of 3.1% from 2022 to 2030.

An electric motor called a traction motor is used to propel vehicles like trains, trams, and electric and hybrid cars. To power the vehicle's wheels or other propulsion system, it transforms electrical energy into mechanical energy. Traction motors are often driven by batteries or other electrical power sources and are made to function effectively at high speeds and under heavy loads. The market for traction motors used in various types of vehicles and equipment is referred to as the traction motor market. The market is being propelled forward by rising demand for electric and hybrid vehicles, as well as the expansion of the rail and tram industries. Government regulations and government subsidies for the use of electric vehicles, as well as the development of charging infrastructure, have an impact on the market. The market for traction motors is expected to expand significantly in the coming years as electric and hybrid vehicles become more popular, as well as the development of new innovations such as wireless charging.

Traction Motor Market Dynamics

The adoption of electric and hybrid vehicles is fueled by rising environmental awareness and the desire to cut carbon emissions, which in turn is boosting the need for traction motors. Government mandates, financial incentives, and the creation of a charging infrastructure are all contributing to the market's expansion. The growth of the market is anticipated to be further accelerated by the introduction of new technologies like wireless charging. The demand for traction motors is also anticipated to increase along with the rail and tram industries.

However, because it might restrict the use of electric and hybrid vehicles, the high price of electric vehicles can be a significant market restraint. The market may also be constrained by the limited uptake of electric and hybrid vehicles due to the restricted availability of charging infrastructure. It is also anticipated that the rising usage of renewable energy sources, such as solar and wind power, will aid in the market's expansion. Additionally, it is anticipated that rising government and private sector expenditures in electric vehicles and charging infrastructure would fuel market expansion.

Traction Motor Market Insights

The traction motor market is split into application, end user, and regional segments. The application category is divided into transportation, industrial machinery and equipment, and others. By end user, the segmentation includes hybrid vehicles, compact construction equipment, escalators, elevators, and other (washing machines, electric aircraft, etc.). Furthermore, the region segment is categorized into Latin America, North America, Europe, Asia-Pacific, and the Middle East & Africa.

Global Traction Motor Market Geographical Competition

The growing popularity of electric and hybrid vehicles in the US and Canada is what drives the North American market. Key market companies are also well represented in the region. The growing popularity of electric and hybrid automobiles in Europe as well as the expansion of the rail and tram sectors in nations like Germany, France, and the United Kingdom are what are driving the industry. The growing use of electric and hybrid automobiles in nations like China and Japan, as well as the development of the rail and tram sectors in nations like India and South Korea, are what are driving the Asia-Pacific market.

Global Traction Motor Industry Segment Analysis

Market By Application

·         Transportation

·         Industrial Machinery and Equipment

·         Others

Market By End User

·         Compact Construction Equipment

·         Escalators

·         Elevators

·         Hybrid Vehicles

·         Other (Washing machines, Electric Aircraft, etc.)

Traction Motor Market Leading Companies

The players profiled in the report are ABB, Alstom, Aisin, Bosch, Continental, General Electric, Mitsubishi, Magna International, Siemens, and Toshiba others.

Traction Motor Market Regions