Global Traction Motor Market size is expected to be worth roughly USD 41.7 Billion by 2030, growing at a CAGR of more than 3.1% during the projected timeframe of 2022-2030, according to Ameco Research
The traction motor market is currently experiencing significant growth due to the increasing demand for electric vehicles (EVs) and hybrid electric vehicles (HEVs). The use of traction motors in these cars improves fuel efficiency while lowering greenhouse gas emissions. Furthermore, technological breakthroughs, such as the creation of high-performance and lightweight materials, are propelling the traction motor market growth. Government initiatives and legislation promoting the use of EVs and HEVs, as well as the increasing usage of renewable energy sources, are also driving the industry. However, the high cost of EVs and HEVs is a key impediment to industry growth.
The traction motor industry is the market for electric motors used largely in cars, specifically electric vehicles (EVs) and hybrid electric vehicles (HEVs). Traction motors are used to power the wheels of these vehicles and provide propulsion. They are an important component of EV and HEV drivetrains and have a direct impact on the vehicle's performance and efficiency. The traction motor market covers traction motor manufacturers and suppliers, as well as the many types of motors available, such as Permanent Magnet Synchronous Motors (PMSM), Induction Motors (IM), and Switched Reluctance Motors (SRM) (SRM). Factors influencing market size and growth include rising demand for EVs and HEVs, technological improvements, and government initiatives and restrictions.
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Global Traction Motor Market Trends
The traction motor market size is predicted to expand in the coming few years due to the growing demand for electric vehicles and the requirement for energy-efficient transportation. Factors such as government regulations promoting the use of electric mobility, improvements in technology and raising concerns about carbon emissions are driving the market. Furthermore, the utilization of traction motors in applications such as railway, marine, and aerospace is likely to drive market expansion. Siemens, GE Transportation, Bombardier, and ABB are among the major participants in the traction motor market revenue.
Increasing Demand for Energy-Efficient Transportation Drives the Traction Motor Market Value
One of the primary drivers of the traction motor industry is the rising demand for energy-efficient transportation. This is due to the fact that traction motors are an important component in electric cars (EVs) and hybrid electric vehicles (HEVs), which have grown in popularity in recent years due to their lower emissions and fuel consumption. One of the elements driving the increased demand for energy-efficient transportation solutions is the growing concern for the environment and the need to minimize greenhouse gas emissions. Electric vehicles, in particular, emit no exhaust emissions, making them an appealing alternative for individuals trying to lessen their carbon footprint.
Furthermore, government restrictions and incentives have played a significant role in boosting the traction motor market. Many governments throughout the world have set targets for electric vehicle adoption and have established policies such as tax breaks and subsidies to encourage the purchase of EVs. Further to that, many cities and nations are also making investments in charging infrastructure to facilitate the expansion of electric vehicles.
Traction Motor Market Segmentation
Ameco Research has fragmented the global traction motor market by application, and end user. By application, the industry is sub-divided into industrial machinery and equipment, transportation, and others. According to the traction motor market forecast, the industrial machinery and equipment segment is predicted to grow extensively in the global market over the next few years.
In term of end user, the market is classified into elevators, hybrid vehicles, escalators, compact construction equipment, and other.
Traction Motor Market Regional Outlook
The global traction motor market is divided into several geographical regions: North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. According to traction motor industry analysis, the Asia-Pacific region dominates the global market. One of the primary factors is the region's dominance of electric vehicle producers, particularly in China. The Chinese government has actively promoted electric vehicle adoption through various laws and incentives, resulting in a thriving electric vehicle market in the country. As a result, demand for traction motors, which power the electric powertrain in electric vehicles, has increased.
Another factor is the Asia-Pacific region's robust supply chain for electric car components such as traction motors. Many regional businesses have engaged in developing and upgrading the manufacturing of electric vehicle equipment, such as traction motors, resulting in lower production costs and enhanced global market competitiveness.
Traction Motor Market Market Companies
Some of the most notable worldwide traction motor market players is General Electric, Aisin, Alstom, Continental, Siemen, Toshiba, Bosch, ABB, Mitsubishi, and Magna International. Companies can extend their position in the traction motor market by implementing several strategies such as innovation and R&D, strategic alliances and collaborations, diversifying product portfolios, manufacturing and supply chain optimization, and investing in emerging regions.
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