As per Zion Market Research, the global electric traction motor market was valued at USD 13 billion in 2019 and is expected to develop at a CAGR of more than 20% to cross USD 36 billion by 2026. Increasing requirement from the railway industry and the rising production of EVs, majorly in European and Asia Pacific region, are the major factors powering the market in the years to come. Some of the major players in the — electric traction motor market are Bosch, CRRC, TSA, Alstom, ABB, Siemens, and WEG.
AC To Be The Quickest Developing Section In The Global Market
The global electric traction motor market has been divided based on type into DC and AC. AC is the quickest developing section in the market. The global market is majorly powered by the rising spending in electric vehicles and railways.
The <200 kW Section Is Predicted To Develop At The Quickest Pace In The Years To Come
The global market for electric traction motor, based on power rating, has been divided into 200 kW to 400 kW, 400 kW. The <200 kW section is predicted to develop at the quickest pace in the years to come. Such motors with <200 kW power rating are broadly employed in light rail vehicles and EVs such as mono rail, trams, and others. Requirement for decarbonizing transport industry and rising spending in the light rail cars are predicted to power the market for these motors with <200 kW power in the years to come.
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The Electric Vehicle Section Is Predicted To Develop At The Max CAGR In The Years To Come
The electric traction motor market, based on application, is divided into electric vehicles, railway, and others. The electric vehicle section is predicted to develop at the max CAGR in the years to come. The requirement for EVs is rising in order to the increase efficiency of the cars and to lower the emissions by lowering the reliance on internal combustion engines.
Asia Pacific Is Predicted To Lead The Market In The Years To Come
The electric traction motor market based on region is divided into South America, Asia Pacific, North America, Europe, and the Middle East & Africa. Asia Pacific is predicted to lead the market in the years to come owing to elevated spending in railway industry, majorly in India and nations in South-East Asia, and the increasing requirement for EVs in nations such as Japan and China to lower carbon emission.
The global electric traction motor market is segmented as follows:
By Power Rating
Others (Elevators, conveyors, and industrial machinery)
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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