The "Electric Traction Motor Market by Type (AC and DC), Power Rating (Below 200 kW, 200-400 kW, and Above 400 kW), Application (Railways, Electric Vehicles, Elevators, Conveyors, and Industrial Machinery) and Region Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global electric traction motor market is projected to reach USD 22.2 billion by 2027 from an estimated market size of USD 12.3 billion in 2022, at a CAGR of 12.6% during the forecast period.
The increase in demand for high-performance motors, favorable government policies and subsidies, and the rise in investments in the railway sector are expected to drive the electric traction motor market.
Increased demand for electric vehicles is the major growth opportunity for the electric traction motor market.
The AC segment, is expected to be the largest market for electric traction motor, by Type
The AC segment by type is estimated to be the largest market during forecast period from 2022 to 2027. As compared to DC electric traction motor, AC electric traction motor are more in demand because of several reasons like, they does not require any additional mechanical contacts such as brushes to work, are simple to construct, and comparatively lighter in weight for equivalent power.
These factors are expected to increase the demand for AC electric traction motors during the forecast period.
Europe: The second largest market for electric traction motor
Europe accounted for the second largest market of electric traction motor followed North America in 2021. The region's demand for electric vehicles is increasing, therefore driving the demand for electric traction motors.
The German and the UK electric traction motor markets are expected to grow at a fast pace during the forecast period.
Market Dynamics
Drivers
- Increasing Stringency of Emission Regulations to Push Oems to Manufacture and Sell Electric and Hybrid Vehicles
- Increased Demand for High-Performance Motors
- Favorable Government Policies and Subsidies
- Increasing Investments in Railway Sector
Restraints
- High Initial Deployment Cost of Electric Traction Motors in Rail Industry
- Volatility of Raw Material Prices, Especially Copper
Opportunities
- Increasing Demand for Electric Vehicles
Challenges
- High Cost of Electric Vehicles Compared to Ice Vehicles
- Motor Failure due to Overheating
Companies Mentioned
- ABB
- American Traction Systems
- Ametek, Inc.
- Cg Power and Industrial Solutions Limited
- CRRC Corporation Limited
- Eaton
- General Electric
- Hitachi Industrial Products, Ltd.
- Hyundai Rotem
- Kawasaki Heavy Industries
- Mitsubishi Electric Corporation
- Nidec Corporation
- Robert Bosch GmbH
- Siemens
- Toshiba Corporation
- Traktionssysteme Austria GmbH
- VEM Group
- Voith GmbH Co. KGaA
- WEG
- Skoda Transportation A.S.
For more information about this report visit https://www.researchandmarkets.com/r/u3ly7k
View source version on businesswire.com: https://www.businesswire.com/news/home/20221021005409/en/
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