Electric traction motors are used extensively in electric vehicles such as electric cars, buses and locomotives to provide motive power for propulsion. These motors benefit electric vehicles by delivering higher efficiency and response as compared to their ICE counterparts. High torque output at lower RPM makes electric traction motors a perfect fit for electric vehicles.
The Global Electric Traction Motor Market is estimated to be valued at USD 18.34 Billion in 2024 and is expected to exhibit a CAGR of 14.5% over the forecast period 2024.
Key Takeaways
Key players operating in the Electric Traction Motor Market include: Siemens, CRRC, Traktionssysteme Austria, VEM Group, CG Power, ABB, Skoda Transportation, and others. Key players are focusing on developing innovative and efficient traction motors to cater to the growing demand of electric vehicles.
The Electric Traction Motor Market Demand is growing exponentially due to the rising sales of electric vehicles globally. Stringent emission regulations and growing consumer preference for green vehicles are compelling automobile manufacturers to develop electric vehicles which is creating more opportunities for traction motor suppliers.
Advancements in materials science and power electronics are allowing electric traction motor manufacturers to develop compact, high-power density motors with higher efficiency. IGBTs and wide bandgap semiconductors like SiC and GaN are enabling design of advanced traction drive systems.
Market Trends
Permanent Magnet Synchronous Motors are gaining popularity - Permanent magnet synchronous motors (PMSM) are becoming more widely used in electric vehicles due to their high efficiency. PMSM provide good controllability, power density and dynamic response.
Gearless traction systems will see increased adoption - Advances in power electronics are making gearless traction drive more viable compared to older technologies with gear sets. Gearless systems improve reliability and reduce maintenance costs.
Market Opportunities
Growing demand for electric buses and trains - Public transport sectors around the world are focusing on electrification which will drive the large scale adoption of electric traction motors.
Increased focus on heavy duty vehicles - Manufacturers are developing high power traction motors and drives suitable for heavy duty applications like freight trucks, portable generators etc.
Impact of COVID-19 on Electric Traction Motor Market Growth
The COVID-19 pandemic has adversely impacted the Electric Traction Motor Market growth in 2020. The strict lockdowns and social distancing measures imposed by various governments led to temporary closure of major end-use industries such as manufacturing, mining, railways, and automotive. This severely disrupted the supply chain and logistics networks globally. The reduced operations of rolling stocks, locomotives, electric vehicles, and other machineries reduced the demand for electric traction motors. However, with economies restarting gradually, the demand is expected to pick up from 2021.
Going forward, supportive government policies and initiatives toward developing sustainable transportation infrastructure are expected to drive the market post COVID-19. The growing emphasis on reducing carbon emissions will boost the adoption of electric vehicles and rail-based transportation systems worldwide. Advanced technologies such as regenerative braking, integration of power electronics with traction motors, and modular design approaches will provide new growth opportunities. Manufacturer focus toward developing high-efficiency and cost-effective motors tailored for specific applications can help regain momentum in the coming years.
North America holds the largest share of the Electric Traction Motor Market, both in terms of value and volume. This is attributed to the presence of major automotive and locomotive manufacturers and rising investments in public transportation systems in the region. Robust infrastructure, government funding for R&D activities, and strict emission norms are fueling the adoption of electric vehicles and rolling stocks in the US and Canada.
Asia Pacific is expected to be the fastest-growing regional market during the forecast period owing to rapid industrialization and urbanization in China, India, and Southeast Asian countries. Favorable policies to develop smart cities and mass transit systems are augmenting the demand. Technological advancements and lower costs of electric traction systems compared to diesel/fuel-based alternatives will further support the regional market expansion.
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About Author-
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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