The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The rise in demand for electric vehicles are expected to drive innovation in electric traction motor manufacturing, thus driving the market during the forecast period.

The global electric traction motor market is expected to grow from $14.31 billion in 2022 to $17.97 billion in 2023 at a compound annual growth rate (CAGR) of 25.6%. The electric traction motor market size is expected to grow to $45.87 billion in 2027 at a CAGR of 26.4%.

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Global Electric Traction Motor Market Segments Include:

• By Type:AC, DC
• By Power Rating:Less Than 200 kW, Between 200 kW To 400 kW, More Than 400 kW
• By Application:Railway, Electric Vehicle, Elevators, Conveyors, Industrial Machinery
• By Industry Vertical:Chemical And Petrochemical, Oil And Gas, Energy And Power, Automotive, Food And Beverages, Healthcare, Other Industry Verticals
• By Geography:The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global electric traction motor market in 2021.

Major Market Players in the electric traction motor market include ABB Ltd., Siemens AG, General Electric Company, CG Power and Industrial Solutions Ltd., CRRC Corporation Limited, Alstom SA, Traktionssysteme Austria (TSA) GmbH.

Technological advancement is a key trend gaining popularity in the electric traction motor market. While electric motors have been used for many years, there is still room for improvement in technology and energy efficiency. The market is witnessing the demand for emerging motor technology such as axial flux. These axial flux motors typically produce more torque per unit volume of motor than radial motors. Major companies operating in electric traction motors are focused on providing advanced electric traction motors to strengthen their market position. For instance, in July 2022, Mahle, a Germany-based automotive parts manufacturer, introduced SCT E-motor, a superior continuous torque (SCT) E-motors that can operate with maintaining high performance. This new motor is very compact and light in weight and has achieved this resilience through the innovative integrated oil cooling mechanism.

The Electric Traction Motor Global Market Report 2023 provides a electric traction motor market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The electric traction motor market forecast analyzes electric traction motor market size, electric traction motor market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The electric traction motor refers to the electric motor used to propel electrically powered systems such as elevators, trolleybuses, conveyors, locomotives rails, and other electric controlled vehicles with electrical transmission systems. Electric traction motors generate power to turn the wheels transmitted to the wheels via the driving gear unit and axle. This electric traction motor helps in converting electrical energy to mechanical energy.

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