Electric Traction Motor Market Size, Share, Industry Trends and Forecast to 2033
This report provides a comprehensive analysis of the Electric Traction Motor market, detailing market dynamics, size, regional segmentation, industry trends, and leading companies. Forecasts for growth from 2023 to 2033 are included, along with insights into market segmentation by technology and applications.
| Metric | Value |
|---|---|
| Study Period | 2023 - 2033 |
| 2023 Market Size | $10.50 Billion |
| CAGR (2023-2033) | 6.8% |
| 2033 Market Size | $20.64 Billion |
| Top Companies | Siemens AG, ABB Ltd., General Electric (GE), Bosch Rexroth AG, Nidec Corporation |
| Last Modified Date | 15 Nov 2024 |
Electric Traction Motor Market Report (2023 - 2033)
Electric Traction Motor Market Overview
What is the Market Size & CAGR of Electric Traction Motor market in 2023?
Electric Traction Motor Industry Analysis
Electric Traction Motor Market Segmentation and Scope
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Electric Traction Motor Market Analysis Report by Region
Europe Electric Traction Motor Market Report:
The European market for Electric Traction Motors will grow from $3.23 billion in 2023 to $6.35 billion by 2033. With stringent emission regulations and an ambitious agenda towards decarbonization, Europe is witnessing a surge in electric trains and electric mobility solutions.Asia Pacific Electric Traction Motor Market Report:
In the Asia Pacific region, the Electric Traction Motor market is projected to grow from $1.85 billion in 2023 to $3.63 billion in 2033, driven by increased urbanization, expanding electric vehicle markets, and heavy investment in rail infrastructure. China and Japan lead the charge, with substantial governmental support for cleaner transportation technologies.North America Electric Traction Motor Market Report:
North America is expected to see the Electric Traction Motor market grow from $4.00 billion in 2023 to $7.87 billion in 2033. The U.S. and Canada are investing heavily in electric public transportation systems and vehicle electrification, bolstered by federal policies aiming at zero-emission transportation.South America Electric Traction Motor Market Report:
The South American market for Electric Traction Motors is anticipated to expand from $0.51 billion in 2023 to $1.01 billion by 2033. Brazil is a key player, with efforts to enhance urban transport systems and reduce dependence on fossil fuels, thereby promoting electric traction technologies.Middle East & Africa Electric Traction Motor Market Report:
In the Middle East and Africa, the market is set to increase from $0.91 billion in 2023 to $1.78 billion in 2033, driven by the growing demand for electric vehicles and improvements in public transportation, particularly in urban areas.Request a custom research report for industry.
Electric Traction Motor Market Analysis By Type
Global Electric Traction Motor Market, By Type Market Analysis (2023 - 2033)
The Electric Traction Motor market is predominantly divided into three categories: DC Motors, AC Motors, and Stepper Motors. DC Motors accounted for a market size of $6.78 billion in 2023 and are expected to reach $13.33 billion by 2033, maintaining a market share of 64.59%. AC Motors followed with a size of $2.21 billion in 2023, projected to grow to $4.35 billion by 2033. Stepper Motors are also increasing in demand, predicted to move from $1.50 billion to $2.96 billion in the same period.
Electric Traction Motor Market Analysis By Application
Global Electric Traction Motor Market, By Application Market Analysis (2023 - 2033)
Segmented by application, the market includes transportation, construction, and material handling sectors. Transportation dominates with a size of $6.78 billion in 2023, expecting to reach $13.33 billion by 2033. Other applications like construction and material handling also show growth potential, increasing from $2.21 billion and $1.50 billion respectively to $4.35 billion and $2.96 billion by 2033.
Electric Traction Motor Market Analysis By Technology
Global Electric Traction Motor Market, By Technology Market Analysis (2023 - 2033)
The Electric Traction Motor market is further categorized by technology into Permanent Magnet, Switched Reluctance, and Synchronous technologies. Permanent Magnet technology represents a market share of $6.78 billion in 2023, with expectations to grow to $13.33 billion by 2033. Following this, Switched Reluctance technology stands at $2.21 billion, anticipated to rise to $4.35 billion through innovation and technological advancements.
Electric Traction Motor Market Analysis By End User
Global Electric Traction Motor Market, By End-User Market Analysis (2023 - 2033)
End-user segmentation highlights automotive, rail transportation, marine, and industrial machines. The automotive segment leads with $5.25 billion in 2023, expanding to $10.32 billion by 2033, marking its importance in motor growth. The rail transportation sector also reflects growth from $2.63 billion to $5.16 billion.
Electric Traction Motor Market Analysis By Category
Global Electric Traction Motor Market, By Category Market Analysis (2023 - 2033)
Categorized by power levels, the market includes low power, medium power, and high power. Low power segments lead with a market size of $6.78 billion in 2023, expected to reach $13.33 billion by 2033. Medium power motors from $2.21 billion will grow to $4.35 billion, while high power regions are forecasted to increase from $1.50 billion to $2.96 billion by 2033.
Electric Traction Motor Market Trends and Future Forecast
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Global Market Leaders and Top Companies in Electric Traction Motor Industry
Siemens AG:
A leading multinational company that provides electrical equipment and automation solutions, Siemens is known for its innovative electric traction motor technologies used in rail and industrial applications.ABB Ltd.:
ABB is among the industry leaders, recognized for its advanced electrification and automation technologies, including extensive solutions in electric traction systems across different modes of transport.General Electric (GE):
GE is known for its expertise in manufacturing electric traction motors, particularly for railway applications and renewable energy systems.Bosch Rexroth AG:
Bosch Rexroth offers a range of innovative drive and control technologies vital for electric traction motors in mobile and industrial applications.Nidec Corporation:
A significant player in the global market, Nidec focuses on the manufacturing of electric motors and has a strong position in the electric vehicle segment.We're grateful to work with incredible clients.
