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 likely to drive the market growth.
The AC segment is expected to be the fastest growing segment, by type, during the forecast period
The AC electric traction motor segment is expected to be the fastest growing segment by type for electric traction motors during the forecast period. AC electric traction motors are simple to construct and do not require any additional mechanical contacts such as brushes to work. They are more efficient and less expensive to manufacture. Therefore, the demand for AC electric traction motors is likely to increase in the market during the forecast period.
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Below 200 kW is expected to be the fastest growing segment in the electric traction motor market, by power rating, during forecast period
By Power rating, below 200 kW segment is expected to dominate the electric traction motor market from 2022 to 2027. The rising investment in electric vehicles is one of the major factors driving the growth of this segment. Electric vehicles that use these motors include Plug-In Hybrid Vehicles (PHEVs), Hybrid Electric Vehicles (HEVs), Battery Electric Vehicles (BEVs), electric two wheelers, and electric buses.
Asia Pacific: Projected to be the largest market for electric traction motors during the forecast period
Asia Pacific is projected to have largest market across the global for electric traction motor during forecast period from 2022 to 2027. Rising investments in electric vehicles and rolling stock is the key factor driving the electric traction motor market in Asia Pacific
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the electric traction motor market. These players include Siemens Energy ABB (Switzerland), Mitsubishi Electric Corporation (Japan), TOSHIBA CORPORATION (Japan), General Electric (US), and Siemens (Germany).