In 2022, traction motor sales on a global scale were estimated to be 11.7 billion. Between 2022 and 2032, the overall demand is anticipated to grow at a CAGR of 13.0%, exceeding a valuation of 30.0 Billion. The market for traction motors has experienced growth, which may be attributed to the rising demand from a variety of industries, including the automotive and electric & electronics sectors, for high performance motors.
Additionally, because of the rotating characteristics of traction motors, which supply the necessary torque in engines and machinery, the demand for them will endure for decades. Elevators, escalators, and locomotives are just a few examples of the electrical and industrial equipment that traction motors have played a vital role in.
The growing preference for automating all mechanical processes has increased the significance of traction motors. The use of traction motors in household goods like washing machines will keep driving up demand on the international market.
Additionally, traction motors will be integrated into combustion engine hybrid technological advancements for greater efficiency. The increase in traction motor adoption in the global market will be reflected in the rising demand for vehicles that travel on land, in the air, and on water.
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Dynamics of Global Traction Motors Market
The key driver of the global market for traction motors is the extensive application in the automotive and machinery sector. Besides this, the growth of global traction motors is also influenced by factors such as
- Rising demand for efficient power conversion
Under normal conditions, traction motors are efficient in converting a majority of the electrical power into mechanical energy, which assists the locomotive operations such as dynamic braking.
- Increasing electrification of automobiles
The demand for electric vehicles (EV) has gained considerable traction in the automotive industry. As a result, there is a subsequent upsurge in the demand for EV traction motors.
- Varying emission standards
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Technological developments owing to the changing emission regulations has generated the demand for engines with reduce emissions. This is steering the demand for more enhanced and fuel-efficient traction motors in the global market.
The only constraints reshaping the dynamics of the market include the operational glitches of traction motors. The overheating of traction motors is one of the major restraints hampering the growth of the global market. The insulation breakdown and the commutation malfunctions are also observed as the factors limiting the adoption of traction motors.
Leading Industrial Contributors
Expanding the product portfolio by enhancing the existing range of traction motors will be observed as the key strategy by manufacturers. Aisin, ABB, Alstom, General Electric, Continental, Mitsubishi, Magna International, and Toshiba, among others can be regarded as the leading companies in the global market for traction motors.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, types and applications.
Among the regional segmentation of the global market, Asia Pacific is expected to witness higher production of traction motors, owing to the booming automobile sales in countries such as China, Japan and South Korea. The rising industrialisation in North America is anticipated to promote the use of traction motors in several manufacturing machinery. Also, the advancements incorporated with traction motor technology are also predicted to boost the demand in European countries such as United Kingdom.
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Market Segmentation & Regional Overview
Application:
- Transportation
- Industrial machinery and equipment
- Others
End Users:
- Hybrid vehicles
- Compact construction equipment
- Escalators
- Elevators
- Other (Washing machines, Electric Aircraft, etc.)
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
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