Global sales of traction motors reached approximately USD 11.7 billion in 2022, with demand expected to grow at a CAGR of 13.0% from 2022 to 2032, surpassing a valuation of USD 30.0 billion by 2032. This growth is driven by increasing demand for high-performance motors across industries such as automotive and electronics.
Traction motors are essential for their rotational properties, which provide the necessary torque for engines and machines. They play a critical role in various electrical and industrial applications, including elevators, escalators, and locomotives.
Advancements in hybrid combustion engine technology are further boosting the integration of traction motors to enhance efficiency. The growing demand for land, air, and water vehicles is also contributing to the adoption of traction motors globally.
Additionally, the rising trend of automation in mechanical operations has underscored the importance of traction motors. Their use in consumer appliances like washing machines will continue to drive demand in the global market.
Key driver of the global market for traction motors
- 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
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.
Key Companies Profiled
- Aisin
- ABB
- Alstom
- General Electric
- Continental
- Mitsubishi
- Magna International
- Toshiba
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
Report Preview: https://www.futuremarketinsights.com/reports/traction-motors-market
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