The global traction motor market is expected to grow at a CAGR of 13.0% between 2022 and 2032, surpassing a valuation of $30 billion by 2032, when global sales are expected to reach 12-15%. The overall demand for these high performance motors from diverse industries such as automotive and electric & electronics has aided growth in this market segment where there was previously little competition until recently with the introduction of new technology that rendered some older models obsolete.
Rising Sales of BEVs and PHEVs Foster Market Growth
The global Traction Motors Market is growing rapidly, mainly due to the rising demand for eco-friendly transport options. Electric vehicles (EVs) have become an integral part of the automotive industry as the world moves towards a more sustainable future. Rising sales of battery-electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) are a major driving force behind the market growth.
Besides, the introduction of sustainable hybrid technology as alternative fuel escalates the market demand. Stricter government regulations and initiatives to control vehicle emissions and pollution levels and promote electric vehicle usages boost the market size. According to Future Market Insights (FMI), the global Traction Motors Market is expected to register a significant CAGR during the review period (2022-2032).
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Proliferation of Sustainable Electric Mobility Create Significant Market Opportunities
The automotive industry worldwide is moving towards manufacturing ultra-lightweight, more sustainable vehicles that are innovative and affordable, increasing the global electric traction motor industry share. Governments in countries worldwide have realized the potential of electric vehicles. Resultantly, many of them have initiated new policies and proposals for e-mobility infrastructures.
Such initiatives have helped them meet their goals to address climate change and net-zero carbon targets. Additionally, large-scale uses of hypercars and increasing government initiatives to revolutionize e-mobility influence the market growth. Simultaneously, the government incentive programs to encourage EV manufacturers for increased hybrid electric vehicle production impact market growth positively.
High Manufacturing Cost is a Major Headwind Impeding Market Growth
The high costs of these traction motors are a major factor impeding the market growth. Also, volatility in price and the demand-supply gap in raw materials required for production affect market health. Nevertheless, technological upgrades expected in the recent future would support market growth throughout the assessment period, offering cost-competitive manufacturing techniques.
COVID 19 Impact on the Market
The onset of COVID 19 affected the electric traction motor industry severely. Lockdown mandates implemented to control the virus spread disrupted the supply chain severely, making industry players face various problems, including obtaining raw materials & and components, attracting workers from quarantines required for the production, and delivering end products to the market.
At the same time, the rising demand for healthcare products to treat patients affected with Coronavirus offered substantial opportunities, driving the uptake of electric mobility in the logistic industry. Resultantly, the Traction Motors Market is rapidly returned to normal, witnessing the steadily increasing demand. The market demand is anticipated to pick up further following the uplift of the lockdown in many countries.
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Segments
The market is segmented into types, power ratings, applications, and regions. The type segment is sub-segmented into AC motors and DC motors. The AC motor segment accounts for the largest market share, witnessing the high demand from electric vehicles and railway sectors.
The power rating segment is sub-segmented into <200 kW, 200 kW to 400 kW, and >400 kW. The application segment is sub-segmented into railways, electric vehicles, elevators, conveyors, industrial machinery, and others. By regions, the market is sub-segmented into Americas, Asia Pacific, Europe, and rest-of-the-world.
Regional Analysis
Asia Pacific dominates the global Traction Motors Market, mainly due to the rising popularity of alternative fuel vehicles. Besides, growing investment in rolling stock and focus on electric vehicles to reduce carbon emission drive the Traction Motors Market growth. Supportive government plans to improve manufacturing sectors boost the Traction Motors Market size.
Massively increased production and sales of e-vehicles in the region create lucrative growth opportunities. Also, increasing foreign direct investments and heavy investments by key players for advanced product developments are major factors impacting the Traction Motors Market revenue.
To tackle the increased fuel costs, the customers in this region prefer hybrid vehicles. Additionally, advancements in EV technologies and devices used for electric vehicles, alongside increasing government initiatives and stringent policies, and affordable prices of electric vehicles are major driving forces behind the growth of the Traction Motors Market value.
Increased government support for the hybrid electric vehicle industry in the region fosters market growth. Moreover, the underperforming and overburdened public transports system in India and China fosters market growth. China, India, and Japan account for major Traction Motors Market shares in the APAC, resulting in a continual increase in private automobiles.
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Key Market Segments Covered in the Traction Motors Industry Research
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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