Electric Traction Motor Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

The Business Research Company's Electric Traction Motor Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

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What Does The Electric Traction Motor Market Size Look Like in 2024 And Its Growth Rate?

The electric traction motor market size has grown exponentially in recent years. It's set to advance from $16.7 billion in 2023 to $20.09 billion in 2024, recording a compound annual growth rate CAGR of 20.3%. The growth during the historic period can be attributed to factors like increased electrification of transportation, accelerated adoption of electric vehicles EVs, government regulations and emission standards in the automotive industry, hefty investments in EVs, and an overall improvement in energy efficiency.

Add some clarity to this exciting projection with our detailed sample report: https://www.thebusinessresearchcompany.com/sample_request?id=7426&type=smp

How Will The Electric Traction Motor Market Grow in the Future?

Significant expansion awaits the electric traction motor market size in the next few years, with expectations to skyrocket to $40.62 billion by 2028 at a compound annual growth rate CAGR of 19.2%. This predicted growth can be attributed to research and development in motor technology, environmental and sustainability goals, expansion of EV charging infrastructure, increased adoption in commercial and industrial applications, and diversification of electric mobility solutions.

Key market trends include technological advancements in motor design, breakthroughs in battery technology, development of lightweight and compact motor designs, integration of smart and IoT features, and strategic collaborations within the industry.

Gain a more in-depth understanding of these forecast trends with our comprehensive report: https://www.thebusinessresearchcompany.com/report/electric-traction-motor-global-market-report

What Are The Key Drivers of The Electric Traction Motor Market?

One crucial growth driver is the rise in demand for electric vehicles, which will significantly propel the growth of the electric traction motor market. While the economic impact of COVID-19 has dampened demand for petrol and diesel cars, the demand for EVs and hybrid vehicles has risen. Aspirations to achieve net-zero emissions are driving the global shift to emission-free vehicles, which reduces fuel costs, changes consumption from petroleum products to locally produced power vehicles, and ultimately bolsters the market for electric traction motors.

Who Are The Key Industry Players In The Electric Traction Motor Market?

Numerous esteemed companies operate in the global electric traction motor market, including ABB Ltd., Siemens AG, General Electric Company, CG Power and Industrial Solutions Ltd, CRRC Corporation Limited, and Kirloskar Electric Company Ltd., among others. These industry giants have significantly shaped the traction motor market, introducing innovative products and contributing to advancements that further boost market performance.

What Key Trends Are Impacting The Electric Traction Motor Market?

Technological advancement is a key trend gaining popularity in the electric traction motor market. The demand now leans towards novel motor technology such as axial flux. Major companies operating in electric traction motors are focused on providing advanced electric traction motors to strengthen their market position.

How Is The Electric Traction Motor Market Segmented?

The electric traction motor market covers the following segments:

1 By Type: AC, DC
2 By Power Rating: Less Than 200 kW, Between 200 kW To 400 kW, More Than 400 kW
3 By Application: Railway, Electric Vehicle, Elevators, Conveyors, Industrial Machinery
4 By Industry Vertical: Chemical And Petrochemical, Oil And Gas, Energy And Power, Automotive, Food And Beverages, Healthcare, Other Industry Verticals

Which Regions Influence The Electric Traction Motor Market?

Asia-Pacific was the largest region in the electric traction motor market in 2023. Meanwhile, North America is projected to be the fastest-growing region in the electric traction motor market during the forecast period. Other significant regions covered in this market report include Western Europe, Eastern Europe, South America, Middle East, and Africa.

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