ELECTRIC TRACTION MOTOR MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Electric Traction Motor Market, By Type (AC Motors and DC Motors), By Power Rating (100 kW to 500 kW, Less than 100 kW, More than 500 kW), By Application (Railways, Trams and Metros, Electric Vehicles (EVs), Industrial Applications, Others), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

Published In : Sep 2024
Code : CMI7381
Pages :165
Formats :
Excel and PDF
Industry : Industrial Automation and Machinery

Market Concentration and Competitive Landscape

Electric Traction Motor Market Concentration By Players

Close-monitor your Competitor's Move, Request sample copy

Government initiatives and regulations to reduce carbon emissions

Stringent government regulations and policies pertaining to vehicular emissions can drive the electric traction motor market growth. With mounting environmental concerns, many countries China, U.S., Canada, etc. have introduced norms to curb greenhouse gas emissions from automobiles, which are major polluters.

Countries across Asia, Europe, North America and other regions provide direct income tax benefits, purchase subsidies and waiver on road taxes for electric vehicles. These are setting up public charging stations alongside conventional gas stations to catalyze widespread use of zero emission electric transport. Nations like India, China, France, Germany have rolled out ambitious plans of becoming carbon neutral in the future. This decisive policy push at international level encourages automotive industry R&D transitioning seamlessly to electric. In responding to regulatory directives, major global automakers are expanding electric vehicle product lines rapidly, and this boosts demand for electric traction motors used in these vehicles.

Key Players Insights