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

Regional Analysis

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North America dominates the global electric traction motor market with an estimated market share of 33.2% in 2024. The region has witnessed early adoption of electric mobility solutions, led primarily by the U.S. and Canada. Strong government support through policy initiatives and funding has encouraged localized manufacturing of traction motors. Several major automakers such as ABB Ltd, Alstom SA, BorgWarner Inc., CG Power and Industrial Solutions Ltd, CRRC Corporation Limited, Dana Incorporated, etc. have set up production and R&D facilities for electric powertrains in the region. The presence of technology giants has also accelerated innovation in motor design.

North American exports of traction motors to Europe and Asia have witnessed steady growth. Major railroad operators have upgraded conventional locomotives with electric traction systems. Commuter rail networks and metros in large cities extensively use electric multiple unit (EMU) rakes that boost motor demand. North America also leads in the adoption of hybrid technologies in heavy machinery, mining and construction equipment. The pricing of electric traction motors in the region is competitive owing to economies of scale and a mature supply chain network.

Asia Pacific has emerged as the fastest growing regional market. Aggressive targets for electric vehicles (EVs) and strong manufacturing capabilities have enabled Chinese companies to achieve scale and cost efficiencies. Local manufacturers are continuously enhancing their product portfolio to cater to the rapidly expanding domestic market as well as exports. Demand from the thriving high-speed rail network, urban transit systems and port machinery further propels growth for Electric Traction Motors.

Growing investments in Industrial infrastructure modernization can also drive the market growth. Electric motors form a crucial part of automation in steel plants, renewable energy equipment manufacturing and other industries. Rising labor costs prompts the shift to electric alternatives. Favorable policies promoting 'Made in China 2025' have positioned the nation as a global leader in EV production. Regional tariffs and trade agreements ensure affordable pricing of Chinese traction motors within Asia.