ELECTRIC TRACTION MOTOR MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
Global electric traction motor market growth is driven by rapid electrification of transportation sector across the world. Electric traction motors are extensively used in electric vehicles including electric locomotives, electric multiple units, trolley cars and trams. These provide efficient propulsion to electric rail vehicles and help reduce dependence on fossil fuel-based transport systems. Stringent emission norms by various governments and growing focus on sustainable transportation has boosted demand for electric locomotives and rail vehicles, thus, driving the electric traction motor market growth. Supportive government policies and initiatives towards adoption of green mobility solutions can also drive the market growth. However, high initial costs of electric vehicles and infrastructure dependency can hamper the electric traction motor market growth.
Market Dynamics:
Global electric traction motor market growth is driven by factors like rising sales of electric vehicles worldwide due to stringent emission norms, tax incentives on EVs and growing consumer awareness. Investments by various governments in development of electric rail infrastructure to replace aging diesel trains can drive the market growth. High costs associated with electric vehicle production and battery technology can hamper the large-scale adoption of electric vehicles. Moreover, lack of standardization and limited charging infrastructure can also hamper the market growth. Constant technological advancements in motor efficiency and control systems along with declining battery prices can offer lucrative opportunities for the market growth.
Key features of the study:
- This report provides in-depth analysis of the global electric traction motor market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global electric traction motor market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include ABB Ltd, Alstom SA, BorgWarner Inc., CG Power and Industrial Solutions Ltd, CRRC Corporation Limited, Dana Incorporated, General Electric Company, Hitachi, Ltd., Kirloskar Electric Company Ltd, Magna International Inc., Mitsubishi Electric Corporation, Nidec Corporation, Robert Bosch GmbH, Siemens AG, Traktionssysteme Austria (TSA) GmbH, ZF Friedrichshafen AG
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- Global electric traction motor market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global electric traction motor market
Detailed Segmentation-
Table of Contents
*Browse 60 market data tables and 40 figures on "Electric Traction Motor Market - Global forecast to 2031”
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