Electric traction motors are used for vehicles or systems which are electronically powered. They have high torques, which helps in providing the required propulsion when a system starts to move. As the demand for cleaner transportation increase, the demands for such motors is also increasing. The major industry using electric propulsion motors is the railways, due to high investments in structural expansions and demands for efficient alternates. Also, the rising environmental concerns regarding carbon emissions have provided an essential boost to this market and will keep it driving to longer durations.
Compared to alternates, these motors require less maintenance, which makes them efficient in terms of costs. After observing the features of electric traction motors, the authorities are now emphasizing the use of cleaner and efficient substitutes for which they are readily investing in advancing the railways and other public transportation. Also, the rise in crude oil prices and increasing pollution levels have provided an essential boost to this market.
Apart from the uses and features, the global electric traction market is facing challenges against the unstable raw material prices and high prices of the motor, which has restrained the market growth. This report will shed light on the competition, opportunities, drivers restraints, and other factors affecting the local and global electric traction motor market. The global market is anticipated to register approximately a 19 % annual growth during this period.
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The global electric traction motor market is segmented into classes as follows:
The global electric traction motor market is segmented by alternating current (AC) and direct current (DC) based on the battery types.
The global electric traction motor market is characterized by 200 KW, 200 KW to 400 KW, and more than 400 KW based on battery power rating.
Based on applications, the global electric traction motor market is segmented among railways, elevators, machinery, electric vehicles (EVs), and others.
The global electric traction motor market share has become prominent recently as the demands for better alternates are increasing. The railways and 200 KW power rating segments will lead the market with the highest growth rates. The global market is led by the Asia Pacific region and will stay at the top with rapidly developing economies like China, India, and Japan among the major contributors.
Electric traction motor has gained global adoption worldwide due to the rapid rise in pollution levels, an increase in government initiatives, and demands for better alternates. The Asia Pacific, North America, Europe, and the rest of the world are the major market studies for the global electric traction motor market. The Asia Pacific region is leading the market due to the vast population covers, demands for better alternatives, rapidly expanding automotive industry, expanding railway network, rise in per capita incomes, rapid urbanization, and other factors. The rapidly developing economies of this region, like China, India, and Japan, are among the major contributors to this market and will provide endless opportunities in the future.
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