“The electric traction motor market is projected to grow at a CAGR of 18.10%, from 2018 to 2023.”
The electric traction motor market is projected to grow from an estimated USD 12.41 billion in 2018 to USD 28.51 billion by 2023, at a CAGR of 18.10% from 2018 to 2023. Increasing investments in the railway sector, high demand for efficient motors for propulsion application, and growing focus on electric vehicles to reduce carbon emissions are driving the market for electric traction motor across the world. Price volatility of raw materials such as copper and aluminum would act as a restraint for the electric traction motor market.
“The railway segment is expected to hold the largest share of the electric traction motor market, by application, during the forecast period.”
The railway segment of the global electric traction motor market is expected to grow at a fast pace during the forecast period. This can be attributed to the rapid growth in the population in developing regions such as the Middle East and Asia Pacific along with rising urbanization across the world. An increasing focus on speed control and high starting torque required by rail vehicles and the rising investment in rolling stock are the major drivers for the railway applications segment.
“Asia Pacific: The largest and the fastest growing market for electric traction motor.”
Asia Pacific is expected to be the largest market for electric traction motor in 2018, followed by Europe and North America. China and Japan are expected to be the largest markets for electric traction motors in the region due to significant investments being made in the railway sector. Europe is the second largest market for electric traction motor, followed by North America and Middle East & Africa. Increasing investment in the aging railway sector and growing focus on electric vehicles would boost the demand for electric traction motor. The electric traction motor market is also growing at a good pace in countries such as India, Australia, and South Korea due to increasing investment in railway projects, especially related to high speed rail and metro trains.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 35%, Tier 2- 45%, Tier 3- 20%
- By Designation: C-Level- 35%, D-Level- 25%, Others- 40%
- By Region: Asia Pacific - 30%, North America - 20%, Europe - 20%, South America - 5%, Middle East & Africa - 25%.
Note: The tier of the companies has been defined based on their total revenue, as of 2016: Tier 1 = >USD 5 billion, Tier 2 = USD 1 billion to USD 5 billion, and Tier 3 =
The report provides a picture of the electric traction motor market across the motor industry and regions. It aims at estimating the market size and future growth potential of the market across different segments such as type, power rating, application, and region. Furthermore, the report includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
The report provides insights on the following pointers:
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the electric traction motor market
Market Development: Comprehensive information about lucrative emerging markets; the report analyzes the markets for electric traction motor across regions Market Diversification: Exhaustive information about new products, untapped markets, recent developments, and investments in the global electric traction motor market
- The report identifies and addresses key markets for the implementation of electric traction motor products in various industries, which would help manufacturers review the growth in demand.
The report would help solutions providers understand the pulse of the market and provide insights into drivers, restraints, and challenges. The report would help key players understand the strategies of their competitors better and will help in making strategic decisions.