Electric Traction Motor Market Size, Industry Analysis Report, Regional Outlook, Application Development, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3711
Electric Traction Motor Market will witness strong growth owing to growing adoption of electric vehicles supported by investments toward development of associated infrastructure. For instance, in March 2019, as per the International Energy Agency projection, there will more than 125 million electric cars on road by 2030.
Demand for low maintenance and emission less sustainable equipment to achieve energy optimization across various industries will boost the electric traction motor market. Minimum electrical interference, rapid accelerations, high torque, and light weight are some the key underlying features which will led to raise the adoption of these units across the globe.
Supportive government policies toward adoption of alternative fuels across transportation and industrial sector will drive the electric traction motor market. For instance, in 2015 U.S. federal government introduced Consolidated Appropriations Act, which provides tax incentives for the three-wheeled and two-wheeled plug-in electric vehicles.
AC Electric traction motor market will witness growth due to its growing adoption across diesel electric engines. Soaring investments to upgrade existing railway networks will further favor the product adoption across developing nations. High torque, along with maximum adhesion property will favor the adoption of these units over another available alternative.
Electric traction motor market across elevator application will witness robust growth owing to high investment across infrastructure development industry. For instance, as per the World Economic Forum, the global construction industry is expected to reach at USD 15 trillion by 2025 when compared to USD 10 trillion in 2016 witnessing a growth of 50%.
Growing number of chemical facilities coupled with rising investment across food & beverage industry will drive the Germany electric traction motor market. As per the United Nations Industrial Development Organization (UNIDO), the total manufacturing value added by the country’s food & beverages industry accounted for USD 46,232 million in 2017 when compared to USD 41,023 million in 2005. Rising applications across grinder, converters, packaging equipment and mixers further accelerate the product demand over the forecast timeframe.
Increasing adoption of EVs owing stringent emission control measures by the regulators will drive the Asia Pacific electric traction motor market. Supportive government policies including tax credits, incentives and subsidies for the manufacturers and for the end consumers will create a favorable scenario. For instance, as per the China Association of Automobile Manufacturers, over the 600,000 NEVs were sold in the first quarter of 2018.
Eminent industry participants across global electric traction motor market comprise of Siemens, ABB, Skoda Electric, Bosch, General Electric, Toshiba, CG Power, Alstom, Crrc, NIDEC amongst others. Technological advancements and new product development by industry leaders has defined the business dynamics in recent years. Moreover, continuous R&D investments to enhance the efficiency of the traction motor across various industries will drive the industry growth.
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