New York, July 06, 2021 (GLOBE NEWSWIRE) -- Electric Traction Motor Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Electric Traction Motor Market Research Report, Type, Power Rating, Application and Region - Forecast till 2027” the market is projected to be worth USD 60.53 Billion by 2027, registering a CAGR of 23.04% during the forecast period (2021 - 2027), The market was valued at USD 14.91 billion in 2020.
Rising Sales of BEVs and PHEVs Foster Market Growth
The global electric traction motor market is growing rapidly, mainly due to the rising demand for eco-friendly transport options. Electric vehicles (EVs) have become an integral part of the automotive industry as the world moves towards a more sustainable future. Rising sales of battery-electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) are a major driving force behind the market growth.
Besides, the introduction of sustainable hybrid technology as alternative fuel escalates the market demand. Stricter government regulations and initiatives to control vehicle emissions and pollution levels and promote electric vehicle usages boost the market size. According to Market Research Future (MRFR), the global electric traction motor market is expected to register a significant CAGR during the review period (2020-2027).
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Competitive Analysis
List of leading companies profiled in the global electric traction motor market include-
- Alstom (France)
- CRRC (China)
- ABB (Switzerland)
- Siemens (Germany)
- GE (US)
- Traktionsysteme Austria
- CG Power (India)
- Bosch (Germany)
- Nidec (Japan)
- Skoda Electric (Czech Republic)
Highly competitive, the electric traction motor market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, players incorporate strategies like mergers & acquisitions, collaboration, expansion, and technology/product launch.
For instance, on June 11, 2021, Ideanomics (the US) announced the completion of its previously reported acquisition of US Hybrid, a manufacturer and distributor of electric powertrain components and fuel cell engines for medium and heavy-duty commercial fleet applications. The acquisition is another critical milestone in Ideanomics' mission to reduce commercial fleet greenhouse gas emissions through advanced EV technologies and forward-thinking partnerships.
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Proliferation of Sustainable Electric Mobility Create Significant Market Opportunities
The automotive industry worldwide is moving towards manufacturing ultra-lightweight, more sustainable vehicles that are innovative and affordable, increasing the global electric traction motor industry share. Governments in countries worldwide have realized the potential of electric vehicles. Resultantly, many of them have initiated new policies and proposals for e-mobility infrastructures.
Such initiatives have helped them meet their goals to address climate change and net-zero carbon targets. Additionally, large-scale uses of hypercars and increasing government initiatives to revolutionize e-mobility influence the market growth. Simultaneously, the government incentive programs to encourage EV manufacturers for increased hybrid electric vehicle production impact market growth positively.
High Manufacturing Cost is a Major Headwind Impeding Market Growth
The high costs of these traction motors are a major factor impeding the market growth. Also, volatility in price and the demand-supply gap in raw materials required for production affect market health. Nevertheless, technological upgrades expected in the recent future would support market growth throughout the assessment period, offering cost-competitive manufacturing techniques.
COVID 19 Impact on the Market
The onset of COVID 19 affected the electric traction motor industry severely. Lockdown mandates implemented to control the virus spread disrupted the supply chain severely, making industry players face various problems, including obtaining raw materials & and components, attracting workers from quarantines required for the production, and delivering end products to the market.
At the same time, the rising demand for healthcare products to treat patients affected with Coronavirus offered substantial opportunities, driving the uptake of electric mobility in the logistic industry. Resultantly, the electric traction motor market is rapidly returned to normal, witnessing the steadily increasing demand. The market demand is anticipated to pick up further following the uplift of the lockdown in many countries.
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Segments
The market is segmented into types, power ratings, applications, and regions. The type segment is sub-segmented into AC motors and DC motors. The AC motor segment accounts for the largest market share, witnessing the high demand from electric vehicles and railway sectors.
The power rating segment is sub-segmented into <200 kW, 200 kW to 400 kW, and >400 kW. The application segment is sub-segmented into railways, electric vehicles, elevators, conveyors, industrial machinery, and others. By regions, the market is sub-segmented into Americas, Asia Pacific, Europe, and rest-of-the-world.
Regional Analysis
Asia Pacific dominates the global electric traction motor market, mainly due to the rising popularity of alternative fuel vehicles. Besides, growing investment in rolling stock and focus on electric vehicles to reduce carbon emission drive the electric traction motor market growth. Supportive government plans to improve manufacturing sectors boost the electric traction motor market size.
Massively increased production and sales of e-vehicles in the region create lucrative growth opportunities. Also, increasing foreign direct investments and heavy investments by key players for advanced product developments are major factors impacting the electric traction motor market revenue.
To tackle the increased fuel costs, the customers in this region prefer hybrid vehicles. Additionally, advancements in EV technologies and devices used for electric vehicles, alongside increasing government initiatives and stringent policies, and affordable prices of electric vehicles are major driving forces behind the growth of the electric traction motor market value.
Increased government support for the hybrid electric vehicle industry in the region fosters market growth. Moreover, the underperforming and overburdened public transports system in India and China fosters market growth. China, India, and Japan account for major electric traction motor market shares in the APAC, resulting in a continual increase in private automobiles.
Segmentation of Market covered in the research:
Information by Type (AC and DC), Power Rating (<200 kW, 200 kW to 400 kW, >400 kW), Application (Railways, Electric vehicles and others) and Region (North America, Europe, Asia-Pacific, and Rest of the World)
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