Electric Traction Motor Market to Surge at a CAGR of 17.3% through 2034 Amid Rising Demand for Rail Transportation …

NEWARK, Del, Feb. 21, 2024 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI), the global electric traction motor market is expected to grow from US$ 18.5 billion in 2024 to US$ 91.1 billion by 2034. By 2034, the market is projected to surge at 17.3% CAGR.[1]

The market for electric traction motors is driven by growing vehicle electrification and an increasing need for effective power conversion. Several factors, including energy efficiency advantages, fluctuating fossil fuel prices, strict emission standards, and environmental restrictions, are projected to further drive the demand for electric traction motors.

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For leading market players and industry investors, the growing usage of high-capacity lithium-ion batteries in rolling stock and traction power presents profitable development prospects. Leading players spend extensively on research & development to enhance railway systems and boost total sales and profitability.

Demand for electric traction motors is anticipated to increase due to the growing demand from end-use sectors like railroads and automobiles. Due to government discounts and subsidies, consumers are directed toward electric cars these days.

Key Takeaways from the Electric Traction Motor Market Report:

  • The electric traction motor market is expected to reach a valuation of US$ 91.1 billion by 2034.
  • The market is projected to surge at a CAGR of 17.3% by 2034.
  • China's electric traction motor market is expected to expand at a CAGR of 17.9% by 2034.
  • The United States is projected to reach a valuation of US$ 16.2 billion in 2034.
  • Based on type, the AC segment is expected to surge at a CAGR of 17.0% by 2034. 

"Worldwide, governments are enacting laws and rules to cut greenhouse gas emissions and encourage electricity-powered transportation. The market for electric traction motors is expected to rise because of incentives, including tax breaks, rebates, and subsidies for electric cars and charging stations." – opines Nikhil Kaitwade[3], Associate Vice President at Future Market Insights (FMI)

Competitive Landscape

Manufacturers are focusing on several growth strategies, such as partnerships and collaborations. Through these collaborations, firms in the market that have been stagnating are given a boost in demand growth.

For instance,

  • In 2024, WEG Africa announced the implementation of minimum energy performance standards (MEPS) in South Africa.
  • In 2023, ABB launched the AMI 5800 NEMA modular induction motor, designed for demanding oil and gas industry applications.

Key Players in the Electric Traction Motor Market

  • Schneider Electric SE
  • The Curtiss-Wright Corporation
  • Prodrive Technologies
  • Toshiba Corporation
  • General Electric Co.
  • CG Power and Industrial Solutions Ltd.
  • Aisin
  • ABB, Ltd.
  • Alstom SA.
  • Siemens AG

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Electric Traction Motor Market Segmentation by Category

By Type:

By Power Rating:

  • Below 200 KW
  • 200 KW to 400 KW
  • Above 400 KW

By Vehicle Type:

  • Plug-in Hybrid Electric Vehicles
  • Mild Hybrid Vehicles
  • Full Hybrid Vehicles

By Application:

  • Railways
  • Electric Vehicles
  • Elevators
  • Conveyors
  • Industrial Machinery
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East and Africa

Authored By:

Nikhil Kaitwade[5] (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Explore wide-ranging Coverage of FMI's Industrial Automation Market Insights Landscape

The global marine hatch covers market[6] is projected to record a robust CAGR of 7.6% between 2023 and 2033, totaling around US$ 327.7 million by the end of 2033.

The India electrical testing services market[7] is expected to reach a valuation of US$ 308.4 million by 2033.  with a CAGR of 4.4% from 2023 to 2033.

The global industrial weighing equipment market[8] is projected to reach US$ 2.4 billion by 2033. A CAGR worth 5% is expected for the market during the forecast period.

The worldwide material handling equipment market[9] is expected to record a 4.5% CAGR between 2023 and 2033, reaching a valuation of US$ 6,555.9 million.

The duct fans market[10] is expected to rise to US$ 162,788.1 million by 2033. The sales are expected to record a significant CAGR of 6.0% during the forecast period.

The combined cooling heat and power plants market[11] is expected to grow at an impressive 5.8% CAGR through 2033, when it is expected to be valued US$ 4.0 billion.

By 2033, the power quality equipment market[12] is expected to be valued at US$ 69.65 billion. Over the course of the projected period, power-quality equipment sales are anticipated to increase at a CAGR of 6.25%.

By 2034, the outdoor LED lighting market[13] is projected to be valued at US$ 27 billion, growing at a moderate 6.8% annual pace.

By 2034, the energy-efficient motors market[14] is expected to reach US$ 151.0 billion. Over the course of the forecast period, a CAGR of 9.8% is anticipated for its growth.

By 2034, the industrial power supplies market[15] is projected to be worth US$ 21.5 billion. From 2024 to 2034, the industrial power supply is expected to increase at a CAGR of 10.1%.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:        

Nandini Singh Sawlani   [16]

Future Market Insights Inc.Christiana Corporate, 200 Continental Drive,Suite 401, Newark, Delaware - 19713, USAT: +1-845-579-5705For Sales Enquiries: [email protected]Website: https://www.futuremarketinsights.comLinkedIn| Twitter| Blogs | YouTube[17][18][19][20][21][22]

References

  1. ^ electric traction motor market (www.globenewswire.com)
  2. ^ https://www.futuremarketinsights.com/reports/sample/rep-gb-19019 (www.globenewswire.com)
  3. ^ Nikhil Kaitwade (www.globenewswire.com)
  4. ^ https://www.futuremarketinsights.com/checkout/19019 (www.globenewswire.com)
  5. ^ Nikhil Kaitwade (www.globenewswire.com)
  6. ^ marine hatch covers market (www.globenewswire.com)
  7. ^ India electrical testing services market (www.globenewswire.com)
  8. ^ industrial weighing equipment market (www.globenewswire.com)
  9. ^ material handling equipment market (www.globenewswire.com)
  10. ^ duct fans market (www.globenewswire.com)
  11. ^ combined cooling heat and power plants market (www.globenewswire.com)
  12. ^ power quality equipment market (www.globenewswire.com)
  13. ^ outdoor LED lighting market (www.globenewswire.com)
  14. ^ energy-efficient motors market (www.globenewswire.com)
  15. ^ industrial power supplies market (www.globenewswire.com)
  16. ^ Nandini Singh Sawlani (www.globenewswire.com)
  17. ^ [email protected] (www.globenewswire.com)
  18. ^ https://www.futuremarketinsights.com (www.globenewswire.com)
  19. ^ LinkedIn (www.globenewswire.com)
  20. ^ Twitter (www.globenewswire.com)
  21. ^ Blogs (www.globenewswire.com)
  22. ^ YouTube (www.globenewswire.com)

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