Chicago, July 27, 2022 (GLOBE NEWSWIRE) — The electric traction motor market size is expected to reach USD 22.2 billion by 2027, from an estimated market size of USD 12.3 billion in 2022, growing at a CAGR of 12.6% during the forecast period. forecast, according to a new report from MarketsandMarkets™. Rising demand for high performance motors, favorable government policies and subsidies, and rising investment in the railway sector are expected to boost the market growth.
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AC segment is expected to be the fastest growing segment, by type, during the forecast period
The AC electric traction motor segment is expected to be the fastest growing segment by type for electric traction motors during the forecast period. AC electric traction motors are simple to build and require no additional mechanical contacts such as brushes to operate. They are more efficient and less expensive to manufacture. Hence, the demand for AC electric traction motors is expected to increase in the market over the forecast period.
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Powers below 200 kW are expected to be the fastest growing segment of the electric traction motor market, by rated power, over the forecast period
By power rating, the sub-200kW segment is expected to dominate the electric traction motor market from 2022 to 2027. Rising investment in electric vehicles is one of the major growth drivers for this segment. Electric vehicles that use these motors include plug-in hybrid vehicles (PHEVs), hybrid electric vehicles (HEVs), battery electric vehicles (BEVs), electric two-wheelers, and electric buses.
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Asia-Pacific: Expected to be the largest market for electric traction motors during the forecast period
Asia-Pacific is expected to have the largest global market for electric traction motors during the forecast period from 2022 to 2027. Rising investment in electric vehicles and rolling stock is the key factor driving the market electric traction motors in Asia-Pacific.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the major players in the Electric Traction Motor Market. These players include Siemens Energy ABB (Switzerland), Mitsubishi Electric Corporation (Japan), TOSHIBA CORPORATION (Japan), General Electric (USA) and Siemens (Germany).
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