NEW YORK, March 15, 2023 /PRNewswire/ — The electric traction motor market size is projected to be USD 34,891 million by 2030, advancing at a CAGR of 13.5% over this decade, as per P&S Intelligence.
This growth can be ascribed to the increasing need for low-energy-consumption motors, growing expenditure on EVs due to governments’ supportive guidelines for their adoption, rapid urbanization and the improving standard of living, and the expansion of the railway infrastructure.
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Railways’ Demand for Traction Motors To Grow Rapidly
In the coming few years, the railways category is set to grow at the highest CAGR, of 13.8%. Compared to roads, railways are a cheaper mode of transport for people and goods over long distances within a country.
Moreover, because of technical enhancements, the performance of motors of locomotives has bettered significantly in terms of energy consumption, initial torque, power output, and speed.
Electric motors are extensively utilized in the railways sector because of their high performance, modular design, low maintenance needs, and longevity.
Supportive Government Regulations for EVs Drive Industry
The introduction of several incentives and help for the expansion of the manufacturing output of EVs by governing organizations have formed a suitable climate for the growth of the electric two-wheeler industry.
These benefits are also offered for boosting other aspects of the overall EV sector, including the setup of charging stations and encouraging battery manufacturing.
AC Motor Sales Contribute Giant Share of Revenue
In 2022, the AC category dominated the market, with a revenue share of 86%, and it is projected to continue to be dominant in the future. This is mainly because of the extensive use of AC motors in the railways sector, industrial equipment, and electric vehicles because they are easier to handle and more efficient in comparison to DC motors.
APAC Offers Brightest Prospects for Traction Motor Providers
In 2022, the APAC industry was the largest in the world, with a 44% revenue share, and it is projected to be in the leading spot till 2030. This can be credited to the growing purchasing power, rapid urbanization, and supportive government guidelines for EVs in the region.
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Furthermore, the constant growth in the transportation infrastructure, such as EVSE, metro rail systems, and high-speed trains, and the mushrooming demand for hybrid, electric, and diesel-electric locomotives contribute to the rise in the sale of electric traction motors in the region.
India has already become a major market for traction motors, with the Indian Railways inking contracts for 800 12,000-hp electric freight locomotives with Alstom and for 1,000 diesel–electric freight locomotives of 4,500 hp and 6000 hp with GE Transportation (now owned by Wabtec).
Apart from this, the country is manufacturing EMUs for offering semi-high-speed connectivity between major towns and cities. Further, it continues to manufacture the WAP-5 and WAP-7 classes of electric passenger locomotives at its two plants across the country.
Electric Traction Motor Market Segmentation Analysis
Electric Traction Motor Market Analysis by Type
Electric Traction Motor Market Analysis by Power Rating
- Below 200kW
- 200-400 kW
- Above 400kW
Electric Traction Motor Market Analysis by Application
- Railways
- Electric Vehicle
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