Electric traction motors are used in powering electric vehicles and carrying heavy equipment. New railway track regulations and the shift to electric mobility can drive the winds of change and favor the adoption of these motors in legacy vehicles. The global electric traction motor market report by Market Research Future (MRFR) has been compiled by looking at various growth enablers and hurdles to be faced by the industry for the period of 2018 to 2023 (forecast period). The COVID-19 pandemic and its impact on the market has been explored in depth.
The global electric traction motor market is expected to grow at 18.08% CAGR during the forecast period.
This is driven by investments in charging infrastructure, policies encouraging electric vehicle (EV) and hybrid vehicle (HV) production, and propulsion gear required in electric transmission systems. The investments in development of railways and construction of metros, mono rails, and bullet trains are evidence of the large potential of the market.
Increase in budget for infrastructure as exemplified by USD 116 billion package for electrification of railways in China can bode well for the market. Similarly, India has also decided to invest close to USD 126 billion by 2020 and can trigger demand for electric traction motors. Environmental regulations, emission norms, and fluctuating fuel prices can shape the market as well. Inclination towards electric vehicles due to innovation in batteries and focus on energy conservation can positively impact the global electric traction motor market growth.
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The global electric traction motors market has been segmented based on type, power rating, and application.
Asia Pacific (APAC) is the largest market for electric traction motors. Rising urbanization, demand from the railway sector, and supportive government policies are expected to drive the market for electric traction motor in this region. China, India, and Japan are the leading countries contributing to the growth of the electric traction motor market in Asia Pacific. Investments in motor technologies and battery density packs can culminate in huge demand for new materials in electric traction motors.
Europe is likely to hold a significant market share of the global electric traction motor market owing to shift from diesel-based engines to hybrid engines for cars and other automotives. Germany and the U.K. are expected to contribute the maximum in the region owing to changes in fuel emission norms and sustainable targets set by the countries.
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