Electric Traction Motor Market Booming Segments; Investors Seeking Stunning Growth
The market for electric traction motors is booming, driven by advancements in motor technologies, government initiatives promoting clean transportation, and the growing demand for electric cars, buses, and two-wheelers. 📈
With increasing concerns about climate change and a growing emphasis on reducing carbon emissions, electric vehicles have emerged as a key solution. And at the heart of these vehicles lies the electric traction motor, driving the wheels with incredible efficiency and power. ⚡️
The global electric traction motor market is projected to reach $22.2 billion by 2027 from an estimated market size of $12.3 billion in 2022, at a CAGR of 12.6% during the forecast period.
As the demand for EVs grows, the market for electric traction motors is expanding rapidly. These motors offer propulsion for electric vehicles, buses, trains, and even ships. Significant developments in motor design, energy economy, and power density are pushing longer driving ranges and faster charging capabilities in the market.
Asia Pacific is projected to be the fastest growing market for electric traction motors from 2022 to 2027. The rising population within the region has led to a significant increase in the demand for transportation connectivity, which has correspondingly driven investments in the railway sector and is likely to further increase the demand for the electric traction motor market.
Key Market Players
Siemens Energy ABB (Switzerland), Mitsubishi Electric Corporation (Japan), Toshiba (Japan), GE (US), and Siemens (Germany)
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