Electric Traction Motor Global Market Report 2022: Ukraine-Russia War Impact
The electric traction motor market is expected to grow to $30.59 billion in 2026 at a compound annual growth rate (CAGR) of 21.99%.
NEW YORK, Nov. 30, 2022 /PRNewswire/ --
Major players in the electric traction motor market are ABB Ltd, Siemens AG, General Electric Company, CG Power and Industrial Solutions Ltd, CRRC Corporation Limited, Alstom SA, Traktionssysteme Austria (TSA) GmbH, Skoda Transportation AS, Robert Bosch GmbH, Kirloskar Electric Company Ltd, Voith GmbH, Mitsubishi Electric Corporation, Bombardier Inc, American Traction Systems, VEM Group, Prodrive Technologies, Toshiba Corporation, Aisin and Delphi Automotive LLP.
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The global electric traction motor market is expected to grow from $11.53 billion in 2021 to $13.81 billion in 2022 at a compound annual growth rate (CAGR) of 19.74%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The electric traction motor market is expected to grow to $30.59 billion in 2026 at a compound annual growth rate (CAGR) of 21.99%.
The electric traction motor market consists of the sales of electric traction motors by entities (organizations, sole traders, and partnerships) that refers to the electric motor used to propel electrically powered systems such as elevators, trolleybuses, conveyors, locomotives rails, and other electric controlled vehicle with electrical transmission systems.Electric traction motors generate power to turn the wheels transmitted to the wheels via the driving gear unit and axle.
This electric traction motor helps in converting electrical energy to mechanical energy.
The main types of electric traction motors are AC and DC.AC refers to the alternating current employed to generate the required propelling power to the systems.
The power rating for these electric traction motors is less than 200 kW, between 200 kW to 400 kW, and more than 400 kW.These motors are used in railways, electric vehicles, elevators, conveyors, and industrial machinery.
Electrical traction motors are used by chemical & petrochemical, oil & gas, energy & power, automotive, food & beverages, healthcare, and other industry verticals.
Asia Pacific was the largest region in the electric traction market in 2021.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in the electric traction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The rise in demand for electric vehicles will propel the growth of the electric traction motor market.While the economic effect of COVID-19 has dampened demand for petrol and diesel cars, demand for EV and hybrid vehicles has increased.
Climate warming and aspirations to achieve net-zero emissions are driving the global shift to emissions-free motoring.These EV vehicle shifts help the economy by reducing fuel costs and changing consumption from petroleum products to more locally produced power vehicles.
The development of EV charging stations, hydrogen fueling stations, and government intervention towards the adoption and implementation encourage the use of electric vehicles.These factors increased the demand for electric traction motor, offering clean and easy handling, speed control, and high power propulsion to the vehicle for a safe and reliable drive.
According to the Global EV Outlook 2021 report by International Energy Agency (IEA), consumers spent $120 billion on electric vehicle purchases in 2020, a 50% increase over 2019. Furthermore, the global electric vehicle stock reached 10 million in 2020, representing a 43% increase over 2019. Therefore, the rising demand for electric vehicles will drive the electric traction motor market.
Technological advancement is a key trend gaining popularity in the electric traction motor market.While electric motors have been used for many years, there is still room for improvement in technology and energy efficiency.
The market is witnessing the demand for emerging motor technology such as axial flux.These axial flux motors typically produce more torque per unit volume of motor than radial motors.
Major companies operating in electric traction motors are focused on providing advanced electric traction motors to strengthen their market position.For instance, in July 2022, Mahle, a Germany-based automotive parts manufacturer, introduced SCT E-motor, a superior continuous torque (SCT) E-motors that can operate with maintaining high performance.
This new motor is very compact and light in weight and has achieved this resilience through the innovative integrated oil cooling mechanism.
In July 2021, Mercedes-Benz, a Germany-based manufacturer, and distributor of premium and luxury cars, acquired YASA Limited for an undisclosed amount.Under this acquisition, With Mercedes-Benz ownership, YASA will continue to develop ultra-high performance e-motors while maintaining its brand, team, and facilities and continuing to serve its current automotive supercar clients.
YASA is a British-based manufacturer of electric motors and motor controllers for applications in automotive and industrial purposes.
The countries covered in the electric traction market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The electric traction motors market research report is one of a series of new reports that provides electric traction motors market statistics, including electric traction motors industry global market size, regional shares, competitors with an electric traction motors market share, detailed electric traction motors market segments, market trends and opportunities, and any further data you may need to thrive in the electric traction motors industry. This electric traction motors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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