Electric Traction Motor Market

Electric Traction Motor Market Size and Share Forecast Outlook From 2024 to 2034

The global electric traction motor market is expected to rise from USD 18.5 billion in 2024 to USD 91.1 billion by 2034. From 2024 to 2034, the market is projected to surge at 17.3% CAGR.

Attributes	Key Insights
Estimated Global Electric Traction Motor Market Size (2024E)	USD 18.5 billion
Projected Electric Traction Motor Market Value (2034F)	USD 91.1 billion
Value-based CAGR (2024 to 2034)	17.3%

Factors Driving the Demand for Electric Traction Motors

• Rising need for high-performance electric traction motors, encouraging laws & subsidies for electric cars, and growth in railway electrification projects are expected to drive the market.
• Growing demand for sustainable transportation and electric vehicles is significantly propelling the electric traction motor market.
• The high cost of fossil fuels and subsidies offered by governments to purchase electric vehicles are the key factors fueling market expansion.
• Technological improvement achieves significant cost savings and is predicted to lower the price of electric vehicles during the forecast period, augmenting the electric traction motor market growth.
• The market for electric traction motors is anticipated to rise through 2034 due to the collaboration of private organizations and different research & development facilities.

Semi-annual Market Update for the Electric Traction Motor Industry

Particular	Value CAGR
H1 (2023 to 2033)	17.8%
H2 (2023 to 2033)	16.7%
H1 (2024 to 2034)	17.9%
H2 (2024 to 2034)	16.8%

Comparison of Historical vs Future Outlook on Changing Consumer Trends for Electric Traction Motors

The global electric traction motor sales grew at a CAGR of 20.9% from 2019 to 2023. The growth of electric traction motors from 2019 to 2023 can be attributed to a convergence of factors:

• Due to developments in electric motor technology, including efficiency, power output, and dependability, the electrification of trains, metros, and other mass transit systems became commonplace.
• Since electric traction motors perform better than mechanical or hydraulic propulsion systems, they have become vital parts of electric locomotives, subway trains, and streetcars.
• In several railway and transit applications, alternating current (AC) traction motors replaced direct current (DC) traction motors.
• Due to its several benefits, including improved torque and speed control, regenerative braking, and increased efficiency, AC motors were widely used in electrified transportation systems.
• Concerns over energy security, environmental pollution, and climate change propelled a resurgence of interest in electric cars (EVs).
• Electric traction motors have become essential parts of contemporary electric automobiles, buses, and commercial trucks, allowing them to outperform internal combustion engine vehicles in terms of performance, economy, and sustainability.
• Electric motor technology has continuously advanced, with manufacturing techniques, materials, control systems, and motor design improvements. As a result of these advancements, electric traction motors' power density, energy economy, and dependability have all grown, making them more appropriate for several uses in the industrial, renewable energy, and transportation sectors.

Key Trends Shaping the Electric Traction Motor Market

• Innovation in the market is propelled by ongoing developments in electric motor technology, which is improving the efficiency, power density, and dependability of electric traction motors.
• Due to its sizable automotive & transportation industries, government incentives for the use of electric vehicles, and a robust manufacturing base for electric motors & components, the United States and China are emerging as leading players in the market.
• The commercial vehicle industry is adopting electric traction motors due to the growing interest in cutting carbon emissions and operating costs and complying with tightening regulations.
• The market for electric traction motors is significantly influenced by the growing use of electric cars, which includes hybrid electric vehicles (HEVs) and battery electric vehicles (BEVs).

Factors Restraining the Growth of the Electric Traction Motor Market

• The upfront costs of electric vehicles (EVs) and electric traction motors are the key obstacles to their broad adoption compared to conventional internal combustion engine vehicles.
• The rising consumer hassle of finding charging points is set to impact the market for electric traction motors.
• Despite advancements in battery technology, electric vehicles still have range restrictions compared to traditional cars with internal combustion engines.
• Customers are concerned about range anxiety or the dread of running out of battery power before reaching a charging station, especially when traveling long distances or in areas with poor infrastructure.

Analysis of Top Countries, Manufacturing and Adopting Electric Traction Motors

The table below shows the estimated growth rates of the top five countries. The United Kingdom, China, and Japan are set to record high CAGRs of 18.4%, 17.9%, and 19.0%, respectively, through 2034.

Countries	Projected CAGR ( 2024 to 2034)
United States	17.6%
United Kingdom	18.4%
China	17.9%
South Korea	15.0%
Japan	19.0%

The table below explains the size of the electric traction motor market in the five leading countries for 2034. Among them, the United States is anticipated to remain at the forefront by reaching a valuation of USD 16.2 billion. Japan is expected to reach around USD 10.1 billion by 2034, less than China's USD 14.8 billion.

Countries	Market Value (2034)
United States	USD 16.2 billion
United Kingdom	USD 3.8 billion
China	USD 14.8 billion
South Korea	USD 4.3 billion
Japan	USD 10.1 billion

Rising Research and Development Activities to Boost Demand in the United States

The United States electric traction motor industry is poised to exhibit a CAGR of 17.6% during the assessment period. The key factors supporting the market growth are:

• The federal and state governments of the United States are taking several measures to encourage the use of electric vehicles (EVs) and support the development of electric traction motors. These programs include electric car technology research & development support, tax breaks, grants, and rebates.
• With several significant automakers declaring intentions to boost the manufacturing of electric vehicles, the United States automobile sector is electrifying. This transition toward electric propulsion systems is increasing the demand for electric traction motors in the country.

Growing Awareness of Environmental Issues Propelling Demand in China

Electric traction motor demand in China is anticipated to rise at a steady CAGR of 17.9% during the forecast period. This is attributable to a combination of factors, including:

• Strict environmental rules that aim to lower greenhouse gas emissions and improve fuel efficiency are incentivizing automakers to invest in electric car technology. Electric traction motors make compliance with regulations and vehicle electrification possible.
• China is witnessing a surging demand for electric vehicles due to growing consumer awareness of environmental issues, rising fuel prices, and concerns about energy security.
• Electric traction motor sales are predicted to rise as consumers look for more environmentally friendly modes of transportation in China.

Growing Electrification of Public Transportation to Surge Sales in Japan

Japan's electric traction motor market is expected to reach a valuation of around USD 10.1 billion by 2034. Top factors supporting the market expansion in the country include:

• Electric traction motors are in high demand due to the electrification of public transportation, especially for electric trains and buses in Japan.
• Automakers, suppliers, and technology companies are collaborating to expedite the development and uptake of electric vehicles & electric traction motors in Japan.

Booming Automotive Industry in the United Kingdom Upscaling the Market

The demand for electric traction motors is increasing in the United Kingdom, with a projected CAGR of 18.4% through 2034. Emerging patterns in the United Kingdom market are as follows:

• Expanding charging networks is expected to reduce range anxiety and ease consumer shift to electric vehicles, further increasing the demand for electric traction motors in the United Kingdom.

Technological Innovations in South Traction Paving the Way for Market Success

The electric traction motor market is projected to increase in South Korea at a CAGR of 15.0% through 2034. The factors driving the market growth are as follows:

• Continuous developments in electric motor technology, including gains in cost-effectiveness, efficiency, and power density, are set to propel innovation in the electric traction motor market.
• Manufacturers are spending money on research & development to create next-generation electric traction motors that are expected to satisfy changing demands from the automobile sector in South Korea.

Electric Traction Motor Industry Analysis by Top Investment Segments

The section below shows the AC segment dominating by type. It is predicted to surge at 17.0% CAGR through 2034. Based on the power rating, the below 200 KW segment is anticipated to generate a dominant share through 2024. It is set to expand at a CAGR of 16.7% through 2034.

Segment	CAGR (2024 to 2034)
AC (Type)	17.0%
Below 200 KW (Power Rating)	16.7%

AC Segment Tops the Type Category in the Market

• Due to AC traction motors’ efficiency, rail transportation systems use less energy, and electric vehicles' driving range is increased.
• Where weight and space are important factors, AC traction motors are made to be lightweight and compact, which makes them ideal for incorporation into electric cars. Their small size makes it possible to build and package vehicles more flexibly.
• AC motors' efficiency and performance advantages frequently achieve long-term cost reductions in energy consumption and maintenance.

Below 200 kW Electric Traction Motors to Show a Surging Demand Through 2034

• Hybrid vehicles combine an internal combustion engine with an electric motor to increase fuel efficiency and lower emissions.
• With power outputs below 200 kW, the electric motor in hybrid cars helps the internal combustion engine during acceleration and low-speed driving.
• Light trucks, utility vehicles, and delivery vans are a few examples of small commercial vehicles that use electric traction motors below 200 kW.
• For short-distance and urban delivery, these vehicles need modest power outputs. Hence, traction motors in this power range work well with their propulsion systems.
• Outside the automobile industry, traction motors with a power output of below 200 kW are employed in several electric propulsion motors. These include uses where moderate power outputs are adequate for propulsion systems, such as electric propulsion for boats, ships, drones, industrial gear, and agricultural equipment.

Key Players and Market Concentration in the Electric Traction Motor Industry

The electric traction motor market is highly competitive, with both well-established players and start-ups vying for market share. A wide range of sectors and applications are catered by the manufacturers' extensive product portfolio, which increases their market share and draws in a large client base looking for dependable and effective traction motors.

Electric traction motor manufacturers are focusing on several growth strategies, such as partnerships and collaborations.

For instance

• In 2024, WEG Africa announced the implementation of minimum energy performance standards (MEPS) in South Africa.
• In 2023, ABB launched the AMI 5800 NEMA modular induction motor, which is designed for demanding oil and gas industry applications.

Leading Suppliers in the Global Electric Traction Motor Market

• Schneider Electric SE
• The Curtiss-Wright Corporation
• Prodrive Technologies
• Toshiba Corporation
• General Electric Co.
• CG Power and Industrial Solutions Ltd.
• Aisin
• ABB, Ltd.
• Alstom SA.
• Siemens AG

Key Shifting Preferences Covered in the Electric Traction Motor Market Report

• Opportunity Analysis in Electric Traction Motor Market
• Potential of Electric Traction Motor Market in India
• Top 10 Companies in Electric Traction Motor Market
• Recent Developments in Automotive Traction Motor Market
• Electric Traction Motor Manufacturers in the United States
• Railway Traction Motor Market
• Different Types of Electric Traction Motors Available in the Market

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Background
• 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
• 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Type
  • 5.1. AC
  • 5.2. DC
• 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Power Rating
  • 6.1. Below 200 KW
  • 6.2. 200 KW To 400 KW
  • 6.3. Above 400 KW
• 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Vehicle Type
  • 7.1. Plug-in Hybrid Electric Vehicles
  • 7.2. Mild Hybrid Vehicles
  • 7.3. Full Hybrid Vehicles
• 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application
  • 8.1. Railways
  • 8.2. Electric Vehicles
  • 8.3. Elevators
  • 8.4. Conveyors
  • 8.5. Industrial Machinery
  • 8.6. Others
• 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
  • 9.1. North America
  • 9.2. Latin America
  • 9.3. Western Europe
  • 9.4. Eastern Europe
  • 9.5. South Asia and Pacific
  • 9.6. East Asia
  • 9.7. Middle East and Africa
• 10. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 11. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 12. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 13. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 14. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 15. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 16. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 17. Key Countries Market Analysis
• 18. Market Structure Analysis
• 19. Competition Analysis
  • 19.1. Schneider Electric SE
  • 19.2. The Curtiss-Wright Corporation
  • 19.3. Prodrive Technologies
  • 19.4. Toshiba Corporation
  • 19.5. General Electric Co.
  • 19.6. CG Power and Industrial Solutions Ltd.
  • 19.7. Aisin
  • 19.8. ABB, Ltd.
  • 19.9. Alstom S.A.
  • 19.10. Siemens AG
  • 19.11. Delphi Automotive LLP
  • 19.12. Voith GmbH
  • 19.13. Mitsubishi Electric Corporation
  • 19.14. Bombardier Inc.
  • 19.15. American Traction Systems
  • 19.16. VEM Group
  • 19.17. Caterpillar Inc.
• 20. Assumptions & Acronyms Used
• 21. Research Methodology

List of Tables

Table 1: Global Market Value (US$ million) Forecast by Region, 2019 to 2034

Table 2: Global Market Volume (Units) Forecast by Region, 2019 to 2034

Table 3: Global Market Value (US$ million) Forecast by Type, 2019 to 2034

Table 4: Global Market Volume (Units) Forecast by Type, 2019 to 2034

Table 5: Global Market Value (US$ million) Forecast by Power Rating, 2019 to 2034

Table 6: Global Market Volume (Units) Forecast by Power Rating, 2019 to 2034

Table 7: Global Market Value (US$ million) Forecast by Vehicle Type, 2019 to 2034

Table 8: Global Market Volume (Units) Forecast by Vehicle Type, 2019 to 2034

Table 9: Global Market Value (US$ million) Forecast by Application, 2019 to 2034

Table 10: Global Market Volume (Units) Forecast by Application, 2019 to 2034

Table 11: North America Market Value (US$ million) Forecast by Country, 2019 to 2034

Table 12: North America Market Volume (Units) Forecast by Country, 2019 to 2034

Table 13: North America Market Value (US$ million) Forecast by Type, 2019 to 2034

Table 14: North America Market Volume (Units) Forecast by Type, 2019 to 2034

Table 15: North America Market Value (US$ million) Forecast by Power Rating, 2019 to 2034

Table 16: North America Market Volume (Units) Forecast by Power Rating, 2019 to 2034

Table 17: North America Market Value (US$ million) Forecast by Vehicle Type, 2019 to 2034

Table 18: North America Market Volume (Units) Forecast by Vehicle Type, 2019 to 2034

Table 19: North America Market Value (US$ million) Forecast by Application, 2019 to 2034

Table 20: North America Market Volume (Units) Forecast by Application, 2019 to 2034

Table 21: Latin America Market Value (US$ million) Forecast by Country, 2019 to 2034

Table 22: Latin America Market Volume (Units) Forecast by Country, 2019 to 2034

Table 23: Latin America Market Value (US$ million) Forecast by Type, 2019 to 2034

Table 24: Latin America Market Volume (Units) Forecast by Type, 2019 to 2034

Table 25: Latin America Market Value (US$ million) Forecast by Power Rating, 2019 to 2034

Table 26: Latin America Market Volume (Units) Forecast by Power Rating, 2019 to 2034

Table 27: Latin America Market Value (US$ million) Forecast by Vehicle Type, 2019 to 2034

Table 28: Latin America Market Volume (Units) Forecast by Vehicle Type, 2019 to 2034

Table 29: Latin America Market Value (US$ million) Forecast by Application, 2019 to 2034

Table 30: Latin America Market Volume (Units) Forecast by Application, 2019 to 2034

Table 31: Western Europe Market Value (US$ million) Forecast by Country, 2019 to 2034

Table 32: Western Europe Market Volume (Units) Forecast by Country, 2019 to 2034

Table 33: Western Europe Market Value (US$ million) Forecast by Type, 2019 to 2034

Table 34: Western Europe Market Volume (Units) Forecast by Type, 2019 to 2034

Table 35: Western Europe Market Value (US$ million) Forecast by Power Rating, 2019 to 2034

Table 36: Western Europe Market Volume (Units) Forecast by Power Rating, 2019 to 2034

Table 37: Western Europe Market Value (US$ million) Forecast by Vehicle Type, 2019 to 2034

Table 38: Western Europe Market Volume (Units) Forecast by Vehicle Type, 2019 to 2034

Table 39: Western Europe Market Value (US$ million) Forecast by Application, 2019 to 2034

Table 40: Western Europe Market Volume (Units) Forecast by Application, 2019 to 2034

Table 41: Eastern Europe Market Value (US$ million) Forecast by Country, 2019 to 2034

Table 42: Eastern Europe Market Volume (Units) Forecast by Country, 2019 to 2034

Table 43: Eastern Europe Market Value (US$ million) Forecast by Type, 2019 to 2034

Table 44: Eastern Europe Market Volume (Units) Forecast by Type, 2019 to 2034

Table 45: Eastern Europe Market Value (US$ million) Forecast by Power Rating, 2019 to 2034

Table 46: Eastern Europe Market Volume (Units) Forecast by Power Rating, 2019 to 2034

Table 47: Eastern Europe Market Value (US$ million) Forecast by Vehicle Type, 2019 to 2034

Table 48: Eastern Europe Market Volume (Units) Forecast by Vehicle Type, 2019 to 2034

Table 49: Eastern Europe Market Value (US$ million) Forecast by Application, 2019 to 2034

Table 50: Eastern Europe Market Volume (Units) Forecast by Application, 2019 to 2034

Table 51: South Asia and Pacific Market Value (US$ million) Forecast by Country, 2019 to 2034

Table 52: South Asia and Pacific Market Volume (Units) Forecast by Country, 2019 to 2034

Table 53: South Asia and Pacific Market Value (US$ million) Forecast by Type, 2019 to 2034

Table 54: South Asia and Pacific Market Volume (Units) Forecast by Type, 2019 to 2034

Table 55: South Asia and Pacific Market Value (US$ million) Forecast by Power Rating, 2019 to 2034

Table 56: South Asia and Pacific Market Volume (Units) Forecast by Power Rating, 2019 to 2034

Table 57: South Asia and Pacific Market Value (US$ million) Forecast by Vehicle Type, 2019 to 2034

Table 58: South Asia and Pacific Market Volume (Units) Forecast by Vehicle Type, 2019 to 2034

Table 59: South Asia and Pacific Market Value (US$ million) Forecast by Application, 2019 to 2034

Table 60: South Asia and Pacific Market Volume (Units) Forecast by Application, 2019 to 2034

Table 61: East Asia Market Value (US$ million) Forecast by Country, 2019 to 2034

Table 62: East Asia Market Volume (Units) Forecast by Country, 2019 to 2034

Table 63: East Asia Market Value (US$ million) Forecast by Type, 2019 to 2034

Table 64: East Asia Market Volume (Units) Forecast by Type, 2019 to 2034

Table 65: East Asia Market Value (US$ million) Forecast by Power Rating, 2019 to 2034

Table 66: East Asia Market Volume (Units) Forecast by Power Rating, 2019 to 2034

Table 67: East Asia Market Value (US$ million) Forecast by Vehicle Type, 2019 to 2034

Table 68: East Asia Market Volume (Units) Forecast by Vehicle Type, 2019 to 2034

Table 69: East Asia Market Value (US$ million) Forecast by Application, 2019 to 2034

Table 70: East Asia Market Volume (Units) Forecast by Application, 2019 to 2034

Table 71: Middle East and Africa Market Value (US$ million) Forecast by Country, 2019 to 2034

Table 72: Middle East and Africa Market Volume (Units) Forecast by Country, 2019 to 2034

Table 73: Middle East and Africa Market Value (US$ million) Forecast by Type, 2019 to 2034

Table 74: Middle East and Africa Market Volume (Units) Forecast by Type, 2019 to 2034

Table 75: Middle East and Africa Market Value (US$ million) Forecast by Power Rating, 2019 to 2034

Table 76: Middle East and Africa Market Volume (Units) Forecast by Power Rating, 2019 to 2034

Table 77: Middle East and Africa Market Value (US$ million) Forecast by Vehicle Type, 2019 to 2034

Table 78: Middle East and Africa Market Volume (Units) Forecast by Vehicle Type, 2019 to 2034

Table 79: Middle East and Africa Market Value (US$ million) Forecast by Application, 2019 to 2034

Table 80: Middle East and Africa Market Volume (Units) Forecast by Application, 2019 to 2034

List of Figures

Figure 1: Global Market Value (US$ million) by Type, 2024 to 2034

Figure 2: Global Market Value (US$ million) by Power Rating, 2024 to 2034

Figure 3: Global Market Value (US$ million) by Vehicle Type, 2024 to 2034

Figure 4: Global Market Value (US$ million) by Application, 2024 to 2034

Figure 5: Global Market Value (US$ million) by Region, 2024 to 2034

Figure 6: Global Market Value (US$ million) Analysis by Region, 2019 to 2034

Figure 7: Global Market Volume (Units) Analysis by Region, 2019 to 2034

Figure 8: Global Market Value Share (%) and BPS Analysis by Region, 2024 to 2034

Figure 9: Global Market Y-o-Y Growth (%) Projections by Region, 2024 to 2034

Figure 10: Global Market Value (US$ million) Analysis by Type, 2019 to 2034

Figure 11: Global Market Volume (Units) Analysis by Type, 2019 to 2034

Figure 12: Global Market Value Share (%) and BPS Analysis by Type, 2024 to 2034

Figure 13: Global Market Y-o-Y Growth (%) Projections by Type, 2024 to 2034

Figure 14: Global Market Value (US$ million) Analysis by Power Rating, 2019 to 2034

Figure 15: Global Market Volume (Units) Analysis by Power Rating, 2019 to 2034

Figure 16: Global Market Value Share (%) and BPS Analysis by Power Rating, 2024 to 2034

Figure 17: Global Market Y-o-Y Growth (%) Projections by Power Rating, 2024 to 2034

Figure 18: Global Market Value (US$ million) Analysis by Vehicle Type, 2019 to 2034

Figure 19: Global Market Volume (Units) Analysis by Vehicle Type, 2019 to 2034

Figure 20: Global Market Value Share (%) and BPS Analysis by Vehicle Type, 2024 to 2034

Figure 21: Global Market Y-o-Y Growth (%) Projections by Vehicle Type, 2024 to 2034

Figure 22: Global Market Value (US$ million) Analysis by Application, 2019 to 2034

Figure 23: Global Market Volume (Units) Analysis by Application, 2019 to 2034

Figure 24: Global Market Value Share (%) and BPS Analysis by Application, 2024 to 2034

Figure 25: Global Market Y-o-Y Growth (%) Projections by Application, 2024 to 2034

Figure 26: Global Market Attractiveness by Type, 2024 to 2034

Figure 27: Global Market Attractiveness by Power Rating, 2024 to 2034

Figure 28: Global Market Attractiveness by Vehicle Type, 2024 to 2034

Figure 29: Global Market Attractiveness by Application, 2024 to 2034

Figure 30: Global Market Attractiveness by Region, 2024 to 2034

Figure 31: North America Market Value (US$ million) by Type, 2024 to 2034

Figure 32: North America Market Value (US$ million) by Power Rating, 2024 to 2034

Figure 33: North America Market Value (US$ million) by Vehicle Type, 2024 to 2034

Figure 34: North America Market Value (US$ million) by Application, 2024 to 2034

Figure 35: North America Market Value (US$ million) by Country, 2024 to 2034

Figure 36: North America Market Value (US$ million) Analysis by Country, 2019 to 2034

Figure 37: North America Market Volume (Units) Analysis by Country, 2019 to 2034

Figure 38: North America Market Value Share (%) and BPS Analysis by Country, 2024 to 2034

Figure 39: North America Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034

Figure 40: North America Market Value (US$ million) Analysis by Type, 2019 to 2034

Figure 41: North America Market Volume (Units) Analysis by Type, 2019 to 2034

Figure 42: North America Market Value Share (%) and BPS Analysis by Type, 2024 to 2034

Figure 43: North America Market Y-o-Y Growth (%) Projections by Type, 2024 to 2034

Figure 44: North America Market Value (US$ million) Analysis by Power Rating, 2019 to 2034

Figure 45: North America Market Volume (Units) Analysis by Power Rating, 2019 to 2034

Figure 46: North America Market Value Share (%) and BPS Analysis by Power Rating, 2024 to 2034

Figure 47: North America Market Y-o-Y Growth (%) Projections by Power Rating, 2024 to 2034

Figure 48: North America Market Value (US$ million) Analysis by Vehicle Type, 2019 to 2034

Figure 49: North America Market Volume (Units) Analysis by Vehicle Type, 2019 to 2034

Figure 50: North America Market Value Share (%) and BPS Analysis by Vehicle Type, 2024 to 2034

Figure 51: North America Market Y-o-Y Growth (%) Projections by Vehicle Type, 2024 to 2034

Figure 52: North America Market Value (US$ million) Analysis by Application, 2019 to 2034

Figure 53: North America Market Volume (Units) Analysis by Application, 2019 to 2034

Figure 54: North America Market Value Share (%) and BPS Analysis by Application, 2024 to 2034

Figure 55: North America Market Y-o-Y Growth (%) Projections by Application, 2024 to 2034

Figure 56: North America Market Attractiveness by Type, 2024 to 2034

Figure 57: North America Market Attractiveness by Power Rating, 2024 to 2034

Figure 58: North America Market Attractiveness by Vehicle Type, 2024 to 2034

Figure 59: North America Market Attractiveness by Application, 2024 to 2034

Figure 60: North America Market Attractiveness by Country, 2024 to 2034

Figure 61: Latin America Market Value (US$ million) by Type, 2024 to 2034

Figure 62: Latin America Market Value (US$ million) by Power Rating, 2024 to 2034

Figure 63: Latin America Market Value (US$ million) by Vehicle Type, 2024 to 2034

Figure 64: Latin America Market Value (US$ million) by Application, 2024 to 2034

Figure 65: Latin America Market Value (US$ million) by Country, 2024 to 2034

Figure 66: Latin America Market Value (US$ million) Analysis by Country, 2019 to 2034

Figure 67: Latin America Market Volume (Units) Analysis by Country, 2019 to 2034

Figure 68: Latin America Market Value Share (%) and BPS Analysis by Country, 2024 to 2034

Figure 69: Latin America Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034

Figure 70: Latin America Market Value (US$ million) Analysis by Type, 2019 to 2034

Figure 71: Latin America Market Volume (Units) Analysis by Type, 2019 to 2034

Figure 72: Latin America Market Value Share (%) and BPS Analysis by Type, 2024 to 2034

Figure 73: Latin America Market Y-o-Y Growth (%) Projections by Type, 2024 to 2034

Figure 74: Latin America Market Value (US$ million) Analysis by Power Rating, 2019 to 2034

Figure 75: Latin America Market Volume (Units) Analysis by Power Rating, 2019 to 2034

Figure 76: Latin America Market Value Share (%) and BPS Analysis by Power Rating, 2024 to 2034

Figure 77: Latin America Market Y-o-Y Growth (%) Projections by Power Rating, 2024 to 2034

Figure 78: Latin America Market Value (US$ million) Analysis by Vehicle Type, 2019 to 2034

Figure 79: Latin America Market Volume (Units) Analysis by Vehicle Type, 2019 to 2034

Figure 80: Latin America Market Value Share (%) and BPS Analysis by Vehicle Type, 2024 to 2034

Figure 81: Latin America Market Y-o-Y Growth (%) Projections by Vehicle Type, 2024 to 2034

Figure 82: Latin America Market Value (US$ million) Analysis by Application, 2019 to 2034

Figure 83: Latin America Market Volume (Units) Analysis by Application, 2019 to 2034

Figure 84: Latin America Market Value Share (%) and BPS Analysis by Application, 2024 to 2034

Figure 85: Latin America Market Y-o-Y Growth (%) Projections by Application, 2024 to 2034

Figure 86: Latin America Market Attractiveness by Type, 2024 to 2034

Figure 87: Latin America Market Attractiveness by Power Rating, 2024 to 2034

Figure 88: Latin America Market Attractiveness by Vehicle Type, 2024 to 2034

Figure 89: Latin America Market Attractiveness by Application, 2024 to 2034

Figure 90: Latin America Market Attractiveness by Country, 2024 to 2034

Figure 91: Western Europe Market Value (US$ million) by Type, 2024 to 2034

Figure 92: Western Europe Market Value (US$ million) by Power Rating, 2024 to 2034

Figure 93: Western Europe Market Value (US$ million) by Vehicle Type, 2024 to 2034

Figure 94: Western Europe Market Value (US$ million) by Application, 2024 to 2034

Figure 95: Western Europe Market Value (US$ million) by Country, 2024 to 2034

Figure 96: Western Europe Market Value (US$ million) Analysis by Country, 2019 to 2034

Figure 97: Western Europe Market Volume (Units) Analysis by Country, 2019 to 2034

Figure 98: Western Europe Market Value Share (%) and BPS Analysis by Country, 2024 to 2034

Figure 99: Western Europe Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034

Figure 100: Western Europe Market Value (US$ million) Analysis by Type, 2019 to 2034

Figure 101: Western Europe Market Volume (Units) Analysis by Type, 2019 to 2034

Figure 102: Western Europe Market Value Share (%) and BPS Analysis by Type, 2024 to 2034

Figure 103: Western Europe Market Y-o-Y Growth (%) Projections by Type, 2024 to 2034

Figure 104: Western Europe Market Value (US$ million) Analysis by Power Rating, 2019 to 2034

Figure 105: Western Europe Market Volume (Units) Analysis by Power Rating, 2019 to 2034

Figure 106: Western Europe Market Value Share (%) and BPS Analysis by Power Rating, 2024 to 2034

Figure 107: Western Europe Market Y-o-Y Growth (%) Projections by Power Rating, 2024 to 2034

Figure 108: Western Europe Market Value (US$ million) Analysis by Vehicle Type, 2019 to 2034

Figure 109: Western Europe Market Volume (Units) Analysis by Vehicle Type, 2019 to 2034

Figure 110: Western Europe Market Value Share (%) and BPS Analysis by Vehicle Type, 2024 to 2034

Figure 111: Western Europe Market Y-o-Y Growth (%) Projections by Vehicle Type, 2024 to 2034

Figure 112: Western Europe Market Value (US$ million) Analysis by Application, 2019 to 2034

Figure 113: Western Europe Market Volume (Units) Analysis by Application, 2019 to 2034

Figure 114: Western Europe Market Value Share (%) and BPS Analysis by Application, 2024 to 2034

Figure 115: Western Europe Market Y-o-Y Growth (%) Projections by Application, 2024 to 2034

Figure 116: Western Europe Market Attractiveness by Type, 2024 to 2034

Figure 117: Western Europe Market Attractiveness by Power Rating, 2024 to 2034

Figure 118: Western Europe Market Attractiveness by Vehicle Type, 2024 to 2034

Figure 119: Western Europe Market Attractiveness by Application, 2024 to 2034

Figure 120: Western Europe Market Attractiveness by Country, 2024 to 2034

Figure 121: Eastern Europe Market Value (US$ million) by Type, 2024 to 2034

Figure 122: Eastern Europe Market Value (US$ million) by Power Rating, 2024 to 2034

Figure 123: Eastern Europe Market Value (US$ million) by Vehicle Type, 2024 to 2034

Figure 124: Eastern Europe Market Value (US$ million) by Application, 2024 to 2034

Figure 125: Eastern Europe Market Value (US$ million) by Country, 2024 to 2034

Figure 126: Eastern Europe Market Value (US$ million) Analysis by Country, 2019 to 2034

Figure 127: Eastern Europe Market Volume (Units) Analysis by Country, 2019 to 2034

Figure 128: Eastern Europe Market Value Share (%) and BPS Analysis by Country, 2024 to 2034

Figure 129: Eastern Europe Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034

Figure 130: Eastern Europe Market Value (US$ million) Analysis by Type, 2019 to 2034

Figure 131: Eastern Europe Market Volume (Units) Analysis by Type, 2019 to 2034

Figure 132: Eastern Europe Market Value Share (%) and BPS Analysis by Type, 2024 to 2034

Figure 133: Eastern Europe Market Y-o-Y Growth (%) Projections by Type, 2024 to 2034

Figure 134: Eastern Europe Market Value (US$ million) Analysis by Power Rating, 2019 to 2034

Figure 135: Eastern Europe Market Volume (Units) Analysis by Power Rating, 2019 to 2034

Figure 136: Eastern Europe Market Value Share (%) and BPS Analysis by Power Rating, 2024 to 2034

Figure 137: Eastern Europe Market Y-o-Y Growth (%) Projections by Power Rating, 2024 to 2034

Figure 138: Eastern Europe Market Value (US$ million) Analysis by Vehicle Type, 2019 to 2034

Figure 139: Eastern Europe Market Volume (Units) Analysis by Vehicle Type, 2019 to 2034

Figure 140: Eastern Europe Market Value Share (%) and BPS Analysis by Vehicle Type, 2024 to 2034

Figure 141: Eastern Europe Market Y-o-Y Growth (%) Projections by Vehicle Type, 2024 to 2034

Figure 142: Eastern Europe Market Value (US$ million) Analysis by Application, 2019 to 2034

Figure 143: Eastern Europe Market Volume (Units) Analysis by Application, 2019 to 2034

Figure 144: Eastern Europe Market Value Share (%) and BPS Analysis by Application, 2024 to 2034

Figure 145: Eastern Europe Market Y-o-Y Growth (%) Projections by Application, 2024 to 2034

Figure 146: Eastern Europe Market Attractiveness by Type, 2024 to 2034

Figure 147: Eastern Europe Market Attractiveness by Power Rating, 2024 to 2034

Figure 148: Eastern Europe Market Attractiveness by Vehicle Type, 2024 to 2034

Figure 149: Eastern Europe Market Attractiveness by Application, 2024 to 2034

Figure 150: Eastern Europe Market Attractiveness by Country, 2024 to 2034

Figure 151: South Asia and Pacific Market Value (US$ million) by Type, 2024 to 2034

Figure 152: South Asia and Pacific Market Value (US$ million) by Power Rating, 2024 to 2034

Figure 153: South Asia and Pacific Market Value (US$ million) by Vehicle Type, 2024 to 2034

Figure 154: South Asia and Pacific Market Value (US$ million) by Application, 2024 to 2034

Figure 155: South Asia and Pacific Market Value (US$ million) by Country, 2024 to 2034

Figure 156: South Asia and Pacific Market Value (US$ million) Analysis by Country, 2019 to 2034

Figure 157: South Asia and Pacific Market Volume (Units) Analysis by Country, 2019 to 2034

Figure 158: South Asia and Pacific Market Value Share (%) and BPS Analysis by Country, 2024 to 2034

Figure 159: South Asia and Pacific Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034

Figure 160: South Asia and Pacific Market Value (US$ million) Analysis by Type, 2019 to 2034

Figure 161: South Asia and Pacific Market Volume (Units) Analysis by Type, 2019 to 2034

Figure 162: South Asia and Pacific Market Value Share (%) and BPS Analysis by Type, 2024 to 2034

Figure 163: South Asia and Pacific Market Y-o-Y Growth (%) Projections by Type, 2024 to 2034

Figure 164: South Asia and Pacific Market Value (US$ million) Analysis by Power Rating, 2019 to 2034

Figure 165: South Asia and Pacific Market Volume (Units) Analysis by Power Rating, 2019 to 2034

Figure 166: South Asia and Pacific Market Value Share (%) and BPS Analysis by Power Rating, 2024 to 2034

Figure 167: South Asia and Pacific Market Y-o-Y Growth (%) Projections by Power Rating, 2024 to 2034

Figure 168: South Asia and Pacific Market Value (US$ million) Analysis by Vehicle Type, 2019 to 2034

Figure 169: South Asia and Pacific Market Volume (Units) Analysis by Vehicle Type, 2019 to 2034

Figure 170: South Asia and Pacific Market Value Share (%) and BPS Analysis by Vehicle Type, 2024 to 2034

Figure 171: South Asia and Pacific Market Y-o-Y Growth (%) Projections by Vehicle Type, 2024 to 2034

Figure 172: South Asia and Pacific Market Value (US$ million) Analysis by Application, 2019 to 2034

Figure 173: South Asia and Pacific Market Volume (Units) Analysis by Application, 2019 to 2034

Figure 174: South Asia and Pacific Market Value Share (%) and BPS Analysis by Application, 2024 to 2034

Figure 175: South Asia and Pacific Market Y-o-Y Growth (%) Projections by Application, 2024 to 2034

Figure 176: South Asia and Pacific Market Attractiveness by Type, 2024 to 2034

Figure 177: South Asia and Pacific Market Attractiveness by Power Rating, 2024 to 2034

Figure 178: South Asia and Pacific Market Attractiveness by Vehicle Type, 2024 to 2034

Figure 179: South Asia and Pacific Market Attractiveness by Application, 2024 to 2034

Figure 180: South Asia and Pacific Market Attractiveness by Country, 2024 to 2034

Figure 181: East Asia Market Value (US$ million) by Type, 2024 to 2034

Figure 182: East Asia Market Value (US$ million) by Power Rating, 2024 to 2034

Figure 183: East Asia Market Value (US$ million) by Vehicle Type, 2024 to 2034

Figure 184: East Asia Market Value (US$ million) by Application, 2024 to 2034

Figure 185: East Asia Market Value (US$ million) by Country, 2024 to 2034

Figure 186: East Asia Market Value (US$ million) Analysis by Country, 2019 to 2034

Figure 187: East Asia Market Volume (Units) Analysis by Country, 2019 to 2034

Figure 188: East Asia Market Value Share (%) and BPS Analysis by Country, 2024 to 2034

Figure 189: East Asia Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034

Figure 190: East Asia Market Value (US$ million) Analysis by Type, 2019 to 2034

Figure 191: East Asia Market Volume (Units) Analysis by Type, 2019 to 2034

Figure 192: East Asia Market Value Share (%) and BPS Analysis by Type, 2024 to 2034

Figure 193: East Asia Market Y-o-Y Growth (%) Projections by Type, 2024 to 2034

Figure 194: East Asia Market Value (US$ million) Analysis by Power Rating, 2019 to 2034

Figure 195: East Asia Market Volume (Units) Analysis by Power Rating, 2019 to 2034

Figure 196: East Asia Market Value Share (%) and BPS Analysis by Power Rating, 2024 to 2034

Figure 197: East Asia Market Y-o-Y Growth (%) Projections by Power Rating, 2024 to 2034

Figure 198: East Asia Market Value (US$ million) Analysis by Vehicle Type, 2019 to 2034

Figure 199: East Asia Market Volume (Units) Analysis by Vehicle Type, 2019 to 2034

Figure 200: East Asia Market Value Share (%) and BPS Analysis by Vehicle Type, 2024 to 2034

Figure 201: East Asia Market Y-o-Y Growth (%) Projections by Vehicle Type, 2024 to 2034

Figure 202: East Asia Market Value (US$ million) Analysis by Application, 2019 to 2034

Figure 203: East Asia Market Volume (Units) Analysis by Application, 2019 to 2034

Figure 204: East Asia Market Value Share (%) and BPS Analysis by Application, 2024 to 2034

Figure 205: East Asia Market Y-o-Y Growth (%) Projections by Application, 2024 to 2034

Figure 206: East Asia Market Attractiveness by Type, 2024 to 2034

Figure 207: East Asia Market Attractiveness by Power Rating, 2024 to 2034

Figure 208: East Asia Market Attractiveness by Vehicle Type, 2024 to 2034

Figure 209: East Asia Market Attractiveness by Application, 2024 to 2034

Figure 210: East Asia Market Attractiveness by Country, 2024 to 2034

Figure 211: Middle East and Africa Market Value (US$ million) by Type, 2024 to 2034

Figure 212: Middle East and Africa Market Value (US$ million) by Power Rating, 2024 to 2034

Figure 213: Middle East and Africa Market Value (US$ million) by Vehicle Type, 2024 to 2034

Figure 214: Middle East and Africa Market Value (US$ million) by Application, 2024 to 2034

Figure 215: Middle East and Africa Market Value (US$ million) by Country, 2024 to 2034

Figure 216: Middle East and Africa Market Value (US$ million) Analysis by Country, 2019 to 2034

Figure 217: Middle East and Africa Market Volume (Units) Analysis by Country, 2019 to 2034

Figure 218: Middle East and Africa Market Value Share (%) and BPS Analysis by Country, 2024 to 2034

Figure 219: Middle East and Africa Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034

Figure 220: Middle East and Africa Market Value (US$ million) Analysis by Type, 2019 to 2034

Figure 221: Middle East and Africa Market Volume (Units) Analysis by Type, 2019 to 2034

Figure 222: Middle East and Africa Market Value Share (%) and BPS Analysis by Type, 2024 to 2034

Figure 223: Middle East and Africa Market Y-o-Y Growth (%) Projections by Type, 2024 to 2034

Figure 224: Middle East and Africa Market Value (US$ million) Analysis by Power Rating, 2019 to 2034

Figure 225: Middle East and Africa Market Volume (Units) Analysis by Power Rating, 2019 to 2034

Figure 226: Middle East and Africa Market Value Share (%) and BPS Analysis by Power Rating, 2024 to 2034

Figure 227: Middle East and Africa Market Y-o-Y Growth (%) Projections by Power Rating, 2024 to 2034

Figure 228: Middle East and Africa Market Value (US$ million) Analysis by Vehicle Type, 2019 to 2034

Figure 229: Middle East and Africa Market Volume (Units) Analysis by Vehicle Type, 2019 to 2034

Figure 230: Middle East and Africa Market Value Share (%) and BPS Analysis by Vehicle Type, 2024 to 2034

Figure 231: Middle East and Africa Market Y-o-Y Growth (%) Projections by Vehicle Type, 2024 to 2034

Figure 232: Middle East and Africa Market Value (US$ million) Analysis by Application, 2019 to 2034

Figure 233: Middle East and Africa Market Volume (Units) Analysis by Application, 2019 to 2034

Figure 234: Middle East and Africa Market Value Share (%) and BPS Analysis by Application, 2024 to 2034

Figure 235: Middle East and Africa Market Y-o-Y Growth (%) Projections by Application, 2024 to 2034

Figure 236: Middle East and Africa Market Attractiveness by Type, 2024 to 2034

Figure 237: Middle East and Africa Market Attractiveness by Power Rating, 2024 to 2034

Figure 238: Middle East and Africa Market Attractiveness by Vehicle Type, 2024 to 2034

Figure 239: Middle East and Africa Market Attractiveness by Application, 2024 to 2034

Figure 240: Middle East and Africa Market Attractiveness by Country, 2024 to 2034