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Traction Motors Market

Traction Motors Market By Application (Transportation, Industrial Machinery and equipment, Others), End User (Hybrid Vehicles, Compact Construction Equipment, Escalators, Elevators) & Region - Forecast 2022 - 2032

Market Insights on Traction Motors covering sales outlook, demand forecast & up-to-date key trends

Traction Motors Market Overview

Global sales of traction motors reached around 11.7 Billion in 2022. The overall demand is projected to increase at a CAGR of 13.0% between 2022 and 2032, surpassing valuation of 30.0 Billion by 2032. Growth registered in the traction motors market is attributable to the increasing demand for high performance motors from diverse industries such as automotive and electric & electronics.

Report Attribute

Details

Estimated Base Year Value (2021)

US$ 10.2 Billion

Expected Market Value (2022)

US$ 11.7 Billion

Anticipated Forecast Value (2032)

US$ 30.0 Billion

Projected Growth Rate (2022-2032)

13.0% CAGR

Traction motors are electric motors used for propulsion of vehicles such as locomotives, electric and hybrid vehicles, elevators etc. These motors are highly efficient and offer various benefits including easy maintenance, quick start and stop, superior reliability, and pollution free nature.

Growing demand for high performance motors for various applications, increasing investments in railway infrastructure and growing concerns regarding higher environmental pollution levels are some of the factors propelling the growth of traction motors market.

Traction motors have emerged as ideal alternative to conventional motors on account of their better performance and lower emission. They are being increasingly used in electric and hybrid vehicles, compact construction equipment, washing machines and several other electrical appliances.

The ongoing trend of including automation in mechanical operation is forecast to ignite the importance of traction motors. Surging incorporation of traction motors in consumer appliances like washing machines will remain a chief growth driver during the forecast period.

Similarly, expansion of residential and commercial sectors is fueling sales of traction motors. These traction motors find their usage in elevators and escalators across for faster movement purposes.

Which are Some Prominent Drivers Spearheading Traction Motors Market Growth?

As the world continues to move towards a sustainable future, demand for eco-friendly transport options is on the rise. There has been a substantial increase in the production and sales of electric and hybrid vehicles during the last few years. This is generating immense demand for highly efficient motors like traction motors and the trend is likely to continue in the future.

Traction motors are being increasingly adopted in electric and hybrid vehicles for converting electrical energy to mechanical energy in such a way that the vehicles are propelled. Increasing production and sales of these vehicles are anticipated to push the demand for traction motors at a strong pace during the forecast period. As per the International Energy Association (IEA), more than 10 Mn electric cars were on the world’s roads in 2020.

Similarly, increasing carbon emission is prompting government and other regulatory organizations to launch various strict regulations for encouraging the adoption of electric and hybrid vehicles. For instance, in January 2020, Regulations (EU) 2019/631 entered into force, setting CO2 emission standards for new passenger cars and vans. Implementation of these regulations and emission standards is anticipated to push the sales of fuel-efficient traction motors over the assessment period.

Leading manufacturers are increasingly investing in research and development activities for introducing innovative solutions that will not only provide better performance but also reduce the weight of vehicles.

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What are the Challenges Faced by the Traction Motors Industry?

One of the major factors restraining the growth of traction motors market is the motor failure issue. Usage of very little oil or lubricants in traction technologies makes them susceptible to overheating. This can lead to motor failure.

Moreover, fluctuation in raw material prices is also limiting the growth of traction motors market to some extent.

Why is Asia-Pacific Excluding Japan (APEJ) Emerging as an Opportunistic Traction motors Market?

Asia Pacific Excluding Japan (APEJ) was the largest market for traction motors and the trend is expected to continue over the forecast period owing to rapid industrialization, growing production and sales of electric vehicles and increasing government initiatives for curbing the emission levels.

Countries like China and South Korea are becoming world leaders in electric vehicle production. These countries have an abundant presence of automotive manufacturers which is generating the majority of the demand for traction motors. According to the International Energy Association (IEA), with 4.5 million electric cars, China had the largest number of electric cars on its roads in 2020.

Moreover, increasing investments by government to develop and expand the metro train infrastructure across APEJ regions will further stimulate the sales of traction motors in the future. Traction motors have become significant components of metro locomotives. These motors generate power to rotate the wheels of trains and have become ideal substitutes to conventional motors/engines.

Nikhil Kaitwade
Principal Consultant
LinkedIn
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How is North America Contributing to Growth of the Traction Motors Market?

According to Future Market Insights, North America spearheaded by the U.S. is expected to create plethora of growth opportunities within the traction motors market during the forecast period. Growing adoption of electric vehicles and construction equipment, increasing penetration of automation, favorable government support and presence of leading market players are some of the factors boosting the sales of traction motors in the region.

Countries such as the United States are witnessing huge demand for traction motors from electric car manufacturers like Tesla and General Motors.

In addition to this, there has been a significant rise in the sales of heavy industrial machinery and equipment across these regions. This has further accelerated the growth of traction motors market.

Market Competition

Some of the key participants present in the global traction motors market include Aisin, ABB, Alstom, General Electric, Continental, Mitsubishi, Magna International, and Toshiba among others.

The global traction motors market is highly competitive in nature with leading market players constantly leveraging strategies such as new product launches, price reduction and new facility establishments. Besides this, they are taking full advantage of online distribution channels to increase their sales across attractive regions.

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Report Scope

Report Attribute

Details

Growth Rate

CAGR of 13.0% from 2022 to 2032

Base Year for Estimation

2021

Historical Data

2015-2020

Forecast Period

2022-2032

Quantitative Units

Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032

Report Coverage

Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis

Segments Covered

  • Application
  • End Users
  • Region

Regions Covered

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East and Africa

Key Countries Profiled

  • U.S
  • Canada
  • Brazil
  • Argentina
  • Germany
  • U.K
  • France
  • Spain
  • Italy
  • Nordics
  • BENELUX
  • Australia & New Zealand
  • China
  • India
  • ASEAN
  • GCC
  • South Africa

Key Companies Profiled

  • Aisin
  • ABB
  • Alstom
  • General Electric
  • Continental
  • Mitsubishi
  • Magna International
  • Toshiba

Customization

Available Upon Request

Key Segments Profiled in the Traction Motors Industry Survey

Application:

  • Transportation
  • Industrial machinery and equipment
  • Others

End Users:

  • Hybrid vehicles
  • Compact construction equipment
  • Escalators
  • Elevators
  • Other (Washing machines, Electric Aircraft, etc.)

Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East & Africa

Frequently Asked Questions

FMI projects the global traction motors market to expand at a 13.0% value CAGR by 2032

Asia Pacific Excluding Japan is expected to remain the most opportunistic traction motors market during the forecast period.

Aisin, ABB, Alstom, General Electric, Continental, Mitsubishi, Magna International, and Toshiba are some prominent traction motors manufacturers

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Nikhil Kaitwade
Principal Consultant
LinkedIn
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Traction Motors Market