Global Electric Traction Market Opportunities and Forecast 2023-2030

Electric Traction Market Overview

The global electric traction motor market is driven majorly by factors such as increasing investments in the railway sector and growing demand for energy-efficient motors. Furthermore, unstable fossil fuel prices, emission norms, and environmental regulations are some of the factors expected to boost market growth during the forecast period.

However, price volatility of raw materials such as copper and aluminum and safety and reliability concerns are major factors hindering the market growth. A growing focus on electric vehicles in order to reduce carbon emissions is expected to create a significant opportunity for market players to boost the growth of the market over the forecast period. A motor failure due to overheating is one of the major challenges faced by market players.

Covid-19 Impact on Electric Traction Market:

Like many other industries, COVID-19 badly knocked the electronic and semiconductor industry. This unprecedented event has impacted nearly 230 countries in just a few weeks, resulting in the forced shutdown of manufacturing and transportation activities within and across the countries. This has directly affected the growth of the overall sector. It is estimated that COVID-19 to leave more than USD 30 billion impacts on the electronics and semiconductor industry. The sector is majorly affected due to transport restrictions on major electronics and semiconductor raw material providers. However, the emerging need for semiconductors in several industries will offer rapid market recovery over the future period.

Electric Traction Market Segment Overview

Based on type, the electric traction motor market is segmented into AC and DC. The AC segment is expected to be the largest market for electric traction motors. Earlier, DC motors were preferred for railway applications; however, AC motors are now increasingly being used due to modern power electronics. Compared to DC motors, AC motors are more efficient and easier to control.

Based on power rating, electric traction motor market segmented into <200 kW, 200-400 kW, and >400 kW. The <200kW segment is expected to account for the largest share in the global electric traction motor market in 2020. The large share of this segment can mainly be attributed to the extensive use of below 200 kW power rated motors in electric vehicles and light rail transit vehicles, which is expected to grow at a faster pace in the coming years.

Based on application, electric traction motor market segmented into railway, electric vehicles, elevators, conveyors, and industrial machinery. Railways is expcted to account for the largest share in the global electric traction motor market in 2020. The railways segment is likely to dominate the market in the coming years due to the increased reliance of the railway industry on electric traction motors for enhanced speed control and high start-up torque.

Market Analysis, Insights, and Forecast – By Type

·       AC
·       DC

Market Analysis, Insights and Forecast – By Power Rating

·       <200 Kw
·       200-400 Kw
·       >400 Kw          

Market Analysis, Insights, and Forecast – By Application

·       Railway
·       Electric Vehicles
·       Elevators
·       Conveyors
·       Industrial Machinery

Electric Traction Market Regional Overview

The regional analysis include adoption of electric traction motor products across North America, Europe, Asia-Pacific (APAC), Latin America Middle East & Africa (MEA). Asia-Pacific is the largest regional segment in the global market. This regional segment is projected to account for a significant market share during the forecast period on account of the rising investments in electric vehicles and the growing metro rail network in the region. Asia Pacific is also expected to be the fastest growing market for electric traction motors owing to the increasing need to reduce carbon emissions in the region. China, India, and Japan are the leading countries contributing to the market growth observed in Asia Pacific.

Electric Traction Market, By Geography

·       North America (US & Canada)
·       Europe (UK, Germany, France, Italy, Spain, & Rest of Europe)
·       Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
·       LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)

Electric Traction Market Competitor overview

Some key developments and strategies adopted by manufacturers in Electric Traction are highlighted below.

·       In February 2020, Traktionssysteme Austria TSA launched its new 'High Torque' drive motor for use in electric buses. 

Electric Traction Market, Key Players

·       ABB Ltd.
·       American Traction Systems
·       Robert Bosch
·       Ametek
·       CG Power and Industrial Solutions
·       Kawasaki
·       Mitsubishi
·       Siemens
·       Skoda
·       Traktionssysteme Austria