Electric Traction Motor Market Size Worth USD 48.50 Billion by 2034 | CAGR: 12.3%

The electric traction motor market size is expected to reach USD  48.50 billion by 2034, according to a new study by Polaris Market Research. The report “ Electric Traction Motor Market Size, Share, Trends, Industry Analysis Report: By Product Type (DC Traction Motor and AC Traction Motor), Application, Power Ratings, and Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Electric traction motors are motors that provide power to vehicles and other machines to generate torque to drive wheels and axles. The high power density of electric traction motors increases their utilization across various sectors, such as automotive, significantly boosting market growth. Manufacturers have been concentrating on enhancing the efficiency of these motors over time to achieve greater energy conservation in locomotives. In addition, the improved efficiency has notably impacted maintenance costs, as the latest fully enclosed traction motors necessitate less maintenance compared to traditional models. Consequently, the demand for high-efficiency electric traction motors is rapidly growing due to their increasing availability and utilization.

The growing emphasis on environmental protection has led to an increase in demand for electric vehicles, which is a key factor driving market growth. Moreover, the government is increasingly developing initiatives to promote sustainable and eco-friendly alternatives. Hence, the shift from fuel vehicles to electric vehicles is increasing the utilization of traction motors to enhance battery power and driving experience.

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Further, technological advancements are leading to the development of the Internet of Things (IoT), which is driving the electric traction motor market growth. The integration of AI and IoT enhances the functioning of vehicles. Additionally, the development of machine learning in traction motors helps reduce damage to machines, vehicles, and others. For example, conditioning monitoring algorithms are used in traction motors to monitor temperature, vibrations, and power consumption. Hence, technological advancements are fostering innovations and enhancing the operational activities that are significantly driving market growth.

Electric Traction Motor Market Report Highlights

• By product type analysis, the DC motor segment is expected to dominate the market due to advanced features, wide availability, and low maintenance expenditures.
• Based on power ratings analysis, the 200–400 kW power rating segment is expected to dominate the market due to its applications in various sectors such as railways and others.
• The electric traction motor market in Asia Pacific is experiencing significant growth due to the rapidly growing automotive sector. Electric traction motors are widely used in the manufacturing of electric vehicles across the region.

• The key market players are ABB Ltd.; CG Power and Industrial solutions Ltd.; Hitachi Ltd.; General Electric Company; Kirloskar Electric Co. Ltd.; Bosch; Johnson Electric; Siemens AG; NIDEC Corp.; Traktionssysteme Austria;  Vem Group; and Delta Engineering Works.

Polaris Market Research has segmented the electric traction motor market report based on product type, application, power ratings, and region:

By Product Type Outlook (Revenue – USD Billion, 2020–2034)

• DC Traction Motor
• AC Traction Motor

By Application Outlook (Revenue – USD Billion, 2020–2034)

• Railways
• Electric Vehicles
• Conveyors
• Industrial Machinery

By Power Ratings Outlook (Revenue – USD Billion, 2020–2034)

• Below 200 KW
• 200–400 KW
• Above 400 kW

By Regional Outlook (Revenue – USD Billion, 2020–2034)

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
  • Rest of Asia Pacific
• Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of the Middle East & Africa

Electric Traction Motor Report Scope