Electric Traction Motor Market

Electric Traction Motor Market Highlights

The global electric traction motor market is expected to cross a value of USD 32.4 billion by the end of 2032. The market was valued at USD 13.1 billion in 2023 and is expected to expand at a CAGR of 12.9% between 2024-2032.

• Over the mid-term, the rising need for energy efficient motor is the primary factor anticipated to drive the global electric traction motor market.
• The lack of EV charging infrastructure is a major factor to challenge the market growth.
• The North America electric traction motor market is projected to dominate the global market.

Electric Traction Motor Market Outlook

An electric traction motor is a type of motor that is particularly designed for providing propulsion in vehicles for instance in trains, electric vehicles (EVs), and Hybrid Electric Vehicles (HEVs). It provides force to drive the wheels or axles of the vehicles, giving the necessary traction to power the vehicle’s movement. The basic principle of converting electrical energy into mechanical energy is applied to the working of electric Vehicle (EV) traction motor.

According to our KD Market Insights analyst’s view, the manufacturers of EVs are manufacturing electric motors with higher efficiency, power density, and reliability, which is enhancing the growth of the electric traction motor market. New advances such as rare-earth magnet materials, advanced motor control algorithms, and lightweight designs add to the functioning and competitiveness of electric traction motors, turning them more attractive to automakers and consumers. Our research experts have observed that nearly 4% of the total life time costs of electric motors is represented by its product price while the other 96% includes the cost of electricity and maintenance. ElectraDrive Technologies, VoltMotion Motors, and TurboTraction Solutions are some of the significant parties in the global market for electric traction motor.

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Electric Traction Motor Market Drivers – Analyst’s Observation

According to the analysts at KD Market Insights, some key growth drivers for the global electric traction motor market are:

• Rising Need to Reduce Environmental Pollution: Electric traction motors is beneficial in reducing environmental pollution as they help to hoard energy. With the increasing focus of government on developing stern regulations to reduce carbon emissions, the need for increasing the use of environment-friendly technologies would grow. Hence the implementation of environmental regulation will show benefits for the adoption of electric traction motors. Our experts have researched that about 3 billion people worldwide are exposed to hazardous levels of air pollution.
• Increasing Expansion of Electric Vehicle Categories: Auto manufacturers are enlarging their electric vehicle contribution across different sectors including passenger cars, commercial vehicles, and buses. The variation of electric vehicle models and the insertion of new electric vehicle platforms raises the demand for electric vehicle drive motor as each vehicle requires one or more electric motors for propulsion. Such a factor is therefore expected to drive the market growth during the forecast period.

Which Probable Factors Could Hamper the Growing Electric Traction Motor Market Trend?

As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of electric traction motor are:

• Lack of EV Charging Infrastructure: The wide-ranging approval of electric vehicles requires strong charging infrastructure, including public charging stations, fast charging networks and home charging solutions. However, the extension of charging infrastructure halts the rising need for electric vehicles in many regions. Focusing on the infrastructure gaps and confirming convenient charging options is essential to provide the continued growth of the electric traction market.
• Concern for Availability of Raw Materials: The electric traction market depends on difficult worldwide supply chain for components such as electric motors, batteries, and power electronics. Stock chain disturbances, geographic political tensions, and lack of raw materials affect manufacturing schedules and manufacturing costs. Therefore, confirming a robust and sustainable supply chain is required to alleviate risk and maintain a thrust of market growth.

How is the Global Electric Traction Motor Market Segmented?

Our experts at KD Market Insights have segmented the global electric traction motor market as:

What are the Probable Factors Influencing the North America Electric Traction Motor Market Forecast?

The North America electric traction motor market is majorly driven by the massive collaboration and partnerships between the electric motor suppliers, technology companies, as well as the automotive manufacturers. Besides this, the expanding infrastructure for electric vehicle chargers in the region, which according to the U.S. Department of Energy’s (DOE) Alternative Fueling Station Locator represented a 7.7% increase in the number of EV charging ports in 3Q2023 in the United States alone, is also projected to contribute to the market growth in the region.

As per our analysts at KD Market Insights, the following five players lead the North America electric traction motor market growth:

• NorthVolt Motors
• AmeriDrive Technologies
• ElectraTrack Solutions
• VoltWheels Motors
• PowerNorth Dynamics

Which Key Players Top the Global Electric Traction Motor Market Share?

As per our analysts at KD Market Insights, the competitive landscape of global electric traction motor market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with electric traction motor market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global electric traction motor market share:

• ElectraDrive Technologies
• VoltMotion Motors
• TurboTraction Solutions
• PowerTrain Dynamics
• AmpereDrive Systems
• ElectriCoil Motors
• CurrentFlow Motors
• SparkDrive Technologies
• ElectricMotion Motors
• DynamoDrive Solutions
• E-Traction Dynamics
• ElectraPropel Motors

What are the Recent Developments Observed in the Electric Traction Motor Market?

Over the years, the experts at KD Market Insights have been observing the recent developments associated with global electric traction motor market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.

For instance, Nidec recently announced the launch of two new tractor motor systems that comes with a 200KW new-age motor and a reduction gearbox.

Further, Tata Motors stated that it has received a contract for supplying 300 Urban 9/9 electric buses to the existing public transport fleet of Ahmedabad, India.