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.
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
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
3. Research Methodology
- 3.1. Overview
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Electric Traction Motor Market Insights
- 4.1. Electric Traction Motor Market - Market Snapshot
- 4.2. Electric Traction Motor Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Rising Electric Vehicles Demand Drives Market Growth
- 4.2.1.2. Technological Innovations Boosts Market Growth
- 4.2.2. Restraints and Challenges
- 4.2.2.1. High Initial Costs
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTEL Analysis
- 4.5. Electric Traction Motor Market Trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global Electric Traction Motor Market, by Product Type
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 5.3. DC Traction Motor
- 5.3.1. Global Electric Traction Motor Market, by DC Traction Motor, by Region, 2020-2034 (USD Billion)
- 5.4. AC Traction Motor
- 5.4.1. Global Electric Traction Motor Market, by AC Traction Motor, by Region, 2020-2034 (USD Billion)
6. Global Electric Traction Motor Market, by Application
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 6.3. Railways
- 6.3.1. Global Electric Traction Motor Market, by Railways, by Region, 2020-2034 (USD Billion)
- 6.4. Electric Vehicles
- 6.4.1. Global Electric Traction Motor Market, by Electric Vehicles, by Region, 2020-2034 (USD Billion)
- 6.5. Conveyors
- 6.5.1. Global Electric Traction Motor Market, by Conveyors, by Region, 2020-2034 (USD Billion)
- 6.6. Industrial Machinery
- 6.6.1. Global Electric Traction Motor Market, by Industrial Machinery, by Region, 2020-2034 (USD Billion)
7. Global Electric Traction Motor Market, by Power Ratings
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. Global Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 7.3. Below 200 KW
- 7.3.1. Global Electric Traction Motor Market, by Below 200 KW, by Region, 2020-2034 (USD Billion)
- 7.4. 200-400 KW
- 7.4.1. Global Electric Traction Motor Market, by 200-400 KW, by Region, 2020-2034 (USD Billion)
- 7.5. Above 400 kW
- 7.5.1. Global Electric Traction Motor Market, by Above 400 kW, by Region, 2020-2034 (USD Billion)
8. Global Electric Traction Motor Market, by Geography
- 8.1. Key Findings
- 8.2. Introduction
- 8.2.1. Electric Traction Motor Market Assessment, By Geography, 2020-2034 (USD Billion)
- 8.3. Electric Traction Motor Market - North America
- 8.3.1. North America: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.3.2. North America: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.3.3. North America: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.3.4. Electric Traction Motor Market - US
- 8.3.4.1. US: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.3.4.2. US: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.3.4.3. US: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.3.5. Electric Traction Motor Market - Canada
- 8.3.5.1. Canada: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.3.5.2. Canada: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.3.5.3. Canada: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.4. Electric Traction Motor Market - Europe
- 8.4.1. Europe: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.4.2. Europe: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.4.3. Europe: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.4.4. Electric Traction Motor Market - UK
- 8.4.4.1. UK: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.4.4.2. UK: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.4.4.3. UK: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.4.5. Electric Traction Motor Market - France
- 8.4.5.1. France: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.4.5.2. France: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.4.5.3. France: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.4.6. Electric Traction Motor Market - Germany
- 8.4.6.1. Germany: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.4.6.2. Germany: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.4.6.3. Germany: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.4.7. Electric Traction Motor Market - Italy
- 8.4.7.1. Italy: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.4.7.2. Italy: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.4.7.3. Italy: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.4.8. Electric Traction Motor Market - Spain
- 8.4.8.1. Spain: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.4.8.2. Spain: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.4.8.3. Spain: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.4.9. Electric Traction Motor Market - Netherlands
- 8.4.9.1. Netherlands: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.4.9.2. Netherlands: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.4.9.3. Netherlands: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.4.10. Electric Traction Motor Market - Russia
- 8.4.10.1. Russia: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.4.10.2. Russia: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.4.10.3. Russia: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.4.11. Electric Traction Motor Market - Rest of Europe
- 8.4.11.1. Rest of Europe: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.4.11.2. Rest of Europe: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.4.11.3. Rest of Europe: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.5. Electric Traction Motor Market - Asia Pacific
- 8.5.1. Asia Pacific: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.5.2. Asia Pacific: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.5.3. Asia Pacific: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.5.4. Electric Traction Motor Market - China
- 8.5.4.1. China: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.5.4.2. China: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.5.4.3. China: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.5.5. Electric Traction Motor Market - India
- 8.5.5.1. India: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.5.5.2. India: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.5.5.3. India: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.5.6. Electric Traction Motor Market - Malaysia
- 8.5.6.1. Malaysia: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.5.6.2. Malaysia: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.5.6.3. Malaysia: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.5.7. Electric Traction Motor Market - Japan
- 8.5.7.1. Japan: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.5.7.2. Japan: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.5.7.3. Japan: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.5.8. Electric Traction Motor Market - Indonesia
- 8.5.8.1. Indonesia: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.5.8.2. Indonesia: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.5.8.3. Indonesia: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.5.9. Electric Traction Motor Market - South Korea
- 8.5.9.1. South Korea: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.5.9.2. South Korea: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.5.9.3. South Korea: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.5.10. Electric Traction Motor Market - Australia
- 8.5.10.1. Australia: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.5.10.2. Australia: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.5.10.3. Australia: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.5.11. Electric Traction Motor Market - Rest of Asia Pacific
- 8.5.11.1. Rest of Asia Pacific: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.5.11.2. Rest of Asia Pacific: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.5.11.3. Rest of Asia Pacific: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.6. Electric Traction Motor Market - Middle East & Africa
- 8.6.1. Middle East & Africa: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.6.2. Middle East & Africa: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.6.3. Middle East & Africa: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.6.4. Electric Traction Motor Market - Saudi Arabia
- 8.6.4.1. Saudi Arabia: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.6.4.2. Saudi Arabia: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.6.4.3. Saudi Arabia: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.6.5. Electric Traction Motor Market - UAE
- 8.6.5.1. UAE: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.6.5.2. UAE: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.6.5.3. UAE: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.6.6. Electric Traction Motor Market - Israel
- 8.6.6.1. Israel: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.6.6.2. Israel: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.6.6.3. Israel: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.6.7. Electric Traction Motor Market - South Africa
- 8.6.7.1. South Africa: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.6.7.2. South Africa: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.6.7.3. South Africa: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.6.8. Electric Traction Motor Market - Rest of Middle East & Africa
- 8.6.8.1. Rest of Middle East & Africa: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.6.8.2. Rest of Middle East & Africa: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.6.8.3. Rest of Middle East & Africa: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.7. Electric Traction Motor Market - Latin America
- 8.7.1. Latin America: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.7.2. Latin America: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.7.3. Latin America: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.7.4. Electric Traction Motor Market - Mexico
- 8.7.4.1. Mexico: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.7.4.2. Mexico: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.7.4.3. Mexico: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.7.5. Electric Traction Motor Market - Brazil
- 8.7.5.1. Brazil: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.7.5.2. Brazil: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.7.5.3. Brazil: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.7.6. Electric Traction Motor Market - Argentina
- 8.7.6.1. Argentina: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.7.6.2. Argentina: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.7.6.3. Argentina: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
- 8.7.7. Electric Traction Motor Market - Rest of Latin America
- 8.7.7.1. Rest of Latin America: Electric Traction Motor Market, by Product Type, 2020-2034 (USD Billion)
- 8.7.7.2. Rest of Latin America: Electric Traction Motor Market, by Application, 2020-2034 (USD Billion)
- 8.7.7.3. Rest of Latin America: Electric Traction Motor Market, by Power Ratings, 2020-2034 (USD Billion)
9. Competitive Landscape
- 9.1. Expansion and Acquisition Analysis
- 9.1.1. Expansion
- 9.1.2. Acquisitions
- 9.2. Partnerships/Collaborations/Agreements/Exhibitions
10. Company Profiles
- 10.1. ABB Ltd.
- 10.1.1. Company Overview
- 10.1.2. Financial Performance
- 10.1.3. Product Benchmarking
- 10.1.4. Recent Development
- 10.2. Bosch Limited
- 10.2.1. Company Overview
- 10.2.2. Financial Performance
- 10.2.3. Product Benchmarking
- 10.2.4. Recent Development
- 10.3. CG Power and Industrial solutions Ltd.
- 10.3.1. Company Overview
- 10.3.2. Financial Performance
- 10.3.3. Product Benchmarking
- 10.3.4. Recent Development
- 10.4. Denso Corporation
- 10.4.1. Company Overview
- 10.4.2. Financial Performance
- 10.4.3. Product Benchmarking
- 10.4.4. Recent Development
- 10.5. General Electric Company
- 10.5.1. Company Overview
- 10.5.2. Financial Performance
- 10.5.3. Product Benchmarking
- 10.5.4. Recent Development
- 10.6. Hitachi Ltd.
- 10.6.1. Company Overview
- 10.6.2. Financial Performance
- 10.6.3. Product Benchmarking
- 10.6.4. Recent Development
- 10.7. Johnson Electric
- 10.7.1. Company Overview
- 10.7.2. Financial Performance
- 10.7.3. Product Benchmarking
- 10.7.4. Recent Development
- 10.8. Kirloskar Electric Co.Ltd.
- 10.8.1. Company Overview
- 10.8.2. Financial Performance
- 10.8.3. Product Benchmarking
- 10.8.4. Recent Development
- 10.9. NIDEC Corp.
- 10.9.1. Company Overview
- 10.9.2. Financial Performance
- 10.9.3. Product Benchmarking
- 10.9.4. Recent Development
- 10.10. Siemens AG
- 10.10.1. Company Overview
- 10.10.2. Financial Performance
- 10.10.3. Product Benchmarking
- 10.10.4. Recent Development
- 10.11. Traktionssysteme Austria
- 10.11.1. Company Overview
- 10.11.2. Financial Performance
- 10.11.3. Product Benchmarking
- 10.11.4. Recent Development
- 10.12. Vem Group
- 10.12.1. Company Overview
- 10.12.2. Financial Performance
- 10.12.3. Product Benchmarking
- 10.12.4. Recent Development