Nearly 20% Growth Predicted for Electric Traction Motor Market

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Strong demand for electric traction motors is on the rise

Strong demand for electric traction motors is on the rise

The electric traction motor is an electric motor that is useful for the propulsion of a vehicle, for example, an electric vehicle or electric locomotive. Market Research Future (MRFR) has released a research report about the global electric traction motor market that ciphers progress for this market at 18.08% CAGR during the forecast period between 2018 and 2023.

The key factor raising the global electric traction motor market high is the strong demand for electric traction motors in railway application and electric vehicles. Other factors leading the market towards growth include rising demand for electricity from renewable energy sources and surging demand for secure power supply.

Electric Traction Motor Market Segmentation

The global electric traction motor market segmentation covers application, power rating, and type. MRFR is exploring the features of these segments to understand market trends.

Based on application, the market segmentation covers conveyors, elevators, electric vehicle, railway, and industrial machinery. During the forecast period, the market growth can be driven due to the high demand for electric traction motors in railway and electric vehicles applications.

On the basis of power rating, the market can be segmented into below 200 Kilo Watt (KW), 200 KW to 400 KW, and above 400 KW. As per type, the market is being segmented into alternating current (AC) and direct current (DC).

Regional Segmentation

The regional segmentation of the global electric traction motor market covers Asia Pacific, Europe, South America, North America, the Middle East & Africa (MEA), and Rest of the World (RoW).

The Asia Pacific is the biggest regional market due to rising urbanization, increasing demand from the railway sector, and supportive government plans. The country-specific markets of note in this region are Japan, China, India, and South Korea. Other countries of the Asia Pacific region also form a sizable market.

North America is another major regional market due to technological advancement, the presence of key market players, and government regulations aiming to reduce the carbon emissions. The foremost country-specific markets in this region are the USA, Canada, and Mexico.

Europe is rising as another important regional market as vehicle-users in this region are gradually shifting from diesel-based locomotives to diesel-electric locomotives and electric locomotives. Other factors moving the market growth in this region include incentives to encourage electric vehicles, government regulations to minimize carbon emissions, the presence of some key market players, and technological advancement that is second only to North America. The most important country-specific market in Europe is Germany, followed by France, Italy, and the UK. Other countries in Europe make a significant contribution to the market.

South America is a market smaller than North America, as the availability of advanced technology is limited in this region. However, Argentina and Brazil are two influential economies that can rise as markets offering high revenue in the future. In the MEA region, the market is limited due to lack of skilled labor and lack of technology.

Latest Industry News

Essex Magnet Wire and its subsidiary Essex MagForceX Innovation Center have announced a launch of new high-temperature rated insulation system called EnduroTempTM 260+ for the windings of traction motors that are utilized in electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles. A thin film insulation, EnduroTempTM 260+ can not only extend the life of traction motors in critical transportation applications, but it has also been designed specifically to withstand higher operating temperatures with at most 265°C thermal endurance. EnduroTempTM 260+ also protects the motor against deterioration created by the modern power electronics controlling the motor.

In Berne, the ABB has unveiled its first electric truck that incorporates an electric traction motor. This truck is a three-ax model. Although developed with E-Force One, this truck runs on ABB technology. The company has planned to convert its fleet to zero-emission vehicles by the end of 2022.

About Market Research Future:

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This press release was originally distributed on the ABNewswire.