The electric traction motor market was USD 12,669 million in 2022, and it will power at a rate of 13.5% in the years to come, to reach, USD 34,891 million by 2030.
The railway category will be the fastest growing application with a rate of 13.8% in the years to come. As opposed to roads, the railway is a better option and more lucrative for long-distance mass transport of products and goods.
Moreover, chiefly because of technical developments, the railway engine and motor performance has improved with regards to locomotive safety and speed.
Electric motors are extensively utilized in the railway sector because of many advantages, such as performance efficiency, modular design, longevity, and low maintenance.
The AC category had a larger revenue share, of 86%, and it continue like this in the years to come. This is because of the widespread use of AC motors in industrial equipment, EVs, and the railway industry. Such motors are also more effective and manageable than DC motors.
The 200–400 kW category had the largest share of revenue, in 2022, and it will maintain the position in the years to come. This is because of the wide-ranging uses of electric motors with 200–400 kW in high-speed metro systems; subway trains, and numerous added heavy industrial machineries.
Furthermore, the below 200 kW category will observe a considerable growth in the future. This has a lot to do with the growing use of electric motors with below 200 kW in the manufacturing of lightweight vehicles, advantageous environmental and governmental regulations, and an increase in the requirement for reliable motors with high torque.
APAC dominated the electric traction motor market, with a share of 44%, in 2022, and it will continue like this in the near future as well, as said by P&S Intelligence, in one of its reports. This is because of the increasing urbanization, growing per capita income, and favorable policies of the government for EVs.
Furthermore, constant expansions of the transportation infra, including railway connections, high-speed bullet trains, HEVs, and metro rail systems; and the growing requirement for industrial railway rolling stock and narrow gauges, such as hybrid, electric, and diesel-electric locomotives, contribute to the progress in demand for these motors in the region.
Europe will have a considerable growth in the future. This will be due to rapid urbanization, leading to increased air pollution, GHG emissions, and energy waste; the growing focus of the government on the execution of effective and workable transportation solutions; and the increasing daily commuter traffic.
It is due to the growing demand for high-performance motors in the world, the demand for electric traction motors will continue to rise in the coming years as well.
