The Global Electric Traction Motor Market is estimated to be valued at US$ 18.34 Bn in 2024 and is expected to exhibit a CAGR of 14% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Electric Traction Motor market are ABB Ltd, Alstom SA, BorgWarner Inc., CG Power and Industrial Solutions Ltd, CRRC Corporation Limited, Dana Incorporated, General Electric Company, Hitachi, Ltd., Kirloskar Electric Company Ltd, Magna International Inc., Mitsubishi Electric Corporation, Nidec Corporation, Robert Bosch GmbH, Siemens AG, Traktionssysteme Austria (TSA) GmbH, ZF Friedrichshafen AG.

The key opportunities in the Electric Traction Motor Market Demand include growing investments in rail transit projects worldwide and increasing adoption of electric buses. Technological advancements such as advancements in motor materials, power semiconductors and motor control techniques are fueling the market growth.

Market drivers
Stringent emission norms imposed by governments worldwide to curb pollution is a key factor driving the growth of the electric traction motor market. Rising environmental awareness and growing demand for green transportation solutions are also boosting the adoption of electric vehicles which in turn is propelling the electric traction motor market. Growing investments by governments in rail and metro projects especially in developing countries is another major growth driver for this market.

SWOT Analysis

Strength: Traction motors offer quiet operation and zero emissions. They help reduce transportation sector's carbon footprint. Electric propulsion also has lower maintenance requirements than internal combustion engines.
Weakness: Dependence on imported rare earth minerals for permanent magnet motors. Production still requires refinement to achieve economies of scale and cost parity with diesel equivalents.
Opportunity: Growing global emphasis on reducing vehicular pollution and curbing climate change is driving massive investments in electric mobility. Developing high energy density batteries can boost motor efficiency and range.
Threats: Disruptions in raw material supply chains can impact production. Established auto giants have stronger franchises for gasoline vehicles posing competitive challenges.

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