AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
LONDON, GREATER LONDON, UNITED KINGDOM, November 29, 2024 /EINPresswire.com/ -- The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—limited time only!
What Does The Electric Traction Motor Market Size Look Like in 2024 And Its Growth Rate?
The electric traction motor market size has grown exponentially in recent years. It's set to advance from $16.7 billion in 2023 to $20.09 billion in 2024, recording a compound annual growth rate CAGR of 20.3%. The growth during the historic period can be attributed to factors like increased electrification of transportation, accelerated adoption of electric vehicles EVs, government regulations and emission standards in the automotive industry, hefty investments in EVs, and an overall improvement in energy efficiency.
Add some clarity to this exciting projection with our detailed sample report: https://www.thebusinessresearchcompany.com/sample_request?id=7426&type=smp
How Will The Electric Traction Motor Market Grow in the Future?
Significant expansion awaits the electric traction motor market size in the next few years, with expectations to skyrocket to $40.62 billion by 2028 at a compound annual growth rate CAGR of 19.2%. This predicted growth can be attributed to research and development in motor technology, environmental and sustainability goals, expansion of EV charging infrastructure, increased adoption in commercial and industrial applications, and diversification of electric mobility solutions.
Key market trends include technological advancements in motor design, breakthroughs in battery technology, development of lightweight and compact motor designs, integration of smart and IoT features, and strategic collaborations within the industry.
Gain a more in-depth understanding of these forecast trends with our comprehensive report: https://www.thebusinessresearchcompany.com/report/electric-traction-motor-global-market-report
What Are The Key Drivers of The Electric Traction Motor Market?
One crucial growth driver is the rise in demand for electric vehicles, which will significantly propel the growth of the electric traction motor market. While the economic impact of COVID-19 has dampened demand for petrol and diesel cars, the demand for EVs and hybrid vehicles has risen. Aspirations to achieve net-zero emissions are driving the global shift to emission-free vehicles, which reduces fuel costs, changes consumption from petroleum products to locally produced power vehicles, and ultimately bolsters the market for electric traction motors.
Who Are The Key Industry Players In The Electric Traction Motor Market?
Numerous esteemed companies operate in the global electric traction motor market, including ABB Ltd., Siemens AG, General Electric Company, CG Power and Industrial Solutions Ltd, CRRC Corporation Limited, and Kirloskar Electric Company Ltd., among others. These industry giants have significantly shaped the traction motor market, introducing innovative products and contributing to advancements that further boost market performance.
What Key Trends Are Impacting The Electric Traction Motor Market?
Technological advancement is a key trend gaining popularity in the electric traction motor market. The demand now leans towards novel motor technology such as axial flux. Major companies operating in electric traction motors are focused on providing advanced electric traction motors to strengthen their market position.
How Is The Electric Traction Motor Market Segmented?
The electric traction motor market covers the following segments:
1 By Type: AC, DC
2 By Power Rating: Less Than 200 kW, Between 200 kW To 400 kW, More Than 400 kW
3 By Application: Railway, Electric Vehicle, Elevators, Conveyors, Industrial Machinery
4 By Industry Vertical: Chemical And Petrochemical, Oil And Gas, Energy And Power, Automotive, Food And Beverages, Healthcare, Other Industry Verticals
Which Regions Influence The Electric Traction Motor Market?
Asia-Pacific was the largest region in the electric traction motor market in 2023. Meanwhile, North America is projected to be the fastest-growing region in the electric traction motor market during the forecast period. Other significant regions covered in this market report include Western Europe, Eastern Europe, South America, Middle East, and Africa.
Browse more similar reports-
Motor Vehicle And Parts Dealers Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/motor-vehicle-and-parts-dealers-global-market-report
Automobiles And Heavy Equipment Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/automobiles-and-heavy-equipment-global-market-report
Automotive Halogen Bulbs Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/automotive-halogen-bulbs-global-market-report
The Business Research Company, with over 15000+ reports in 27 industries spanning 60+ geographies, provides comprehensive, in-depth market analysis. Drawing from an extensive collection of 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders, these reports promise rich and exclusive insights.
Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/](https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at [email protected]
Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company](https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ](https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model](https://www.thebusinessresearchcompany.com/global-market-model
Oliver Guirdham
The Business Research Company
+ +44 20 7193 0708
[email protected]
Visit us on social media:
Facebook
X
LinkedIn
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
