Asia Pacific Excluding Japan (APEJ) was the largest market for traction motors and the trend is expected to continue over the forecast period owing to rapid industrialization, growing production and sales of electric vehicles, and increasing government initiatives for curbing the emission levels.
In 2022, traction motor sales on a global scale were estimated to be 11.7 billion. Between 2022 and 2032, the overall demand is anticipated to grow at a CAGR of 13.0%, surpassing a valuation of 30.0 Billion. The market for traction motors has experienced growth, which can be attributed to the rising demand from a variety of industries, including the automotive and electric & electronics sectors, for high-performance motors.
Electric motors known as traction motors are used to propel various types of vehicles, including elevators, electric and hybrid cars, and locomotives. These motors are very effective and provide many advantages, such as simple maintenance, rapid start and stop, superior dependability, and a pollution-free environment.
Some of the factors driving the growth of the traction motors market include rising investments in railway infrastructure, rising environmental pollution concerns, and growing demand for high-performance motors for a variety of applications.
Because of their superior performance and reduced emissions, traction motors have become the ideal replacement for conventional motors. They are increasingly being used in washing machines, small construction machinery, electric and hybrid vehicles, and many other electrical appliances.
The production of electric vehicles is increasingly being led by nations like China and South Korea. The majority of the demand for traction motors is being driven by the dense concentration of automakers in these nations. According to the International Energy Association (IEA), China had the most electric vehicles on its roads in 2020 with 4.5 million vehicles.
Further boosting the sales of traction motors in the future will be the government’s increasing investments in the construction and expansion of the metro train infrastructure throughout the APEJ regions. The importance of traction motors in metro locomotives has increased. These motors are perfect alternatives to traditional motors and engines because they produce the power needed to turn the wheels of trains.
- General Electric
- Magna International