Global Traction Motor Market – Industry Trends and Forecast to 2029

Global Traction Motor Market, By Type (A.C. Induction Motor, Permanent Magnet Motor, Other), Vehicle Type (Passenger Cars, Commercial Vehicles, Others), Application (Transportation, Industrial Machinery and Equipment, Others), End User (Hybrid Vehicles, Compact Construction Equipment, Escalators, Elevators, Other) – Industry Trends and Forecast to 2029.

Traction Motor Market Analysis and Size

The industry is primarily propelled by strict emission-control laws enacted to ensure environmental sustainability. In the past, a thriving EV market has also pushed expansion prospects. Despite the global automotive industry's experience with recessionary pressures during the COVID-19 pandemic, the outlook for electric vehicle sales has remained positive.

Data Bridge Market Research analyses that the traction motor market which was growing at a value of 12.23 billion in 2021 and is expected to reach the value of USD 20.24 billion by 2029, at a CAGR of 6.50% during the forecast period of 2022-2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Traction Motor Market Scope and Segmentation

Market Definition

Traction is the production of frictional force between two surfaces, either electrically or non-electrically, without slipping. A traction motor is an electric motor that generates rotation torque on a machine and converts it to a straight-line motion. This motor is categorised as a specific class of industrial motors due to the demands of low-torque high-speed cruising, high torque low-speed hill climbing, a high rate of acceleration/deceleration, and a wide working speed range.

Global Traction Motor Market Dynamics

Drivers

• Increasing vehicle electrification

Factors such as increasing vehicle electrification and rising demand for efficient power conversion are expected to drive demand for vehicle traction motors. Furthermore, stringent emission norms and environmental regulations, volatile fossil fuel prices, and the benefits of energy efficiency are among the factors driving demand for vehicle traction motors. Furthermore, rising demand from end-use industries such as automotive and railways is expected to boost demand for vehicle traction motors. Because of government subsidies and discounts, an increasing number of people are purchasing electric vehicles these days.

• High research and development (R&D) activities

The increasing use of high-capacity lithium-ion batteries in rolling stock and traction power is providing lucrative growth opportunities for industry investors and key market players. These companies are heavily investing in research and development (R&D) activities to improve railway systems, allowing them to increase overall sales and profitability. Aside from that, rising investments in electric vehicles (EVs) and the growing need to reduce carbon emissions globally are driving demand for railway traction motors.

Opportunity                     

The electric traction motor market is expected to see significant investment in the coming years. The market will become more profitable as key players increase their investments. During this time, many new innovative traction motors are also coming out.

Restraints

In the forecasted period, an increasing number of operational issues, as well as insulation breakdown and commutation malfunction, will act as market restraints for traction motors.

This traction motor market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the traction motor market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Traction Motor Market

Through the advent of Covid-19, the global electric traction motor has suffered severe consequences. The covid 19 outbreak has caused economic downturn all over the world. During this time period, customer spending in all major countries is changing. Low-income restrictions in several regions are slowing the growth of the transportation industry. This period has seen a reduction in both national and international transportation. Due to these restrictions, the supply chain of the electric traction market is also contested. The industry's supply-demand imbalance can have an impact on profitability. There is also a slowdown in production and a shortage of raw materials for the market. All of these factors have a significant impact on the electric traction motor market outlook.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• In July 2021 Mercedes-Benz will acquire YASA Motors Ltd., a pioneer in next-generation electric drive technology. Under the terms of the agreement, YASA will operate as a Mercedes-Benz wholly-owned subsidiary, developing high-performance e-motors.
• In December 2020 Parker-Hannifin will release the GVM310 310 mm frame high-power, permanent magnet A.C. motor. This new product joins the company's existing Global Vehicle Motor (GVM) family of off-road and on-road commercial electric and hybrid electric vehicles.

Global Traction Motor Market Scope

The traction motor market is segmented on the basis of type, vehicle type, application and end user. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• AC Induction Motor
• Permanent Magnet Motor
• Other

Vehicle type

• Passenger car
• Commercial vehicle
• Others

Application

• Transportation
• Industrial Machinery and Equipment
• Others

End users

• Hybrid Vehicles
• Compact Construction Equipment
• Escalators
• Elevators
• Other

Traction Motor Market Regional Analysis/Insights

The traction motor market is analysed and market size insights and trends are provided by country, type, vehicle type, application and end user as referenced above.

The countries covered in the traction motor market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

The Asia-Pacific region will outperform other regional players. The key driver in this region is the growing global concern about carbon emissions. North America has a sizable market for electric traction motors. In the North American region, there are numerous key players. In addition, overall investments in electric traction motors are high in this region.

Europe is another important market region. Carbon emissions are strictly regulated by the government in this region. The need to reduce carbon emissions is high in this region. Therefore, the launch of energy-efficient technologies will rise in Europe.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Traction Motor Market Share Analysis

The traction motor market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to traction motor market.

Some of the major players operating in the traction motor market are:

• Saft (France)
• SAMSUNG SDI CO.,LTD. (South Korea)
• Lithium Energy Japan (Japan)
• Tianjin Lishen Battery Co., Ltd. (China)
• Shenzhen A&S Power Technology Co., Ltd. (China)
• LITHIUMWERKS (Europe)
• GlobTek, Inc. (U.S.)
• BYD Company Ltd (China)
• Panasonic Corporation (Japan)
• L.G. Chem (South Korea)
• VARTA Microbattery GmbH (Germany)
• Dalian CBAK Power Battery Co., Ltd (China)
• TOSHIBA CORPORATION (Japan)
• CALB USA Inc. (U.S.)
• Shenzhen BAK Technology Co., Ltd. (China)
• Contemporary Amperex Technology Co., Limited (China)
• A123 Systems LLC (U.S.)
• Amperex Technology Limited (China)
• XALT Energy (Switzerland)
• Leclanche SA (Switzerland)
• MicroStep, spol. s r.o. (Germany)