Global Electric Traction Motor Market size and share is currently valued at USD 15.36 billion in 2024 and is anticipated to generate an estimated revenue of USD 48.50 billion by 2034, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 12.3% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2025 - 2034
Electric traction motors are integral components in electric vehicles, trains, and other transport modes that rely on electric power for propulsion. These motors are designed to convert electrical energy into mechanical energy, which drives the wheels of vehicles. The electric traction motor market includes motors used in electric passenger cars, buses, trains, and two-wheelers, as well as other industrial applications such as electric material handling equipment.
The growth of the electric traction motor market is largely attributed to the global push for cleaner transportation options, stricter environmental regulations, and the growing popularity of electric vehicles. The increasing focus on enhancing motor efficiency, improving the performance of electric drive systems, and lowering costs is further driving innovation in the market. Additionally, government incentives and policies aimed at reducing carbon footprints and promoting sustainable transportation are expected to significantly boost the demand for electric traction motors.
Major Key Players:
- ABB Ltd.
- Bosch Limited
- CG Power and Industrial solutions Ltd.
- Delta Engineering Works
- Denso Corporation
- General Electric Company
- Hitachi Ltd.
- Johnson Electric
- Kirloskar Electric Co.Ltd.
- NIDEC Corp.
- Siemens AG
- Traktionssysteme Austria
- Vem Group
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https://www.polarismarketresearch.com/industry-analysis/electric-traction-motor-market
Market Trends and Country-wise Analysis
United States
The United States is one of the largest markets for electric traction motors, with the ongoing shift toward electric vehicles driving demand for efficient motor solutions. The EV market in the U.S. has witnessed exponential growth, fueled by technological advancements in motor efficiency, battery technologies, and infrastructure development. Electric passenger cars, buses, and commercial vehicles are increasingly using electric traction motors to enhance performance and reduce operational costs. American automakers are heavily investing in research and development to create high-efficiency motors capable of providing higher torque and improved range for EVs. Additionally, the adoption of electric trains in urban transit systems is contributing to the growth of the electric traction motor market in the U.S.
Germany
Germany, as a leader in the automotive and transportation sectors, plays a pivotal role in the global electric traction motor market. The country’s automotive giants, such as Volkswagen, BMW, and Mercedes-Benz, are making significant strides in developing electric vehicles that rely on advanced traction drive systems powered by efficient electric motors. Germany is also investing heavily in public transportation infrastructure, including electric trains and trams, which rely on cutting-edge electric traction motor technologies. The government's commitment to sustainability, coupled with incentives for EV purchases and charging infrastructure, is further fueling the demand for electric traction motors. Furthermore, Germany’s strong focus on reducing carbon emissions through the promotion of electric mobility is expected to drive market growth.
China
China is the largest consumer and producer of electric vehicles globally, and its electric traction motor market is expanding rapidly as a result. The Chinese government has implemented various initiatives to support the adoption of EVs, such as subsidies, tax incentives, and the establishment of extensive EV charging networks. As a result, the country’s electric vehicle production and sales have surged, driving demand for electric traction motors. China is also home to a growing number of electric bus and train fleets, contributing to the increased need for efficient traction motor solutions. Chinese manufacturers are leading the way in producing high-performance motors at competitive prices, making them a major player in the global market. The government’s focus on reducing urban air pollution and achieving carbon neutrality by 2060 will continue to drive the growth of the electric traction motor market in China.
Japan
Japan, a global leader in automotive innovation, has made significant advancements in electric traction motor technology. Japanese automakers such as Toyota, Nissan, and Honda are at the forefront of developing electric vehicles with advanced traction drive systems, contributing to the increasing demand for high-performance electric traction motors. The country’s robust electric train network is also a major contributor to the market’s growth, as Japan continues to expand its investment in sustainable public transportation solutions. In addition to passenger vehicles, electric buses and commercial fleets are becoming more widespread, further driving the need for electric traction motors. Japan's commitment to reducing greenhouse gas emissions and its dedication to clean energy solutions will continue to shape the electric traction motor market in the coming years.
United Kingdom
The United Kingdom has emerged as a key player in the European electric traction motor market, driven by the country’s ambitious targets for decarbonizing the transport sector. The UK government has set a deadline to end the sale of new petrol and diesel cars by 2030, with plans to phase out fossil fuel-based vehicles entirely by 2035. This shift toward electric mobility has led to a significant increase in the demand for electric traction motors, especially in passenger cars and commercial vehicles. The UK is also investing in the electrification of its train networks, with several high-speed electric train projects underway. As part of the country’s push toward sustainable transportation, the adoption of electric buses and delivery vehicles is gaining momentum, further driving demand for efficient electric traction motors.
India
India is experiencing rapid growth in its electric traction motor market, fueled by a rising demand for electric vehicles and government policies aimed at promoting sustainable transportation. The Indian government has introduced various incentives to boost the adoption of electric vehicles, such as subsidies for electric cars, tax rebates, and funding for the development of charging infrastructure. As the EV market in India continues to grow, the demand for electric traction motors is expected to increase significantly. Electric two-wheelers are particularly popular in India, contributing to the rise in demand for compact, efficient motors. Additionally, India’s efforts to electrify its public transportation network, including buses and trains, are also driving the adoption of electric traction motors.
France
France is witnessing strong growth in its electric traction motor market, particularly in the automotive and public transportation sectors. French automakers, including Renault and PSA Group, are actively developing electric vehicles that utilize efficient electric traction motors. The French government has been a key supporter of the EV transition, offering various incentives for electric vehicle purchases and investments in charging infrastructure. France is also investing in the electrification of its public transportation system, including electric buses and trains, which has contributed to the growing demand for electric traction motors. The country’s focus on reducing carbon emissions and achieving its climate goals is expected to continue to drive the expansion of the electric traction motor market.
South Korea
South Korea is making significant strides in the electric traction motor market, driven by its strong automotive industry and commitment to sustainability. South Korean automakers, such as Hyundai and Kia, are at the forefront of developing electric vehicles equipped with high-performance traction motors. In addition, the country is investing heavily in the development of electric buses and trains to reduce air pollution and improve the sustainability of its public transportation system. The government’s push to promote electric mobility through tax incentives, infrastructure development, and environmental policies is further fueling the demand for electric traction motors in South Korea.
Italy
Italy is experiencing steady growth in the electric traction motor market, driven by the increasing adoption of electric vehicles and public transportation electrification. Italian automakers, such as Fiat and Ferrari, are increasingly integrating electric traction motors into their vehicle offerings, meeting the growing consumer demand for eco-friendly transportation options. Additionally, Italy is making significant progress in electrifying its public transport networks, including buses and trains, which is further propelling the market. Government policies aimed at reducing emissions and promoting sustainable transportation are contributing to the growth of the electric traction motor market in Italy.
Australia
Australia’s electric traction motor market is expanding as the country embraces cleaner transportation solutions. With the growing popularity of electric vehicles and the government’s commitment to reducing greenhouse gas emissions, the demand for electric traction motors is on the rise. Australia’s focus on sustainable transportation is evident in its investment in electric buses, which are gradually replacing traditional diesel buses in major cities. The adoption of electric vehicles, both private and commercial, is also increasing, contributing to the demand for advanced electric traction motors. As Australia continues to prioritize eco-friendly transportation options, the electric traction motor market is expected to see significant growth in the coming years.
Conclusion
The global electric traction motor market is experiencing rapid growth, fueled by advancements in motor efficiency, the increasing adoption of electric vehicles, and the global shift toward sustainable transportation. As nations across the world invest in electric mobility infrastructure, electrification of public transportation, and government incentives, the demand for high-performance electric traction motors is set to rise. With ongoing innovations in electric motor technologies, the market is poised for further expansion, creating new opportunities for manufacturers, suppliers, and consumers alike.
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