As said in a statement by P&S Intelligence, the total revenue generated by the electric traction motor market was USD 12,669 million in 2022, and it will grow at a rate of 13.5% by the end of this decade to reach USD 34,891 million by 2030.
The railway category is growing the fastest application with a rate of 13.8% in the years to come. As opposed to roads, the railway is a better option and more lucrative for long-distance mass transport of products and goods. Moreover, chiefly as a result of tech improvements, the presentation of railway engines and motors has improved with regards to locomotive safety and speed.
Electric motors are extensively employed in the railway sector because of their several advantages, such as performance efficiency, modular design, permanency, and low upkeep necessities.
The initiation of inducements and increased support for the formation of manufacturing facilities for these automobiles by regulatory organizations across numerous countries have formed a favorable climate for the development of the e-scooter and motorbike sector.
These beneficial conditions are extended to a count of other areas of the ecosystem for zero-emission motorcycles and scooters, for example battery manufacturing and setting up of charging stations, enticing momentous public investment globally in this field.
The AC category dominated the electric traction motor market, of 86% share, in the recent past, and it will maintain its dominance in the years to come. This is because of the extensive use of AC motors in electric vehicles, industrial equipment, and the railway industry. Such motors are similarly more effective and manageable than DC motors.
The 200–400 Kw dominated the industry in 2022, and it will maintain its position in the years to come. This is as a result of the widespread applications of e- motors with 200–400 kW in metro systems, high-speed subway trains, and numerous supplementary heavy industrial machineries.
Furthermore, the below 200 kW category will grow at a considerable rate in the years to come. This can be credited to the increasing use of e-motors with below 200 kW in the production of light vehicles, favorable environmental and governmental regulations, and an increase in the necessity for dependable motors equipped with high torque.
APAC had the largest share of revenue, of 44%, in the years to come, and will maintain its dominance in the years to come. This has a lot to do with the increasing urbanization, growing per capita income, and advantageous government policies for EVs.
Owing to the increasing demand for the high-performance motors all over the world, the value of the industry will continue to grow in the years to come.
