Global Automotive Traction Motor Market Size Booming 4X to Reach USD 28.4 Billion by 2029
Global automotive traction motor market is flourishing because of favorable government policies, surging demand of electric vehicles, and minimal maintenance.
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Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated global automotive traction motor market size at USD 6.8 billion in 2022. During the forecast period between 2023 and 2029, Report Ocean expects global automotive traction motor market size to grow at a robust CAGR of 22.85% reaching a value of USD 28.4 billion by 2029. Major growth factors of global automotive traction motor market include increasing adoption and awareness about the benefits of electric vehicles, rising manufacturing capacity for high-performance and mid-ranged vehicles/motors, and growing government supportive policies to launch battery and electric-powered cars in developing and developed countries. Technology advancements in electric vehicles have a direct positive impact on the market for traction motors. The automobile traction motor is replacing traditional steam and diesel engines because of its high performance, modest maintenance, better reliability, and uncomplicated design, which is predicted to boost market expansion. Also, the availability of electronic brakes has lowered the cost of brake shoes, rails, and tire types, resulting in less wear and strain on the vehicles. Likewise, rising demand for the product in electric trains, trolleybuses, tramcars, and electric vehicles is expected to fuel the expansion of global automotive traction motor market. However, limited availability of supporting infrastructure is anticipated to restrain the overall market expansion.
Global Automotive Traction Motor Market – Overview:
A traction motor is a type of electric motor that uses electricity to turn the wheels of a vehicle. Automotive traction motors convert electrical energy to mechanical energy and are used to propel metros, railroads, trams, and other purposes. They are widely used in industries such as chemical and petrochemical, oil and gas, energy and power, automotive, food and drinks, and healthcare. Because automobile traction motors consume less power than traditional engines, industries are increasingly shifting away from traditional engines. The automotive traction motor market is expected to grow due to the electric motor’s excellent performance, simple design, better reliability, and low maintenance. In addition, increased production of high-performance motors around the world is propelling the market forward.
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Impact of COVID-19 on Global Automotive Traction Motor Market
The COVID-19 pandemic severely affected the automotive sector. Due to the worldwide lockdown, most production facilities and sites were closed. Furthermore, the raw material supply chain was severely disrupted due to a labor shortage. However, the automotive traction motor market is predicted to increase rapidly during the forecast period due to rising demand for EV and battery-powered vehicles.
Global Automotive Traction Motor Market – By Vehicle:
By vehicle, global automotive traction motor market is segmented into Passenger Cars, Trucks, Buses, Pickup Trucks, and Vans. The buses segment held the highest market share in 2022 due to rising demand for emission-free public transportation. The growing demand for electric buses promotes the demand for automotive traction motors. Increased need for greater torque and power supply in motors, which are required for quick start, powerful acceleration, and high climbing angle in cars and buses, is predicted to drive market expansion during the forecast period.
Competitive Landscape:
Major players operating in global automotive traction motor market include Aisin, ABB Ltd, Alstom S.A., American Traction Systems, Ansaldo Signalling, Bombardier Inc., Borgwarner Inc., Caterpillar Inc., CG Power and Industrial Solutions Ltd., Delphi Automotive LLP, General Electric Co., Hitachi Ltd., Hyundai Rotem Company, Kawasaki Heavy Industries Ltd., Magna International, Mitsubishi Electric Corporation, Nidec Corporation, Prodrive Technologies, and Robert Bosch Gmbh. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Automotive Traction Motor Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Automotive Traction Motor Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Table of Content
Chapter 1: Global Automotive Traction Motor Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Automotive Traction Motor market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Automotive Traction Motor Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Automotive Traction Motor market Size Forecast (2023-2030).
Continue….
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(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Automotive Traction Motor market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Automotive Traction Motor market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Automotive Traction Motor market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Automotive Traction Motor business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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