Electric Traction Motor Market Revenue to Hit $36.6 Billion

The global electric traction motor market is expected to grow at a CAGR of 20.9%, from 2020 to 2025, to reach USD 36.6 billion by 2025 from an estimated market size of USD 14.2 billion in 2020. A traction motor is an electric motor used for propulsion in various applications, particularly in electric and diesel-electric locomotive applications, such as electrically powered rail vehicles, electric vehicles, trolleybuses, hybrid buses, and mining trucks. Electric traction motors are associated with a wide range of advantages, including high starting torque, lower maintenance costs compared to steam traction motors, low-noise designs, and effortless speed control. This further results in increased demand for high-performance motors and are likely to drive the electric traction motor market during the forecast period.

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