Published Date: 31-Aug-2022
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According to a new report, published by KBV research, The Global Electric Traction Motor Market size is expected to reach $23 billion by 2028, rising at a market growth of 11.7% CAGR during the forecast period.
The 200-400 kW segment is showcasing a CAGR of 12.2% during (2022 - 2028). One of the key reasons propelling this market is the wide range of applications for these electric traction motors in metro systems, high-speed trains, and subway trains. These motors can withstand overloads and have a strong starting torque.
The AC segment acquired maximum revenue share in the Global Electric Traction Motor Market by Type in 2021 thereby, achieving a market value of $14.8 billion by 2028. It is because electric cars, industrial machinery, and the rail industry all frequently employ these motors for propulsion. Compared to DC motors, AC motors are more effective and simpler to manage.
The Electric Vehicle segment has shown the growth rate of 12.4% during (2022 - 2028). This motor moves the wheels of the vehicle by drawing energy from the traction battery pack. Some automobiles employ motor generators that serve as both drives and regenerators. The engine of a fuel-powered car is analogous to the drive motor. The drive shaft is turned by using the current's strength. Electrical steel with less electricity loss is needed for the traction motor's improved efficiency; POSCO's Hyper NO can meet this need.
The Asia Pacific market dominated the Global Electric Traction Motor Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $8.6 billion by 2028.The Europe market is exhibiting a CAGR of 11% during (2022 - 2028). Additionally, The North America market would showcase a CAGR of 11.2% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Robert Bosch GmbH, Toshiba Corporation, ABB Group, Siemens AG, Nidec Corporation, General Electric (GE) Co., CG Power & Industrial Solutions Ltd. (Murugappa Group), Mitsubishi Electric Corporation, Ametek, Inc., and Kawasaki Heavy Industries, Ltd.
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