Traction Motor Market Size Analysis and Top Companies
The global traction motor market size is estimated to hit around USD 32.58 billion by 2033, increasing from USD 12.79 billion in 2023 with a CAGR of 9.66% from 2023 to 2033. The top companies operating in the traction motor are Siemens AG, ABB Ltd., General Electric Company, Bosch Limited, Nidec Corporation, Toshiba Corporation, Hitachi, Ltd., Mitsubishi Electric Corporation, Rockwell Automation, Inc., Regal Beloit Corporation, Schneider Electric SE, WEG S.A., Hyundai Rotem Company, CRRC Corporation Limited, Dana Incorporated, and Others.
Market Report Coverage
| Report Coverage |
Details |
| Growth Rate from 2024 to 2033 |
CAGR of 9.66% |
| Market Size in 2023 |
USD 12.79 Billion |
| Market Size in 2024 |
USD 14.04 Billion |
| Market Size by 2033 |
USD 32.58 Billion |
| Largest Market |
North America |
| Base Year |
2023 |
| Forecast Period |
2024 to 2033 |
| Segments Covered |
Type, Vehicle Type, End User, and Region |
| Regions Covered |
North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Traction Motor Key Players
- Siemens AG
- ABB Ltd.
- General Electric Company
- Bosch Limited
- Nidec Corporation
- Toshiba Corporation
- Hitachi, Ltd.
- Mitsubishi Electric Corporation
- Rockwell Automation, Inc.
- Regal Beloit Corporation
- Schneider Electric SE
- WEG S.A.
- Hyundai Rotem Company
- CRRC Corporation Limited
- Dana Incorporated
Recent Developments
- In July 2021, Mercedes-Benz announced its acquisition of YASA Motors Ltd., a leading innovator in next-gen electric drive technology. As part of the agreement, YASA will become a wholly owned subsidiary of Mercedes-Benz, dedicated to the development of high-performance electric motors. This strategic move underscores Mercedes-Benz's commitment to advancing electric mobility and enhancing its electric vehicle offerings.
- In December 2020, Parker-Hannifin introduced the GVM310, a 310 mm frame high-power permanent magnet A.C. motor. This addition to the Global Vehicle Motor (GVM) family expands Parker-Hannifin's portfolio of electric and hybrid electric motors for both on-road and off-road commercial vehicles. The release emphasizes the company's focus on providing advanced motor solutions to meet the evolving demands of the electric and hybrid vehicle market.
We have prepared a service to support you. please feel free to contact us at sales@precedenceresearch.com | +1 804 441 9344
