Electric Traction Motor Market Trends, Active Key Players and Growth Projection Up to 2030

Global Electric Traction Motor Market was valued at USD 23.69 Bn. in 2023 and is expected to reach USD 81.91 Bn. by 2030 at a CAGR of 19.39 % during the forecast period.
Electric Traction Motor Market Overview:

Growing investments in the railway sector, high demand for effective motors for propulsion application, and rising focus on electric vehicles to condense carbon emissions are driving the market for electric traction motor across the globe. The electric traction motor market is also increasing at a good step in countries includes India, Australia, and South Korea owing to growing investment in railway projects, specifically related to high speed rail and metro trains. Furthermore, fluctuation in the price of raw materials such as copper and aluminium is expected to limiting the growth in the market.