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Electric Traction Motor Market Is Expected To Grow At A Cagr Of 18.10% During The Forecast Period Of
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The electric traction motor market is expected to grow from an estimated USD 12.41 Billion in 2018 to USD 28.51 Billion by 2023, at a CAGR of 18.10% during the forecast period. The market is set to witness significant growth due to the rising demand from railway sector and the increased demand for energy efficient motors. Moreover, the rising demand of electric vehicles offers promising business opportunity in the electric traction motor market.
Browse 61 market data Tables and 38 Figures spread through 129 Pages and in-depth TOC on "Electric Traction Motor Market by Type (AC and DC), Power Rating (400 kW), Application (Railway, Electric Vehicles, Elevators, Conveyors, and Industrial Machinery), and Region - Global Forecast to 2023"
AC segment is expected to be the largest electric traction motor market segment, by type, in 2018.
The AC segment is expected to be the largest segment of the electric traction motor market, by type, in 2018. AC electric traction motors are widely used in the electric vehicles and railway application to provide propulsion and higher torque. Advantages of AC motor, such as less maintenance compared to DC motor, better speed acceleration, and higher efficiency are the key drivers for the growth of the AC electric traction motor market.
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