What Is The Overview Of The Global Automotive Traction Motor Market?
An automotive traction motor is an electric motor specifically designed to provide propulsion power to vehicles, particularly electric and hybrid electric vehicles (EVs and HEVs). These motors convert electrical energy from the vehicle's battery or generator into mechanical energy to drive the wheels or propel the vehicle. Automotive traction motors are essential in modern automotive electrification efforts, offering advantages such as high efficiency, low emissions, and flexible torque characteristics.
Automotive Traction Motor Global Market Report 2024 provides data on the global automotive traction motor market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive traction motor market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Automotive Traction Motor ?
The automotive traction motor market has grown rapidly, increasing from $6.25 billion in 2023 to $7.45 billion in 2024 at a CAGR of 19.1%. Historical growth factors include government incentives, demand for fuel-efficient alternatives, environmental awareness, EV accessibility, and investments in R&D. The market is projected to reach $15.13 billion by 2028 at a CAGR of 19.4%, driven by stricter emission regulations, reduced battery costs, improved battery performance, and increased EV adoption in urban and emerging markets. Key trends include compact and efficient motor designs, eco-friendly production, recycling initiatives, and faster charging technologies.
What Are The Leading Drivers Of Growth In The Automotive Traction Motor Market?
The automotive traction motor market is expected to expand with the rising demand for electric vehicles. Electric vehicles, which use electric motors for propulsion, are experiencing increasing demand due to environmental concerns, government incentives, and advancements in battery technology. Traction motors are vital for electric vehicles as they convert electrical energy into mechanical motion, providing efficiency and enabling regenerative braking. According to the International Energy Agency, sales of electric vehicles are expected to reach 32.2 million by 2025 and 72.3 million by 2030. Therefore, the rising demand for electric vehicles is driving the growth of the automotive traction motor market.
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How Are The Segments Defined Within The Global Automotive Traction Motor Market?
The automotive traction motor market covered in this report is segmented –
1) By Motor Type: Alternating Current (AC) Induction Motors, Brushless Direct Current Motor, Permanent Magnet Synchronous Motor, Switched Reluctance Motor
2) By Power Output: Less Than 200 Kw, 200-400 kW, Above 400 kW
3) By Vehicle Type: Passenger Cars, Trucks, Buses, Pickup Trucks, Vans
4) By Electric Vehicle (EV) Type: Battery Electric Vehicle, Fuel Cell Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle
How Are New Trends Expected To Influence The Growth Of The Automotive Traction Motor Market?
Key players in the automotive traction motor market are designing compact and lightweight electric motors to enhance efficiency and extend the range of electric vehicles. These motors reduce size and weight while optimizing performance. For example, in October 2021, Nidec Corporation, a Japan-based electric motor manufacturer, launched its third e-axle traction motor system, the 200 kW Ni200Ex model. The compact motor leverages Nidec’s expertise in magnetic circuit design and oil cooling to improve vehicle power, efficiency, and noise performance. This innovation enhances the Zeekr 001 electric vehicle by optimizing its weight and operational characteristics.
Which Region Drives The Highest Growth In The Automotive Traction Motor Market?
Asia-Pacific was the largest region in the automotive traction motor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive traction motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
