What are the Historical Developments and Current Growth Metrics of the Automotive Traction Motor Market?
The automotive traction motor market has seen considerable growth due to a variety of factors.
• The automotive traction motor market has experienced rapid growth in recent years. It will rise from $7.45 billion in 2024 to $8.91 billion in 2025, reflecting a CAGR of 19.7%.
Growth drivers include government incentives and regulations, higher demand for fuel-efficient alternatives, growing environmental awareness, increased EV charging station availability, and significant R&D investments by automotive manufacturers.
What Does Future Hold for The Automotive Traction Motor Market By 2029?
The automotive traction motor market is expected to maintain its strong growth trajectory in upcoming years.
• The automotive traction motor market is projected to grow rapidly, reaching $18.04 billion by 2029 with a CAGR of 19.3%.
This growth is attributed to tightening global emission regulations, decreasing costs of key electric vehicle components, improvements in battery capacity and efficiency, the integration of ADAS in electric vehicles, increased EV adoption in urban mobility, and the growth of EV adoption in emerging markets. Trends include the development of more efficient and compact traction motors, improved battery performance and cost reduction, traction motors optimized for autonomous vehicles, eco-friendly production and recycling of motor components, and faster, more efficient charging technologies.
What Are The Primary Growth Drivers In The Automotive Traction Motor Market?
The automotive traction motor market is expected to grow due to the increasing demand for electric vehicles. These vehicles, which use electric motors powered by rechargeable batteries or other energy storage systems, are gaining popularity due to concerns about the environment, government incentives, advancements in battery technology, rising fuel costs, and better charging infrastructure. Traction motors are crucial for electric vehicles, converting electrical energy into mechanical motion, offering instant torque, enabling regenerative braking, and enhancing overall performance. According to the International Energy Agency, electric vehicle sales are projected to reach 32.2 million by 2025 and 72.3 million by 2030, which will boost the automotive traction motor market.
What Is The Segmentation Of 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
Subsegments:
1) By Alternating Current (AC) Induction Motors: Squirrel Cage Induction Motors, Wound Rotor Induction Motors, High Efficiency Ac Induction Motors, High-Torque Ac Induction Motors For Evs, Low-Speed Ac Induction Motors For City Vehicles, Ac Induction Motors With Regenerative Braking Capabilities
2) By Brushless Direct Current (BLDC) Motors: Inner Rotor Bldc Motors, Outer Rotor Bldc Motors, High-Power Bldc Motors For Performance Evs, Low-Cost And Compact Bldc Motors For Urban Mobility, Bldc Motors With Integrated Controllers For Efficiency, Water-Cooled Bldc Motors For Heavy-Duty Applications
3) By Permanent Magnet Synchronous Motors (PMSM): Surface-Mounted Pmsm, Interior Permanent Magnet (IPM) Motors, High-Speed Pmsm For Sports And Performance Vehicles, Pmsm With Integrated Power Electronics, High-Torque Density Pmsm For Commercial Evs, Pmsm For Hybrid Electric Vehicles (HEVS)
4) By Switched Reluctance Motors (SRM): Radial Switched Reluctance Motors, Axial Switched Reluctance Motors, High-Torque Srms For Heavy-Duty Evs, Low-Cost And Simple Srms For Budget Ev Models, High-Speed Switched Reluctance Motors For High-Performance Evs, Srm With Advanced Control Systems For Efficiency
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What Trends Are Reshaping The Future Of The Automotive Traction Motor Market?
In the automotive traction motor market, companies are innovating with magnet-free electric motors to enhance vehicle performance and extend range. ZF Friedrichshafen AG, a Germany-based technology company, introduced the I2SM (In-Rotor Inductive-Excited Synchronous Motor) in September 2023. The motor uses inductive excitation instead of permanent magnets, improving energy efficiency by 15% and reducing CO2 emissions during production by up to 50%.
Who Are the Key Players In The Automotive Traction Motor Market?
Major companies operating in the automotive traction motor market are:
• Robert Bosch GmbH
• Hitachi Ltd.
• Siemens AG
• General Electric Co.
• ZF Friedrichshafen AG
• Continental AG
• Magna International Inc.
• Mitsubishi Electric Corporation
• ABB Ltd
• Toshiba Corporation
• Alstom S.A.
• Schaeffler Technologies AG & Co. KG
• Nidec Corporation
• Mahle Group
• BorgWarner Inc.
• Dana Incorporated
• Regal Beloit Corporation
• Shenzhen Inovance Technology Co. Ltd
• Curtiss-Wright Controls Inc.
• Mitsuba Corporation
• CG Power and Industrial Solutions Ltd.
• American Traction Systems
• Jing-Jin Electric Technologies Co Ltd.
What Are The Regional Insights Into The Automotive Traction Motor Market?
Asia-Pacific was the largest region in the automotive traction motor market in 2024. 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.
