The Electric Vehicle Traction Motor Market Overview 2025 report reveals that the market size has grown significantly over the past few years, with projections indicating further expansion.
What are the Historical Growth Trends in the Electric Vehicle Traction Motor Market?
The market size of the electric vehicle traction motor has experienced significant expansion lately. The market, which was valued at $12.62 billion in 2024, is anticipated to escalate to $18.01 billion in 2025, with a compound annual growth rate (CAGR) of 42.7%.
What are the 2025 Market Projections: Forecasted Size & Growth Rate for the Electric Vehicle Traction Motor Industry?
The Electric Vehicle Traction Motor Global Market is projected to reach a value of $69.06 billion in 2029, growing at a Compound Annual Growth Rate (CAGR) of 39.9%.
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What are the Key Growth Drivers Fueling the Electric Vehicle Traction Motor Market?
The key drivers in the electric vehicle traction motor market are:
• Expansion of railway networks contributing to the demand for traction motors
• Strict environmental regulations and emission requirements pushing for cleaner energy technologies
• Increased demand for energy-efficient motors in the EV segment
• Investments and collaborations aimed at improving motor designs and technologies for EV traction motors.
Global Market Segmentation: Identifying Major Electric Vehicle Traction Motor Industry Segments
The electric vehicle traction motor market covered in this report is segmented –
1) By Motor Type: Permanent Magnet Synchronous EV Traction Motors (PMSM), Asynchronous EV Traction Motors (ASM)
2) By Voltage Ratings: High Voltage EV Traction Motors, Low Voltage EV Traction Motors
3) By Vehicle Type: Hybrid Vehicles, Battery Electric Vehicles, Fuel Cell Electric Vehicles
4) By Application: Railways, Passenger And Commercial Vehicles, Other Applications
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What are the Emerging Trends Shaping the Future of the Electric Vehicle Traction Motor Market?
The key trends in the electric vehicle traction motor market are:
• There is a growing focus on the sustainability of the entire Electric Vehicle (EV) supply chain, including the production and disposal of EV traction motors.
• The adoption of rare-earth-free motors is an emerging trend.
• There is a rise in partnerships and collaborations in the market.
• There is a trend towards new and innovative motor designs and technologies.
Who Are the Top Competitors & Leading Players in the Electric Vehicle Traction Motor Market?
Major companies in the electric vehicle traction motor market are:
• Siemens
• ABB Limited
• Hitachi Ltd
• CRRC Corporation Limited
• AB SKF
• Robert Bosch GMBH
• Mitsubishi Motors Corporation
• Parker-Hannifin Corp
• Bharat Heavy Electricals Ltd
• Nidec Corporation
• Kawasaki Heavy Industries Ltd
• Ametek Inc
• Mitsubishi Electric Corporation
• CG Power & Industrial Solutions Ltd
• Toshiba Corporation
• Alstom Logo
• EUROLOOP Ltd
• Born Electric
• GarageStore
• Continental AG
• Ford Motor Company
• Fiat Chrysler Automobiles
• Nissan
• Rivian Automotive
• VIA Motors
• Chevrolet
• Lucid
• WEG
• Eberle Motors
• Voges Motors
• Nova Motores
• Cestari Industrial e Comercial S.A
• Tintori Motores Elétricos
• Motomil Motores Elétricos
• Taizhou Dongchun Motor Co. Ltd
• Iconiq Motors
• One Moto
• MG Motor
• M Glory Holding Group
• General Electric
Regional Dominance: Which Area Leads the Global Template Market?
Asia-Pacific was the largest region in the electric vehicle traction motor market in 2024
