What is the Historical Analysis of the Electric Vehicle Traction Motor Market Size?
The electric vehicle traction motor market has seen considerable growth due to a variety of factors.
• In recent times, we've seen a significant enlargement of the electric vehicle traction motor market. It is expected to expand from $12.62 billion in 2024 to $18.01 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 42.7%.
Factors that have contributed to this upward growth trend in the past include an upswing in the sales of hybrid electric vehicles (HEVs), an increase in disposable income, a heightened attention towards electric vehicles, and a surge in urban development.
What Does Future Hold for The Electric Vehicle Traction Motor Market Size?
The electric vehicle traction motor market is expected to maintain its strong growth trajectory in upcoming years.
• The market for electric vehicle traction motors is projected to experience significant expansion in the coming years, with expectations to reach a market value of $69.06 billion by 2029, growing at a CAGR of 39.9%.
This growth can be attributed to factors such as the enlargement of railway networks, stringent environmental rules and emission standards, as well as a rising demand for energy-effective motors. Key trends during this period include a focus on the sustainability of the whole EV supply chain, from the production to the disposal of EV traction motors, the use of motors free from rare earth elements, strategic partnerships and collaborations, introduction of new motor designs and technology, as well as increased investment to strengthen financial capabilities and enhance product offerings.
What Factors Are Driving Growth In The Electric Vehicle Traction Motor Market?
The electric vehicle traction motor market is set to benefit from the growing sales of hybrid electric vehicles. These hybrid vehicles, equipped with both an internal combustion engine and an electric propulsion system, are seeing a significant increase in sales. This is expected to stimulate the use of traction motors, which are fundamental components in both hybrid and electric vehicles. For instance, the U.S. electric vehicle market reported 59,664 hybrid vehicle sales in February 2022, marking a 10.2% increase from the previous year. The sales included 15,763 cars and 43,801 light trucks. Toyota was the dominant player in hybrid sales with a market share of 63.7% in February, and Prius, which includes the Prius and Prius C models, accounted for 3.9% of hybrid sales. The continued sales expansion of hybrid electric vehicles is therefore anticipated to spur the demand for electric vehicle traction motors in the future.
What Is The Segmentation Of The Global Electric Vehicle Traction Motor Market?
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
Subsegments:
1) By Permanent Magnet Synchronous EV Traction Motors (PMSM): Surface-Mounted PMSM, Interior Permanent Magnet (IPM) Motors
2) By Asynchronous EV Traction Motors (ASM): Induction Motors, Squirrel Cage Motors
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What Emerging Trends Are Shaping The Electric Vehicle Traction Motor Market?
Leading enterprises in the electric vehicle traction motor market are emphasizing on innovating new technologies like energy-efficient motor and inverter packages to improve the vehicle’s performance and efficiency in general. These energy-efficient motor and inverter packages are comprehensive systems specifically designed for electric vehicles to combine a superior electric motor with a corresponding inverter that proficiently handles electrical power conversion. For example, ABB Ltd., an electric and automation technology company based in Switzerland, introduced a groundbreaking energy-efficient motor and inverter package tailored for electric buses, incorporating the AMXE250 motor and the HES580 inverter in May 2023. The newly launched propulsion system comes with the first 3-level inverter specially designed for buses, which guarantees around 12% less motor losses and reduces harmonic losses by roughly 75% as opposed to standard 2-level inverters. The AMXE250 motor offers high torque density and operates at a lower noise level hence improving dynamic performance while ensuring passenger comfort. This cutting-edge technology enhances energy efficiency while prolonging the durability and dependability of the whole electric drivetrain.
Who Are the Key Players in the Electric Vehicle Traction Motor Market?
Major companies operating in the electric vehicle traction motor market include:
• 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
What are the Regional Insights into the Electric Vehicle Traction Motor Market?
Asia-Pacific was the largest region in the electric vehicle traction motor market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle traction motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
