Electric Vehicle Traction Motor
What market dynamics are playing a key role in accelerating the growth of the electric vehicle traction motor market?
The surge in hybrid electric vehicle purchases is projected to fuel the expansion of the electric vehicle traction motor market. Hybrid electric vehicles, which blend the functioning of an internal combustion engine and an electrical propulsion system, are growing rapidly in sales. It’s anticipated that this increase will heighten the application of traction motors since they play a pivotal role in these hybrid and electric vehicles. For example, on the basis of the U.S. electric vehicle market in February 2022, there were 59,664 hybrid vehicles sold, marking a 10.2% increase from February 2021, subdivided into 15,763 cars and 43,801 light trucks. In the same month, Toyota dominated with a 63.7% share of total hybrid sales. Prius (including Prius and Prius C) contributed to 3.9% of total hybrid sales. Consequently, the escalating sales of hybrid electric vehicles are anticipated to stimulate the demand for electric vehicle traction motors in the foreseeable future.
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How will the growth rate of the electric vehicle traction motor market shape industry trends by 2034?
The market size of the electric vehicle traction motor has witnessed rapid expansion over the recent years. Its growth is predicted to escalate from $12.62 billion in 2024 to $18.01 billion in 2025, marking a compound annual growth rate (CAGR) of 42.7%. The impressive growth during the previous period is the result of higher sales of hybrid electric vehicles (HEVs), an increase in disposable income, heightened attention on electric vehicles, and a boom in urbanization.
The market for electric vehicle traction motors is projected to expand significantly in the coming years, reaching a size of $69.06 billion by 2029 with a 39.9% compound annual growth rate (CAGR). The expected surge within the forecast duration is due to factors such as the enlargement of railway system, stringent eco-friendly rules and emission standards, along with a rising demand for energy-saving motors. Key trends to watch during this forecast period are the emphasis on sustainability throughout the whole EV (electric vehicle) supply chain, which encompasses the manufacturing and disposal of EV traction motors, adoption of motors that don’t rely on rare earth, partnerships and collaborations, introduction of newly designed motor techniques, and higher investments to strengthen financial capability and product range.
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What trends are poised to drive the future success of the electric vehicle traction motor market?
The prime players in the electric vehicle traction motor market are concentrating on creating new tech upgrades, which includes unique energy-efficient motor and inverter packages. These are major enhancements aimed at boosting vehicle performance and efficiency. The energy-efficient motor and inverter packages are systems specifically engineered for electric vehicles that pairs an advanced electrical motor with a suitable inverter overseeing the optimal transfer of electrical power. In the context, ABB Ltd., a Swiss-based tech firm with expertise in automation and electrification, in May 2023, introduced an energy-efficient motor and inverter package exclusively designed for electric buses. The package features the AMXE250 motor and the HES580 inverter. The highlight of this new propulsion system is the first-ever 3-level inverter designed solely for buses, which offers a reduction up to 12% in motor losses and a significant drop, up to 75%, in harmonic losses when compared to traditional 2-level inverters. The AMXE250 motor is distinctive with its high torque density and quieter functionality, thereby improving performance dynamics and ameliorating passenger comfort. This breakthrough tech not only elevates energy efficiency but also prolongs the durability and dependability of the complete electric drivetrain.
Which primary segments of the electric vehicle traction motor market are driving growth and industry transformations?
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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Which geographical regions are pioneering growth in 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.
Who are the influential players reshaping the electric vehicle traction motor market landscape?
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
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What Is Covered In The Electric Vehicle Traction Motor Global Market Report?
• Market Size Forecast: Examine the electric vehicle traction motor market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the electric vehicle traction motor market for a structured understanding.
• Key Players Overview: Analyze major players in the electric vehicle traction motor market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the electric vehicle traction motor market.
• Segment Contributions: Evaluate how different segments drive overall growth in the electric vehicle traction motor market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the electric vehicle traction motor market.
• Industry Challenges: Identify potential risks and obstacles affecting the electric vehicle traction motor market.
• Competitive Landscape: Review strategic developments in the electric vehicle traction motor market, including expansions, agreements, and new product launches.
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