Meticulous Research®—a leading global market research company, published a research report titled, ‘EV Traction Motor Market by Type (DC Brushed Motor, Induction Motor), Power Output (Less than 100 kW, 100 kW to 250 kW), Propulsion Type, Application, and Geography—Global Forecast to 2029.’
The global Electric Vehicle Traction Motor market is projected to reach $ 204.4 billion by 2029, at a CAGR of 37.5% from 2022 to 2029. By volume, this market is expected to grow at a CAGR of 32.1% from 2022 to 2029 to reach 615.4 million units by 2029. The growth of this market is attributed to the stringent regulations for emission control by pushing OEMs to manufacture and sell electric and hybrid vehicles, increased demand for high-performance motors, and favorable government policies and subsidies. Furthermore, the increasing demand for electric vehicles is expected to create significant opportunities for the players operating in this market.
However, the high price of electric vehicles compared to ICE vehicles and motor failure due to overheating pose challenges for the growth of this market. Additionally, high costs and scarcity of raw materials restrain the market growth.
The global EV traction motors market is segmented by type, power output, propulsion type, application, and geography. The study also evaluates industry competitors and analyses the regional and country-level markets.
Based on type, the global EV traction motors market is segmented into DC brushed motor, DC brushless motor, induction motor, permanent magnet synchronous motor (PMSM) and switched reluctance motor (SRM). In 2022, the PMSM segment is expected to account for the largest share of the EV traction motors market. The demand for PMSM has been increasing among EV manufacturers due to the high torque and high power density enabled by high-energy-density permanent motors (neodymium Fe boron (NdFeB) and samarium cobalt (SmCo)). The PMSM segment is further divided into the internal-PMSM and the surface-PMSM. With the same size, the overload capacity of internal PMSM is better. Therefore, it is more common in EVs. High-energy-density PM is affected by low yield and is non-renewable and geopolitical; thus, it’s two times costlier than other raw materials of electric motors. Therefore, techniques that can reduce the costs of PM without substantially sacrificing performance are important for the EV industry.
Based on power output, the global EV traction motors market is segmented into less than 100 kW, 100 kW to 250 kW and more than 250 kW. In 2022, the less than 100 kW segment is expected to account for the largest share of the EV traction motors market. The large market share of this segment is attributed to the increasing adoption of electric scooters and mopeds, increasing investments by government authorities in the development of EV charging infrastructure, and favorable policies, incentives, and subsidies introduced by several state governments. In the automotive industry, power output refers to the amount of mechanical energy generated by the electric traction motor within a given timeframe. It impacts the vehicles’ acceleration, tractability, and ability to climb uphill. Companies widely use charging systems of less than 100kW for small vehicles such as mopeds & scooters and passenger vehicles.
Based on propulsion type, the global Electric Vehicle Traction Motor market is segmented into battery electric vehicles, hybrid vehicles, and fuel cell electric vehicles. The hybrid vehicles segment is further segmented into plug-in hybrid electric vehicles and pure hybrid electric vehicles. In 2022, The battery electric vehicles segment is expected to account for the largest share of the EV traction motors market. The large market share of the segment is attributed to the increasingly stringent emission standards, rising demand for increased fuel efficiency, growing demand for zero-emission vehicles, and a continuous reduction in battery prices. In order to replace the motor, excellent torque characteristics that influence vehicle performance are required. This has increased the demand for EV traction motors.
Based on application, the global EV traction motors market is segmented into passenger vehicles, light commercial vehicles, heavy commercial vehicles, two-wheelers, and e-scooters & bikes. In 2022, the passenger vehicle segment is expected to account for the largest share of the EV traction motors market. The large market share of this segment is attributed to the increasing favorable government policies and subsidies for promoting the adoption of electric vehicles, growing awareness regarding the role of EV traction motors in electric vehicles for reducing emissions, increasing fuel prices, and proactive participation by automotive OEMs in producing integrating EV traction motors into electric passenger vehicles.
Based on geography, the global EV traction motors market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the EV traction motors market. The large share of this regional market is driven by the increasing demands for EVs and associated EV traction motors, a growing number of start-ups offering numerous solutions and services in the electric mobility industry, and increasing government initiatives in developing the traction motors and making incentive programs for EV adopters.
The key players profiled in the global EV traction motor market study include Zytek Group Limited (U.K.), ZF Friedrichshafen AG (Germany), YASA Limited (U.K.), Valeo (France), AB SKF (Sweden), Parker-Hannifin Corp (U.S.), Magnetic System Technology (U.K), Bharat Heavy Electricals Ltd. (India), ABB Ltd (Switzerland), CG Power & Industrial Solutions Ltd. (India), Nidec Corporation (Janan), AMETEK Inc. (U.S.), Toshiba International Corporation (Japan), WEG Equipamentos Elétricos S.A. (Brazil), and Hitachi Industrial Products, Ltd. (Japan).
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Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of type, power output, propulsion type, application, and geography?
- What is the historical market size for EV traction motors across the globe?
- What are the market forecasts and estimates for the period 2022–2029?
- What are the major drivers, restraints, opportunities, and challenges in the global EV traction motors market?
- Who are the major players in the market, and what are their market shares?
- How is the competitive landscape for the global Electric Vehicle Traction Motor market?
- What are the recent developments in the global Electric Vehicle Traction Motors market?
- What are the different strategies adopted by the major players in the market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global EV traction motors market, and how do they compete with other players?
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