EV Traction Motor Market: Product Innovation and Differentiation to Rope in Lucrative Growth Opportunities Through 2026

Imposition of stringent government regulations regarding emission of air pollutants has led to surge in production of electric vehicles globally. In order to comply with regulations imposed by the regulating authorities in both developing and developed countries, leading manufacturers are shifting their focus towards production of electric vehicles. Increasing production of electric vehicles will continue to fuel demand for traction motors in the automotive industry. Leading manufacturers are concentrating on incorporating innovative features in the traction motors to offer enhanced efficiency.

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In order to improve customer experience, leading automotive firms are incorporating smart features in the electric motors. Incorporation of smart features enables the end users to track the operations of traction motors and fuels the efficiency, lifespan, and reliability of the vehicles. Operational data recorded can conveniently be transferred to the cloud-based server. Stored information is analyzed and then transmitted as a feedback to the connected devices. Through product innovation, leading companies are focusing on attaining a competitive edge in the global market.

More Than US$ 14,900 Mn Opportunity in Global EV Traction Motor Market

According to Fact.MR, the global EV traction motor market is projected to reach a value of over US$ 14,900 Mn by the end of 2026. With surge in production of electric vehicles, demand for traction motors is projected to remain high. Growing need for regenerative brakes and propulsion in the electric vehicles has led the leading manufacturers to focus on developing innovative traction motors. In addition, regulating authorities in developed and developing countries are imposing stringent regulations regarding emission of greenhouse gases and air pollution. This has led the leading manufacturers to shift their focus towards production of electric vehicles. As incorporation of EV traction motors provides efficiency, reliability, and power density, manufacturers are concentrating on integrated with advanced features in traction motors. Leading manufacturers are concentrating on incorporating smart sensors and advanced gearbox. Through integration of smart features in traction motors, leading manufacturers are concentrating on product innovation. Attributed to such factors, demand for electric vehicle traction motors is projected to remain high. In order to gain a competitive edge in the global market, leading firms are focusing on integrating innovative features in the traction motors to enhance efficiency of the electric vehicles.

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As the need for maintenance free motors continues to persist, demand for induction/asynchronous motors is likely to remain high. In terms of revenue, induction/asynchronous motors is projected to witness the highest growth in the global market by 2026-end. Demand for the high voltage EV traction motors is projected to remain high as it produces high torque. Throughout 2026, high voltage EV traction motors is projected to generate significant revenues in the global market. Sales of the traction motors is projected to remain high for the mild hybrid vehicles. In terms of revenue, mild hybrid vehicles is projected to record a robust growth in the global market by 2026-end.

Major companies in the global market are YASA Motors Ltd., Zytek Group Limited, ZF TRW Automotive Holdings Corporation, SKF AB, Valeo SA, Magnetic Systems Technology, Parker-Hannifin Corp., ABB Limited, and Bharat Heavy Electricals Ltd.

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