Electric Vehicle Traction Motor Market Worth $204.4 Billion by 2029

Meticulous Research®-a leading global market research company, published a research report titled, 'Electric Vehicle (EV) Traction Motor Market by Type (PMSM, Induction Motor, BLDC), Power Output (Less than 100 kW, 100 kW to 250 kW, More Than 250kW), Propulsion Type, Application, and Geography - Global Forecast to 2030.'

According to this latest publication from Meticulous Research®, the global electric vehicle traction motor market is projected to reach $137.85 billion by 2030, at a CAGR of 25.5% from 2023-2030. By volume, this market is projected to reach 412.29 million units by 2030, at a CAGR of 20.7% from 2023-2030. The growth of the global electric vehicle traction motor market is driven by factors such as stringent emission regulations driving the manufacture and sales of hybrid and electric vehicles, the increasing demand for high-performance motor, and favorable government policies and subsidies. Furthermore, the increasing demand for electric vehicles is expected to offer growth opportunities for the stakeholders in this market.

However, the high costs and scarcity of raw materials are expected to restrain the growth of this market. In addition, the higher prices of electric vehicles compared to ICE vehicles and motor failure due to overheating can hinder the growth of this market.

Meticulous Research® has segmented this market based on type, power output, propulsion type, application, and geography for efficient analysis. The study also evaluates industry competitors and analyzes the market at country levels.

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Based on type, the global electric vehicle traction motor market is segmented into permanent magnet synchronous motor, DC brushed motor, DC brushless motor, induction motor, switched reluctance motor, and wound rotor synchronous motor. In 2023, the permanent magnet synchronous motor segment is expected to account for the largest share of the global electric vehicle traction motor market. The large market share of this segment is attributed to their benefits, such as high overload capability, efficiency, and compactness. Furthermore, these motor offer high torque even at low speeds, minimal electrical losses, efficient heat dissipation, and low maintenance costs while ensuring high durability and reliability, contributing to their increased adoption.

Based on power output, the global electric vehicle traction motor market is segmented into less than 100 kW, 100 kW to 250 kW, and more than 250 kW. In 2023, the less than 100 kW segment is expected to account for the largest share of the global electric vehicle traction motor market. The large market share of this segment is driven by the increasing adoption of electric scooters and mopeds and favorable policies, incentives, and subsidies introduced by several state governments to drive the adoption of EVs.

Based on propulsion type, the global electric vehicle traction motor market is segmented into hybrid electric vehicles and battery electric vehicles. In 2023, the battery electric vehicle segment is expected to account for the largest share of the global electric vehicle traction motor market. The large market share of this segment is attributed to stringent emission standards, rising demand for increased fuel efficiency, growing demand for zero-emission vehicles, and increasing adoption of battery electric vehicles as private vehicles, autonomous delivery vehicles, industrial vehicles, and public transport.

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Based on application, the global electric vehicle traction motor market is segmented into passenger vehicles, e-scooters & bikes, heavy commercial vehicles, light commercial vehicles, and two-wheelers. In 2023, the passenger vehicles segment is expected to account for the largest share of global electric vehicle traction motor. The large market share of this segment can be attributed to several factors, including the growing demand to enhance the performance, efficiency, and overall driving experience of passenger vehicles, favorable government policies and subsidies aimed at promoting the adoption of electric passenger cars, rising fuel prices that have encouraged consumers to explore electric options, proactive participation by automotive OEMs in producing electric passenger vehicles, and the increasing need to reduce greenhouse gas emissions and combat air pollution associated with traditional internal combustion engine vehicles.

Based on geography, the global electric vehicle traction motor market is segmented into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global electric vehicle traction motor. Asia-Pacific's significant market share can be attributed to the increasing adoption of electric vehicles driven by several factors, including the declining cost of EV components, rising environmental concerns, and rapid technological advancements in developing countries.

Key Players:

The key players operating in the global electric vehicle traction motor market are Zytek Group Limited (U.K.), ZF Friedrichshafen AG (Germany), YASA Limited (U.K.), Valeo (France), Jing-Jin Electric Technologies Co., Ltd. (China), Parker-Hannifin Corp (U.S.), ABB Ltd (Switzerland), Equipmake Holdings PLC (U.S.), Traktionssysteme Austria GmbH (Austria), Electrodrive Powertrain Solutions Pvt. Ltd.(India), Nidec Corporation (Japan), AMETEK Inc. (U.S.), Toshiba International Corporation (Japan), WEG Equipamentos Elétricos S.A. (Brazil), and Hitachi Astemo Ltd. (Japan)

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Scope of the Study:

Electric Vehicle Traction Motor Market Assessment, by Type

Permanent Magnet Synchronous Motor
DC Brushed Motor
DC Brushless Motor
Out-Runner BLDC Motor
In-Runner BLDC Motor
Induction Motor
Switched Reluctance Motor
Wound Rotor Synchronous Motor

Electric Vehicle Traction Motor Market Assessment, by Power Output

Less Than 100 kW
100 kW To 250 kW
More Than 250 kW

Electric Vehicle Traction Motor Market Assessment, by Propulsion Type

Hybrid Electric Vehicles
Pure Hybrid Electric Vehicles
Plug-In Hybrid Electric Vehicles
Battery Electric Vehicles

Electric Vehicle Traction Motor Market Assessment, by Application

Passenger Vehicles
E-Scooters & Bikes
Heavy Commercial Vehicles
Light Commercial Vehicles
Two-Wheelers

Electric Vehicle Traction Motor Market Assessment, by Geography

North America
U.S.
Canada
Europe
Germany
France
U.K.
Norway
Sweden
Netherlands
Italy
Spain
Switzerland
Denmark
Rest Of Europe
Asia-Pacific
China
India
Japan
South Korea
Singapore
Thailand
Rest Of Asia-Pacific
Latin America
Middle East & Africa

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/electric-vehicle-traction-motor-market-5353

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