Electric Vehicle Traction Motor Market Worth $204.4 Billion by 2029

Meticulous Research®, a prominent global market research company, has released a report titled 'Global Forecast to 2030 - Electric Vehicle (EV) Traction Motor Market.' According to this recent publication, the global market for electric vehicle traction motors is anticipated to achieve a valuation of $137.85 billion by 2030, exhibiting a robust Compound Annual Growth Rate (CAGR) of 25.5% from 2023 to 2030. In terms of volume, the market is projected to reach 412.29 million units by 2030, at a CAGR of 20.7% during the same period. The growth of this market is driven by factors such as stringent emission regulations, increased manufacturing and sales of hybrid and electric vehicles, a growing demand for high-performance motors, and favorable government policies and subsidies. The rising adoption of electric vehicles is also expected to present growth opportunities for stakeholders in this market.

Despite these positive indicators, challenges such as high costs and raw material scarcity may act as constraints on market growth. Additionally, the higher prices of electric vehicles compared to internal combustion engine (ICE) vehicles and motor failures due to overheating pose potential hindrances to market expansion.

Meticulous Research® has segmented the market based on type, power output, propulsion type, application, and geography for a thorough analysis. The study also assesses industry competitors and provides a detailed market analysis at the country level.

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In terms of type, the global electric vehicle traction motor market is divided 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 dominate the market, owing to its benefits such as high overload capability, efficiency, and compactness. These motors offer high torque even at low speeds, minimal electrical losses, efficient heat dissipation, and low maintenance costs, contributing to their increased adoption.

Based on power output, the global market is categorized into less than 100 kW, 100 kW to 250 kW, and more than 250 kW. The less than 100 kW segment is anticipated to account for the largest share in 2023, driven by the increasing adoption of electric scooters and mopeds and favorable policies, incentives, and subsidies introduced by several state governments to boost EV adoption.

The market is segmented by propulsion type into hybrid electric vehicles and battery electric vehicles. In 2023, the battery electric vehicle segment is projected to hold the largest market share, attributed to stringent emission standards, rising demand for increased fuel efficiency, growing demand for zero-emission vehicles, and the increasing adoption of battery electric vehicles across various applications.

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The application segment includes passenger vehicles, e-scooters & bikes, heavy commercial vehicles, light commercial vehicles, and two-wheelers. In 2023, the passenger vehicles segment is expected to dominate the global market, driven by the growing demand to enhance the performance, efficiency, and overall driving experience of passenger vehicles, along with favorable government policies and subsidies promoting the adoption of electric passenger cars.

Geographically, Asia-Pacific is anticipated to account for the largest share of the global electric vehicle traction motor market in 2023. This significant market share is attributed to the increasing adoption of electric vehicles driven by factors such as the declining cost of EV components, rising environmental concerns, and rapid technological advancements in developing countries.

Key Players:
Key players operating in the global electric vehicle traction motor market include 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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This release was published on openPR.