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Automotive Traction Motor Global Market Analysis, Trends, Growth, Research And Forecast 2033
Automotive Traction Motor Global Market
As per the report, the automotive traction motor market size has grown rapidly in recent years. It will grow from $6.25 billion in 2023 to $7.45 billion in 2024 at a compound annual growth rate (CAGR) of 19.1%. The automotive traction motor market size is expected to see rapid growth in the next few years. It will grow to $15.13 billion in 2028 at a compound annual growth rate (CAGR) of 19.4%.
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Rising Electric Vehicle Demand Drives Growth In The Automotive Traction Motor Market
The increasing demand for electric vehicles is expected to propel the growth of the automotive traction motor market going forward. Electric vehicles refer to automobiles powered by electric motors, using rechargeable batteries or other energy storage systems as their primary source of propulsion. The increasing demand for electric vehicles is fueled by environmental concerns, government incentives, advancements in battery technology, rising fuel costs, and improved charging infrastructure. Traction motors are essential for the operation of electric vehicles, converting electrical energy into mechanical motion with high efficiency, providing instant torque, enabling regenerative braking, and contributing to electric vehicles' overall performance, reliability, and environmental benefits. For instance, in April 2023, according to the International Energy Agency, a France-based intergovernmental organization for energy policies, electric vehicle sales are expected to reach 32.2 million in 2025 and 72.3 million by 2030. Therefore, the increasing demand for electric vehicles will drive the automotive traction motor market.
Advancements In High-Efficiency Electric Motor Technologies In The Automotive Traction Market
Major companies operating in the automotive traction motor market are focused on developing innovative devices, such as compact and lightweight electric motors, to enhance efficiency and range in electric vehicles. Compact and lightweight electric motors are designed with reduced size and weight to optimize space and efficiency in various applications, particularly electric vehicles. For instance, in October 2021, Nidec Corporation, a Japan-based electric motor manufacturer, launched its third e-axle traction motor system, a 200 kW Ni200Ex model. The compact unit adopts a light, thin, short, and small motor structure based on Nidec's magnetic circuit design and motor oil-cooling expertise developed through its small precision motor business. It features an optimized design with second-generation inverters and other components, which helps improve the Zeekr 001's power, efficiency, and noise and vibration performance while reducing the vehicle's weight.
The automotive traction motor market covered in this report is segmented -
1) By Motor Type: Alternating Current (AC) Induction Motors, Brushless Direct Current Motor, Permanent Magnet Synchronous Motor, Switched Reluctance Motor
2) By Power Output: Less Than 200 Kw, 200-400 kW, Above 400 kW
3) By Vehicle Type: Passenger Cars, Trucks, Buses, Pickup Trucks, Vans
4) By Electric Vehicle (EV) Type: Battery Electric Vehicle, Fuel Cell Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle
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Major companies operating in the automotive traction motor market are Robert Bosch GmbH, Hitachi Ltd., Siemens AG, General Electric Co., ZF Friedrichshafen AG, Continental Aktiengesellschaft, Magna International Inc., Mitsubishi Electric Corporation, ABB Ltd, Toshiba Corporation, Alstom S.A., Schaeffler Technologies AG & Co. KG, Nidec Corporation, Mahle Group, BorgWarner Inc., Dana Incorporated, Regal Beloit Corporation, Shenzhen Inovance Technology Co. Ltd, Curtiss-Wright Controls Inc., Mitsuba Corporation, CG Power and Industrial Solutions Ltd., American Traction Systems, Jing-Jin Electric Technologies Co Ltd.
Contents of the report:
1. Executive Summary
2. Automotive Traction Motor Market Report Structure
3. Automotive Traction Motor Market Trends And Strategies
4. Automotive Traction Motor Market - Macro Economic Scenario
5. Automotive Traction Motor Market Size And Growth
…..
27. Automotive Traction Motor Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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