Electric Vehicle Traction Motors Market to be Worth $173 Billion by 2031

Meticulous Research® has released a comprehensive report titled "Electric Vehicle Traction Motors Market by Type (PMSM, Induction Motor, BLDC), Power Output (Less than 100 kW, 100 kW to 250 kW, More Than 250 kW), Propulsion Type, Vehicle Type, and Geography - Global Forecast to 2031." According to this report, the global electric vehicle (EV) traction motors market is forecasted to expand significantly, reaching a value of $173 billion by 2031, with a robust compound annual growth rate (CAGR) of 25.5% from 2024 to 2031. In terms of volume, the market is expected to achieve 497.6 million units by 2031, growing at a CAGR of 20.7% over the same period. Key factors driving this growth include strict emission regulations encouraging hybrid and electric vehicle production, the increasing demand for high-performance motors, and supportive government policies promoting EV adoption. Nonetheless, challenges such as high costs and raw material shortages could limit the market's growth.

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Key Drivers and Market Opportunities

With the rising demand for electric vehicles, the EV traction motors market presents considerable growth opportunities for industry stakeholders. Various regulatory bodies globally are enforcing stringent emission standards, boosting the production and sale of hybrid and electric vehicles. Moreover, incentives and subsidies are encouraging consumers to shift from internal combustion engines (ICE) to eco-friendly alternatives, further bolstering the demand for traction motors in EVs. However, high costs and material shortages, along with challenges such as the risk of motor overheating and higher prices of EVs compared to conventional vehicles, remain significant concerns for the industry.

Market Segmentation by Motor Type

The electric vehicle traction motors market is segmented based on motor type into DC brushed motors, DC brushless motors, induction motors, permanent magnet synchronous motors (PMSM), and switched reluctance motors (SRM). Among these, the permanent magnet synchronous motor segment is set to lead the market, projected to account for over 78.0% of the global share by 2024. This dominance is attributed to PMSM's advantages, including high overload capability, enhanced efficiency, compact design, and low noise levels. PMSM's excellent torque stability and speed regulation make it highly suitable for EV applications, ensuring a high market share for the segment. Conversely, the induction motor segment is expected to witness the highest growth rate during the forecast period due to growing investments in research and development (R&D) aimed at improving motor efficiency and performance. With fewer moving parts, induction motors also offer reduced maintenance requirements and higher durability, which further contributes to their growth.

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Market Segmentation by Power Output

By power output, the market is divided into three segments: motors with less than 100 kW output, those with outputs between 100 kW and 250 kW, and those with more than 250 kW output. Motors with less than 100 kW output are anticipated to capture the largest share, exceeding 65.0% of the market by 2024. This is primarily due to the increasing adoption of electric scooters and mopeds, especially in densely populated urban areas where compact, lower-power EVs are more viable. Additionally, the implementation of incentives and subsidies to boost EV adoption is driving demand within this power segment. The less-than-100 kW segment is also expected to register the highest CAGR throughout the forecast period.

Market Segmentation by Propulsion Type

The market segmentation based on propulsion type includes hybrid electric vehicles (HEVs) and battery electric vehicles (BEVs). The battery electric vehicle segment is poised to dominate, forecasted to hold over 64.0% of the market by 2024. This segment's high market share can be attributed to stricter emission standards, increased demand for fuel efficiency, and a preference for zero-emission vehicles, which align with BEVs' characteristics. The adoption of BEVs is also growing due to their applications in personal transportation, industrial applications, and autonomous delivery. The BEV segment is projected to exhibit the highest growth rate during the forecast period, driven by the evolving focus on sustainable and fuel-efficient transportation options.

Market Segmentation by Vehicle Type

In terms of vehicle type, the market is categorized into passenger vehicles, e-scooters and bikes, heavy commercial vehicles, light commercial vehicles, and two-wheelers. Passenger vehicles are anticipated to hold the largest share, over 81.0% of the EV traction motors market, by 2024. This segment's substantial share is attributed to increasing efforts to improve vehicle performance, efficiency, and the overall driving experience for passenger EVs. Government policies and subsidies to promote electric passenger vehicles, along with proactive contributions by original equipment manufacturers (OEMs) in producing electric passenger cars, are propelling this segment's growth. Additionally, rising fuel costs and a growing preference for sustainable transportation solutions are driving the adoption of EV passenger vehicles.

Regional Analysis

The EV traction motors market is segmented geographically into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to lead the market with over 41.0% of the global share by 2024, driven by factors such as the falling costs of EV components, heightened environmental awareness, and rapid technological advancements across emerging economies. Countries in the Asia-Pacific region are experiencing high EV adoption rates as governments encourage sustainable practices, and manufacturers focus on scaling up production to meet the demand.

In contrast, the European EV traction motors market is projected to experience the highest CAGR of 27.3% during the forecast period. Several factors contribute to this growth, including stringent emission regulations enforced by the European Union, expanding EV charging infrastructure, and significant investments in electric vehicle initiatives by governments across the region.

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Key Players:

Some of the key players operating in the electric vehicle traction motors market are Zytek Automotive Ltd (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 (U.S.), WEG Equipamentos Elétricos S.A. (Brazil), Hitachi Astemo, Ltd. (Japan), Dana Limited (U.S.), Robert Bosch GmbH (Germany), BorgWarner Inc. (U.S.), and Shanghai Edrive Co. Ltd. (China).

Key questions answered in the report-

Which are the high-growth market segments based on type, power output, propulsion type, and vehicle type?
What was the historical market for electric vehicle traction motors?
What are the market forecasts and estimates for the period 2024-2031?
What are the major drivers, restraints, and opportunities in the electric vehicle traction motors market?
Who are the major players in the electric vehicle traction motors market?
What is the competitive landscape like?
What are the recent developments in the electric vehicle traction motors market?
What are the different strategies adopted by the major players in the electric vehicle traction motors market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global electric vehicle traction motors market, and how do they compete with the other players?

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