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Electric Vehicle Traction Motor Global Market Report 2024: Future Trends and Forecasts to 2033 | Key Players Siemens, ABB Limited, Hitachi Ltd, CRRC Corporation Limited, AB SKF, Robert Bosch GMBH.
Electric Vehicle Traction Motor Global Market Share
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According to The Business Research Company's, The electric vehicle traction motor market size has grown exponentially in recent years. It will grow from $8.91 billion in 2023 to $12.78 billion in 2024 at a compound annual growth rate (CAGR) of 43.5%. The growth in the historic period can be attributed to increased sales of hybrid electric vehicles (hevs), a rise in disposable income, a rise in focus on electric vehicles and a surge in urbanization.
The electric vehicle traction motor market size is expected to see exponential growth in the next few years. It will grow to $50.65 billion in 2028 at a compound annual growth rate (CAGR) of 41.1%. The growth in the forecast period can be attributed to the expansion of railway networks, strict environmental regulations and emission requirements and an increasing demand for energy-efficient motors. Major trends in the forecast period include focus on sustainability of the entire ev (electric vehicle) supply chain, including the production and disposal of ev traction motors, adoption of rare-earth-free motors, partnerships and collaborations, new and innovative motor designs and technologies and increasing investments to improve financial strength and product portfolio.
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Market Drivers and Trends:
Increased sales of hybrid electric vehicles are expected to propel the growth of the electric vehicle traction motor market. A hybrid electric vehicle is a hybrid vehicle that combines an internal combustion engine and an electric propulsion system. The rapid growth in sales of hybrid electric vehicles is expected to boost the utilization of traction motors, as they are essential components in hybrid and electric vehicles. For instance, in February 2022, according to the U.S. electric vehicle market, 59,664 hybrid vehicles were sold (up 10.2% from February 2021), with 15,763 cars and 43,801 light trucks. In February, Toyota had a 63.7% share of total hybrid sales. Prius (Prius and Prius C combined) sold 3.9% of hybrid vehicles. Therefore, the growing sales of hybrid electric vehicles are expected to boost demand for electric vehicle traction motors during the forecast period.
Technological advancement is a key trend gaining popularity in the electric vehicle traction motor market. Many companies operating in electric vehicle traction motors are developing new products or new technologies to strengthen their position in the electric vehicle traction motor market. For instance, in August 2021, Nidec developed E-Axle, an EV traction motor system that incorporates three components: a motor, an inverter, and a reducer, and may be mounted in a vehicle, doing everything from generating rotating torque from the drive shaft attached to the tires to move the vehicle when powered by electricity. To achieve high productivity and wire-winding performance, Nidec implemented a new cassette inserter method. In addition, Nidec's E-Axle was given a new cooling mechanism.
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Major Key Players of the Market:
SAP SE, IBM Corporation, ANSYS Inc, Microsoft Corporation, General Electric, Siemens AG, Bentley Systems, Dassault Systèmes, ABB Ltd., Oracle Corporation, 51World, FARO, Freedo Technology, Genesys International, Datumix, Esri India, Robert Bosch, Pauley, Sp. z o.o., NCC, PTC, TIBCO Software Inc, SAS Institute Inc, Wilson Sons, Kraken Robotics Inc, ReStudio, Blue Orange Digital, Pagarba Solutions, Aryng, Accern, Azumo, Acccenture Analytics, Tableu Software, Axilion, Beeah Group, TCTx, ShaikhTech, Neom Tech & Digital Company, Experion Technologies, Clariba Consulting, Nice Software Solutions, Sigma Data Systems, BearingPoint, Bosch, Aveva Group, Amazon Web Services.
Electric Vehicle Traction Motor Market 2024 Key Insights:
• The electric vehicle traction motor market size is expected to see exponential growth in the next few years. It will grow to $50.65 billion in 2028 at a compound annual growth rate (CAGR) of 41.1%.
• Surging Sales Of Hybrid Electric Vehicles Drive Growth In The Electric Vehicle Traction Motor Market
• Advancements In Technology Drive Innovation In The Electric Vehicle Traction Motor Market
• Asia-Pacific was the largest region in the electric vehicle traction motor market in 2023
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