Press release
Electric Vehicle Traction Motor Market: Exponential Growth Forecast with a CAGR of 42.7%, Driven by Hybrid Electric Vehicle Sales and Technological Advancements
Electric Vehicle Traction Motor Market Trends
What Is The Projected Market Size Of The Global Electric Vehicle Traction Motor Market And Its Growth Rate?
The electric vehicle traction motor market is on a path of significant growth with key statistics outlined below:
• The market size was $12.62 billion in 2024.
• By 2025, it's expected to reach $18.01 billion, demonstrating a CAGR of 42.7%.
• The driving factors behind this historic growth include increased sales of hybrid electric vehicles, rising disposable income, a heightened focus on electric vehicles, and rapid urbanization.
• Looking ahead to 2029, the electric vehicle traction motor market size is projected to reach $69.06 billion, marking a CAGR of 39.9%.
• The growth in the forecast period will be attributed to railway network expansion, stringent environmental regulations, and an increasing demand for energy-efficient motors.
What Is Driving The Growth In The Electric Vehicle Traction Motor Market?
Sales of hybrid electric vehicles, which combine conventional internal combustion engines with electric propulsion systems, are playing a crucial role in fuelling the growth of the electric vehicle traction motor market. Traction motors are integral components in these vehicles. Recent data showed that in February 2022, hybrid vehicle sales in the U.S. alone hit 59,664 units, up 10.2% from the previous year. Toyota held the largest market share with 63.7%. Therefore, with the increasing sales of hybrid electric vehicles, demand for electric vehicle traction motors is expected to surge over the forecast period.
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Who Are the Key Players Driving Electric Vehicle Traction Motor Market Growth?
Some of the major players involved in the electric vehicle traction motor market are:
• Siemens
• ABB Limited
• Hitachi Ltd
• CRRC Corporation Limited
• AB SKF
• Robert Bosch GMBH
• Mitsubishi Motors Corporation
• Parker-Hannifin Corp
• Bharat Heavy Electricals Ltd
• Nidec Corporation
• Kawasaki Heavy Industries Ltd
• Ametek Inc
• Mitsubishi Electric Corporation
• CG Power & Industrial Solutions Ltd
• Toshiba Corporation
• Alstom Logo
• EUROLOOP Ltd
• Born Electric
• GarageStore
• Continental AG
• Ford Motor Company
• Fiat Chrysler Automobiles
• Nissan
• Rivian Automotive
• VIA Motors
• Chevrolet
• Lucid
• WEG
• Eberle Motors
• Voges Motors
• Nova Motores
• Cestari Industrial e Comercial S.A
• Tintori Motores Elétricos
• Motomil Motores Elétricos
• Taizhou Dongchun Motor Co. Ltd
• Iconiq Motors
• One Moto
• MG Motor
• M Glory Holding Group
• General Electric
What Are The Key Trends In The Electric Vehicle Traction Motor Market?
In the forecast period, major trends within the electric vehicle traction motor market will include:
• A focus on sustainability of the EV supply chain, including production and disposal of EV traction motors.
• The adoption of rare-earth-free motors.
• Increase in partnerships and collaborations.
• New motor designs and technologies.
• Increased investments to improve financial strength and product portfolio.
What Are The Segments Of The Global Electric Vehicle Traction Motor Market?
Key segments of the global electric vehicle traction motor market include:
• Motor Type: Permanent Magnet Synchronous EV Traction Motors (PMSM), Asynchronous EV Traction Motors (ASM)
• Voltage Ratings: High Voltage EV Traction Motors, Low Voltage EV Traction Motors
• Vehicle Type: Hybrid Vehicles, Battery Electric Vehicles, Fuel Cell Electric Vehicles
• Application: Railways, Passenger And Commercial Vehicles, Other Applications
Which Region Leads The Electric Vehicle Traction Motor Market?
In 2024, the Asia-Pacific region emerged as the leader in the electric vehicle traction motor market. However, North America is projected to be the fastest-growing region during the forecast period.
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What Is Covered In The Electric Vehicle Traction Motor Market Global Market Report?
- Market Size Analysis: Analyze the Electric Vehicle Traction Motor Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electric Vehicle Traction Motor Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Electric Vehicle Traction Motor Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electric Vehicle Traction Motor Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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