Electric Vehicle Traction Motor Market Size Forecasted To Achieve $69.06 Billion By 2029 With Steady Growth

The Electric Vehicle Traction Motor Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Electric Vehicle Traction Motor Market Size and Projected Growth Rate?
Over the recent years, the market size of electric vehicle traction motors has experienced significant expansion. The market is projected to expand from $12.62 billion in 2024 to $18.01 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 42.7%. The past growth has been largely fueled by factors such as heightened sales of hybrid electric vehicles (HEVs), increased disposable income, a growing emphasis on electric vehicles and a surge in urbanization.

The market for electric vehicle traction motors is anticipated to experience immense growth in the coming years, reaching a value of $69.06 billion by 2029 with a CAGR of 39.9%. This surge during the projection period can be credited to factors such as the expansion of railway networks, stringent environmental norms and emission restrictions, and a rising call for energy-efficient motors. Noteworthy trends during this prediction period comprise a focus on the sustainability of the EV (electric vehicle) supply chain incorporating the manufacturing and disposal of EV traction motors, the utilization of motors free of rare-earth elements, connections and cooperations, revolutionary motor designs and technologies, alongside increasing investments to augment financial robustness and product range.

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What Are the Major Segments in the Electric Vehicle Traction Motor Market?
The electric vehicle traction motor market covered in this report is segmented -

1) By Motor Type: Permanent Magnet Synchronous EV Traction Motors (PMSM), Asynchronous EV Traction Motors (ASM)
2) By Voltage Ratings: High Voltage EV Traction Motors, Low Voltage EV Traction Motors
3) By Vehicle Type: Hybrid Vehicles, Battery Electric Vehicles, Fuel Cell Electric Vehicles
4) By Application: Railways, Passenger And Commercial Vehicles, Other Applications

Subsegments:
1) By Permanent Magnet Synchronous EV Traction Motors (PMSM): Surface-Mounted PMSM, Interior Permanent Magnet (IPM) Motors
2) By Asynchronous EV Traction Motors (ASM): Induction Motors, Squirrel Cage Motors

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What Are The Driving Electric Vehicle Traction Motor Market Evolution?
The surge in sales of hybrid electric vehicles is predicted to spur the expansion of the electric vehicle traction motor market. Hybrid electric vehicles, which integrate an internal combustion engine with an electric propulsion system, are becoming increasingly popular. This upward trend in sales is predicted to increase the use of traction motors, crucial components in hybrid and electric vehicles. Data from the U.S. electric vehicle market from February 2022 revealed sales of 59,664 hybrid vehicles, an increase of 10.2% from February 2021. These sales included 15,763 cars and 43,801 light trucks. Toyota commanded a 63.7% share of total hybrid sales in February. The combined sales of Prius and Prius C made up 3.9% of hybrid vehicle sales. Thus, the burgeoning sales of hybrid electric vehicles are anticipated to stimulate demand for electric vehicle traction motors in the coming years.

Which Firms Dominate The Electric Vehicle Traction Motor Market Segments?
Major companies operating in the electric vehicle traction motor market include 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 Trends Are Expected to Dominate the Electric Vehicle Traction Motor Market in the Next 5 Years?
Major firms in the electric vehicle traction motor market are making strides in the field of new technologies, such as unique energy-efficient motor and inverter packages. These innovations seek to boost the overall performance and efficiency of vehicles. Energy-efficient motor and inverter packages are integrated systems specifically engineered for electric vehicles, which encompass a high-performance electric motor and an inverter that effectively handles electrical power conversions. To illustrate, ABB Ltd., a prominent Switzerland-based firm specializing in electrification and automation, introduced a unique energy-efficient motor and inverter package in May 2023, aimed at electric buses. This package included the AMXE250 motor and the HES580 inverter. The newly developed propulsion system possessed the initial 3-level inverter engineered specifically for buses, which resulted in up to 12% less motor losses and curtailed harmonic losses by up to 75% in contrast to conventional 2-level inverters. The AMXE250 motor is recognized for its high torque density and low-noise operation, effectively enhancing dynamic performance and passenger comfort. This novel technology amplifies energy efficiency and extends the lifespan and reliability of the entire electric drivetrain.

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Which Is The Largest Region In The Electric Vehicle Traction Motor Market?
Asia-Pacific was the largest region in the electric vehicle traction motor market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle traction motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Electric Vehicle Traction Motor Market?
2. What is the CAGR expected in the Electric Vehicle Traction Motor Market?
3. What Are the Key Innovations Transforming the Electric Vehicle Traction Motor Industry?
4. Which Region Is Leading the Electric Vehicle Traction Motor Market?

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