Future of the Electric Vehicle Traction Motor Market: Strategic Analysis and Forecast to 2034

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What Is the Expected CAGR for the Electric Vehicle Traction Motor Market Through 2025?
There has been a substantial expansion in the size of the electric vehicle traction motor market in the past few years. The market, which is currently valued at $12.62 billion in 2024, will escalate to an impressive $18.01 billion in 2025, signifying a Compound Annual Growth Rate (CAGR) of 42.7%. The significant growth during the historic timeframe can be associated with factors such as a spike in hybrid electric vehicles (HEVs) sales, increased disposable income, an intensified focus on electric vehicles, and the rapid rise of urbanization.

What's the Projected Size of the Global Electric Vehicle Traction Motor Market by 2029?
In the coming years, the electric vehicle traction motor market is predicted to undergo a significant expansion, reaching a worth of $69.06 billion in 2029 at a compound annual growth rate (CAGR) of 39.9%. The expected growth during this forecast period is attributed to factors such as the growth of railway networks, stringent environment and emission guidelines, and an uptick in the demand for energy-efficient motors. The forecast period will likely see trends such as prioritizing the sustainability of the comprehensive EV (electric vehicle) supply chain, which includes both the production and disposal of EV traction motors, favoring motors free from rare-earth elements, fostering partnerships and collaborations, pioneering new motor designs and technologies, and escalating investments to enhance financial robustness and product range.

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Top Growth Drivers in the Electric Vehicle Traction Motor Industry: What's Accelerating the Market?
The anticipated rise in hybrid electric vehicle sales is expected to drive the expansion of the electric vehicle traction motor industry. Hybrid electric vehicles merge a conventional internal combustion engine with an electric propulsion system. The escalating sales of these hybrid vehicles are predicted to increase the usage of traction motors, given their crucial role in hybrid and electric vehicles. For instance, as per the U.S. electric vehicle market data from February 2022, the sale of hybrid vehicles reached 59,664 units, which was a 10.2% increase from February 2021, and this included 15,763 cars and 43,801 light trucks. In the same month, Toyota accounted for 63.7% of overall hybrid sales, whereas the Prius (including Prius and Prius C) constituted 3.9% of the hybrid auto sales. Hence, the surging sales of hybrid electric vehicles are projected to stimulate the demand for electric vehicle traction motors in the upcoming period.

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What Trends Will Shape the Electric Vehicle Traction Motor Market Through 2029 and Beyond?
Leading firms in the electric vehicle traction motor market are prioritizing the development of cutting-edge technologies, such as inventive energy-efficient motors and inverters, to augment overall vehicle functioning and efficiency. These motor and inverter packages are integrated systems devised specifically for electric vehicles, marrying a top-tier electric motor with a suitable inverter that effectively handles electrical power transformation. A critical example of this is ABB Ltd, a Swiss technology company specializing in electrification and automation, which in May 2023 unveiled a unique energy-efficient motor and inverter package crafted for electric buses, encompassing the AMXE250 motor and the HES580 inverter. This novel propulsion system includes the first-ever 3-level inverter tailored specifically for buses, resulting in up to 12% less motor losses and a notable reduction of harmonic losses by up to 75% in contrast to traditional 2-level inverters. The AMXE250 motor features high torque density and quieter performance, bolstering dynamic performance and passenger comfort. This progressive technology enhances energy efficiency and increases the lifespan and dependability of the entire electric drivetrain.

What Are the Main 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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Which Top Companies are Driving Growth in the Electric Vehicle Traction Motor Market?
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

Which Regions Will Dominate the Electric Vehicle Traction Motor Market Through 2029?
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.

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