Automotive Traction Motor Industry to See Robust Expansion, Valued at $17.02 Billion by 2029

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What Is the Projected CAGR for the Automotive Traction Motor Market from 2024 to 2025?
The automotive traction motor market has seen a quick expansion in its size in recent times. Its value is projected to rise from $7.45 billion in 2024 to about $8.81 billion in 2025, implying a compound annual growth rate (CAGR) of 18.3%. Factors contributing to this increase in the historical period include government rules and incentives, a growing demand for fuel-efficient options, heightened environmental consciousness, a preference for eco-friendly transportation, the improved accessibility of electric vehicle charging stations, as well as significant investments in research, development, and production by automotive manufacturers.

What are the Expected Market Size and CAGR for Automotive Traction Motor by 2029?
In the next few years, the automotive traction motor market is projected to experience swift expansion, reaching $17.02 billion in 2029 with a compound annual growth rate of 17.9%. This growth in the predicted period can be linked to a stricter global emission regulation environment, falling prices of batteries and other crucial electric vehicle parts, ongoing enhancements in battery capacity and effectiveness, increased use of advanced driver-assistance systems (ADAS) in electric vehicles, rising acceptance of EVs in city mobility solutions, and growing EV adoption in emerging markets. Key trends during this forecast period include the design of more effective and compact traction motors, advancements in battery functionality and cost savings, traction motors fine-tuned for autonomous vehicle needs, a focus on environmental-friendly production and component recycling, and the creation of more rapid and efficient charging technologies.

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Which Factors Are Driving the Global Automotive Traction Motor Market Expansion?
The upward trend in the demand for electric cars is anticipated to boost the expansion of the automotive traction motor market. Electric vehicles are cars driven by electric motors that utilize rechargeable batteries or other energy storage devices as the main propulsion source. Factors fueling the heightened demand for these vehicles include environmental concerns, government subsidies, advances in battery technology, increasing fuel prices, and better charging infrastructure. Traction motors play a crucial role in the functionality of electric vehicles, transforming electric energy into mechanical movement efficiently, supplying immediate torque, facilitating regenerative braking, and enhancing the overall performance, dependability, and eco-friendliness of the vehicles. For instance, the France-based International Energy Agency expects electric vehicle sales to soar to 32.2 million in 2025 and further rocket to 72.3 million by 2030. As a result, the surge in demand for electric cars will contribute to the growth of the automotive traction motor market.

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Which Segment Currently Holds the Largest Share of the Automotive Traction Motor Market?
The automotive traction motor market covered in this report is segmented -

1) By Motor Type: Alternating Current (AC) Induction Motors, Brushless Direct Current Motor, Permanent Magnet Synchronous Motor, Switched Reluctance Motor
2) By Power Output: Less Than 200 Kw, 200-400 kW, Above 400 kW
3) By Vehicle Type: Passenger Cars, Trucks, Buses, Pickup Trucks, Vans
4) By Electric Vehicle (EV) Type: Battery Electric Vehicle, Fuel Cell Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle

Subsegments:
1) By Alternating Current (AC) Induction Motors: Squirrel Cage Induction Motors, Wound Rotor Induction Motors, High Efficiency Ac Induction Motors, High-Torque Ac Induction Motors For Evs, Low-Speed Ac Induction Motors For City Vehicles, Ac Induction Motors With Regenerative Braking Capabilities
2) By Brushless Direct Current (BLDC) Motors: Inner Rotor Bldc Motors, Outer Rotor Bldc Motors, High-Power Bldc Motors For Performance Evs, Low-Cost And Compact Bldc Motors For Urban Mobility, Bldc Motors With Integrated Controllers For Efficiency, Water-Cooled Bldc Motors For Heavy-Duty Applications
3) By Permanent Magnet Synchronous Motors (PMSM): Surface-Mounted Pmsm, Interior Permanent Magnet (IPM) Motors, High-Speed Pmsm For Sports And Performance Vehicles, Pmsm With Integrated Power Electronics, High-Torque Density Pmsm For Commercial Evs, Pmsm For Hybrid Electric Vehicles (HEVS)
4) By Switched Reluctance Motors (SRM): Radial Switched Reluctance Motors, Axial Switched Reluctance Motors, High-Torque Srms For Heavy-Duty Evs, Low-Cost And Simple Srms For Budget Ev Models, High-Speed Switched Reluctance Motors For High-Performance Evs, Srm With Advanced Control Systems For Efficiency

Which Major Trends Are Shaping the Future of the Automotive Traction Motor Industry?
Leading players in the automotive traction motor market are concentrating on creating novel products, such as magnet-free electric motors, to enhance performance and increase vehicle range. This type of motor operates without the need for permanent magnets, instead using alternative solutions like reluctance or induction to generate movement. For example, in September 2023, ZF Friedrichshafen AG, an automotive technology firm from Germany, introduced the magnet-free electric motor I2SM (In-Rotor Inductive-Excited Synchronous Motor). In this model, the magnetic field within the rotor is produced by inductive excitation, achieving high levels of torque and power density without the size and frictional constraints of conventional brush or slip-ring systems. Unlike traditional SESM designs, the compact and effective inductive transmitter of the I2SM is situated inside the rotor shaft, requiring up to 90mm less axial space. This innovative motor not only increases efficiency by reducing energy transmission losses by 15%, but also considerably reduces the CO2 footprint during production by as much as 50% compared to typical permanent-magnet synchronous motors.

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Which Key Players Dominate the Automotive Traction Motor Industry Globally?
Major companies operating in the automotive traction motor market are Robert Bosch GmbH, Hitachi Ltd., Siemens AG, General Electric Co., ZF Friedrichshafen AG, Continental AG, Magna International Inc., Mitsubishi Electric Corporation, ABB Ltd, Toshiba Corporation, Alstom S.A., Schaeffler Technologies AG & Co. KG, Nidec Corporation, Mahle Group, BorgWarner Inc., Dana Incorporated, Regal Beloit Corporation, Shenzhen Inovance Technology Co. Ltd, Curtiss-Wright Controls Inc., Mitsuba Corporation, CG Power and Industrial Solutions Ltd., American Traction Systems, Jing-Jin Electric Technologies Co Ltd.

What Are the Fastest-Growing Regions in the Automotive Traction Motor Market?
Asia-Pacific was the largest region in the automotive traction motor market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive traction motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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