Tech Innovations Power Growth in the Electric Vehicle Traction Motor Market

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Electric Vehicle Traction Motor Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, the electric vehicle traction motor market has witnessed a significant increase in size. The market, valued at $12.62 billion in 2024, is projected to reach $17.77 billion in 2025, registering a compound annual growth rate (CAGR) of 40.8%. This substantial growth during the historical period can be attributed to several factors, including higher sales of hybrid electric vehicles (HEVs), an increase in disposable income, a heightened focus on electric vehicles, and a surge in urbanization.

Electric Vehicle Traction Motor Market Size Forecast: What's the Projected Valuation by 2029?
In the forthcoming years, the market size of the electric vehicle traction motor is anticipated to witness staggering growth, reaching a value of $66.93 billion in 2029 with a compound annual growth rate (CAGR) of 39.3%. This predicted growth during the forecast period can be due to several reasons such as the extension of railway systems, stringent ecological regulations and emission standards, and a rising demand for energy-saving motors. Key trends for the forecasting period involve concentration on the entire EV (electric vehicle) supply chain sustainability including EV traction motors' production and disposal, embracing rare-earth-free motors, alliances and partnerships, introduction of new and unique motor designs and technologies, and heightened investments to boost financial power and product range.

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What Are the Drivers Transforming the Electric Vehicle Traction Motor Market?
The expansion of the electric vehicle traction motor market is foreseen to be driven by the rising sales of hybrid electric vehicles. Hybrid electric vehicles are a type of hybrid vehicle that utilizes a combination of an internal combustion engine and an electric propulsion system. The surge in sales of these vehicles is predicted to amplify the use of traction motors since they are vital components in electric and hybrid vehicles. For example, the U.S. electric vehicle market reported in February 2022 that there were 59,664 hybrid vehicles sold, indicating a 10.2% increase from February 2021. This figure comprises 15,763 cars and 43,801 light trucks. In February, Toyota secured a 63.7% stake of total hybrid sales, with the Prius (both Prius and Prius C combined) making up 3.9% of hybrid vehicle sales. Therefore, the escalating sales of hybrid electric vehicles are anticipated to stimulate the demand for electric vehicle traction motors in the forecast period.

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What Are the Key Trends Driving Electric Vehicle Traction Motor Market Growth?
Significant businesses in the electric vehicle traction motor market are concentrating on the creation of new technologies, such as innovative energy-efficient motor and inverter sets, to boost the performance and efficiency of vehicles. Energy-efficient motor and inverter packages are integrated systems specifically designed for electric vehicles, which consist of a high-performance electric motor and a corresponding inverter for effective electrical power conversion. For example, in May 2023, ABB Ltd, a Switzerland-based tech firm specializing in electrification and automation, introduced a new energy-efficient motor and inverter package custom-built for electric buses that includes the AMXE250 motor and the HES580 inverter. It boasts the first-ever 3-level inverter specifically crafted for buses, enabling 12% less motor losses and drastically diminishing harmonic losses by up to 75% in comparison with conventional 2-level inverters. The AMXE250 motor is known for its high torque density and noiseless operation, enhancing dynamic performance and passenger comfort. This sophisticated technology improves energy efficiency and augments the longevity and reliability of the entire electric drivetrain.

Which Segments in the Electric Vehicle Traction Motor Market Offer the Most Profit Potential?
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 Firms Dominate the Electric Vehicle Traction Motor Market by Market Share and Revenue in 2025?
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 Offer the Highest Growth Potential 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.

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