EV Traction Motor Market

Market Synopsis:

The Global EV Traction Motor Market was valued at USD 7652.62 Million in the year 2022 and is projected to reach a value of USD 45322.03 Million by the year 2030. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 24.90% over the forecast period.

The public's growing preference for emission-free vehicles has boosted sales of Hybrid Electric Vehicles (HEVs), which in turn has increased the EV Traction Motor industry. Similarly, strict environmental regulations and emission requirements to ensure ecological sustainability throughout the foreseeable period would drive demand for electric traction motors. In addition, the expansion of the EV Traction Motor market is fueled by increased demand for Energy-Efficient Motors and rising investments in the railway sector.

The growing focus on electric vehicles will create opportunities for the EV Traction Motor market in the following years. However, the expansion of the electric vehicle traction motor market is expected to be fueled by an increase in the use of electric automobiles. Major automobile companies' increased investment in electric vehicles worldwide is expected to drive market growth. Furthermore, the electric vehicle traction motor industry is expected to develop due to strict government regulation and growing fossil fuel prices.

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Market Segmentation:

The EV Traction Motor Market is segmented based on Motor Type, Voltage Ratings, Vehicle Type, and Region. Based on the Motor Type segment, the market is sub-segmented as Permanent Magnet Synchronous EV Traction Motors (PSM), and Asynchronous EV Traction Motors (ASM). Furthermore, based on the segment Voltage Ratings, the market is sub-segmented into High Voltage EV Traction Motors, and Low Voltage EV Traction Motors. Based on the segment Vehicle Type, the market is sub-segmented into Traction Motors for Electric Vehicles, Traction Motors Plug-in Hybrid Electric Vehicles, Traction Motors Mild Hybrid Vehicles, and Traction Motors Full Hybrid Vehicles.

Based on Vehicle Type:

Electric vehicles use traction motors to transform electrical energy into mechanical energy, allowing them to overcome rolling, aerodynamic, and kinetic resistance. Researchers and some engineers consider traction motors to be similar to industrial motors. On the other hand, Traction Motors are designed for low-speed hill-climbing, fast engine power, frequent beginning, high-torque lower and mid cruising, and total speed versatility. In contrast, commercial motors are designed for rated circumstances. As a result, traction motors are so unique that they should be categorized in their category. As a result, the specifications for traction motors differ significantly from those for industrial engines.

Based on Vehicle:

On the basis of the Vehicle, the traction motors are utilized in hybrid and battery electric vehicles (BEVs). BEVs and HEVs are gaining popularity worldwide because they provide near-zero emissions and outstanding fuel efficiency at increasingly low prices. In the Research and Development (R&D) phase, many automakers worldwide are working on new HEV and EV designs. These traction motors are often used in BEVs, Battery Electric Vehicles, and HEVs because of advantages such as enhanced fuel efficiency and zero emissions, Hybrid Electric Vehicles.

Asia Pacific is projected to Grow at the Fastest CAGR during the Forecast Period

In 2021, the Asia Pacific area overtook North America as the market leader for Electric Vehicle (EV) Traction Motors. Rising investments in Electric Vehicles and the expansion of the region's metro rail network will result in increasing demand for electric cars throughout the projection period throughout the region. In addition, the Asia Pacific is also anticipated to have the fastest expanding market for electric traction motors due to the region's growing desire to minimize carbon emissions.

Competitive Landscape:

The key players in the Global EV Traction Motor Market include- Zytek Group Limited, ZF TRW Automotive Holdings Corporation, YASA Motors Ltd., Valeo SA, SKF AB, Parker-Hannifin Corp., Magnetic System Technology, Bharat Heavy Electricals Ltd., ABB Limited, and others.

Segmentation of the Global EV Traction Motor Market: