Automotive Traction Motor Market worth $18.4 billion by 2027

CHICAGO, Oct. 17, 2022 /PRNewswire/ -- Automotive Traction Motor Market is projected to grow by CAGR 22.8%, from USD 6.5 billion in 2022 to USD 18.4 billion by 2027, over the forecast period, according to a new report by MarketsandMarkets™. 

Browse and in-depth TOC on "Automotive Traction Motor" 

261 – Tables 
64 – Figures       
277 – Pages

Download PDF Brochure:

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id= 172470479

Asia pacific is expected to be the largest Automotive Traction Motor Market in the forecast

Countries such as China, Japan, India, and South Korea are considered under Asia Pacific for market analysis. In April 2020, BYD Co., Ltd. (BYD) and Toyota Motor Corporation (Toyota) announced the registration of a new company under a Joint Venture agreement. The name of the new company is BYD TOYOTA EV TECHNOLOGY CO., LTD. (BTET). The business activities of the new company will comprise the design and development of battery electric vehicles (BEVs) and related parts, including motors. In December 2021, Nidec Corporation (Japan) set the groundwork for its new factory in Novi Sad, Serbia. Nidec Electric Motor Serbia LLC will operate the facility, which will manufacture and sell automotive motors and related items. The construction of the factory, with a total size of 59,760 square meters, is expected to be completed in early 2023. China is expected to be a potential market for automotive traction motors. Asia Pacific is not only home to top market players, such as BYD, but also many OEMs, such as SAIC Motor, Dongfeng, FAW, and Geely, dominating the global EV market. Japan also plays a vital role in motor technology in Asia Pacific. With advancements in technologies such as BEVs and PHEVs, the Japanese Automotive Traction Motor Market is expected to grow at a faster pace.

Europe is expected to be the fastest-growing market during the forecast

Countries such as France,  Germany, Spain, the UK, and Italy are considered in Europe for market analysis. The region has major manufacturers such as Renault, Audi, BMW, Mercedes, and others. The governing bodies of various countries in Europe are subsidizing electric vehicles. The intense focus on imposing stringent environmental regulations encourages market players to emission free vehicles and set up facilities wherein various critical vehicle parts are tested, which will further drive the growth of the market for traction motors.

Request FREE Sample Report:

https://www.marketsandmarkets.com/requestsampleNew.asp?id= 172470479  

The 200-400 kW segment is expected to be the fastest growing during the forecast period

Traction motors with a power output of 200–400 kW are particularly installed in medium to heavy commercial vehicles. These motors have a high starting torque and overload capacity. As these motors are widely used in commercial vehicles such as trucks, vans, and buses, their demand is expected to increase in several countries across the Middle East, North America, and Asia Pacific, which are witnessing significant investments in EV projects. In May 2021, the Guangzhou Public Transportation Group teamed up with King Long to test new energy buses on several bus lines. The wide array of applications employing these traction motors is one of the major factors driving this segment. Skoda and Toshiba are some of the manufacturers of traction motors with a power output of 200–400 kW.

Key Market Players

The major players in Automotive Traction Motor Market include BorgWarner Inc. (US), Schaeffler Group (Germany), Nidec Corporation (Japan), Robert Bosch GmbH (Germany), and ZF Friedrichshafen AG (Germany).

Make an Inquiry:  https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id= 172470479

Browse Related Reports:

Electric Traction Motor Market by Type (AC and DC), Power Rating (Below 200 kW, 200-400 kW, and Above 400 kW), Application (Railways, Electric Vehicles, Elevators, Conveyors, and Industrial Machinery) and Region - Global Forecast to 2027

Automotive Motors Market by EV Motor Type (Brushless, Brushed, Traction, Induction, Stepper), ICE Motor Type, Vehicle Type (PC, LCV, HCV), Electric Vehicle Type, Application, Function (Performance, Safety, Comfort) and Region - Global Forecast to 2027 

About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Aashish Mehra 
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/automotive-traction-motor-market.asp  
Visit Our Website: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/automotive-traction-motor.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg

SOURCE MarketsandMarkets