Electric Vehicle Traction Motors Market to Reach $137.85 Billion by 2030, Propelled by Rising Demand and Technological Advancements

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Mar 01, 2024, 18:45 ET

DUBLIN, March 1, 2024 /PRNewswire/ -- The "Electric Vehicle Traction Motors Market by Type (PMSM, Induction Motor, BLDC), Power Output (Less than 100 kW, 100 kW to 250 kW, More Than 250kW), Propulsion Type, Application, and Geography - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The analysis report on the global electric vehicle traction motors market emphasizes significant growth, projecting a comprehensive valuation of $137.85 billion by the year 2030. With a robust compound annual growth rate (CAGR) of 25.5% from 2023 to 2030, the industry is set to experience a substantial upsurge, attributed to the escalating demand for high-performance motors, stringent emission regulations, and extensive governmental support.

In terms of volume, the market is forecasted to attain a staggering figure of 412.29 million units by 2030, escalating at a CAGR of 20.7% within the same period. Electric vehicle (EV) traction motors, integral to the propulsion system of EVs, are gaining traction due to the increasing emphasis on electrification of transport to mitigate carbon emissions and the corresponding rise in electric vehicle sales.

Induction Motors Segment to Exhibit Highest CAGR

Dissecting the market by type, induction motors are predicted to outpace other segments, noting the highest CAGR throughout the forecasted span. Continuous research and development efforts to enhance motor efficiency, alongside the collaboration between manufacturers and EV producers to tailor motor designs for specific vehicular applications, signify this growth.

Sub-100 kW Traction Motors Augmenting Market Expansion

When categorized based on power output, electric vehicle traction motors with less than 100 kW are envisaged to proliferate rapidly, particularly due to their extensive deployment in compact vehicles, eco-scooters, and bikes, in response to the increasing appeal of e-mobility driven by both ecological benefits and governmental incentives.

Battery Electric Vehicles to Surpass Hybrid Electric Vehicles in Growth

The potency of battery electric vehicles (BEVs) comes to the forefront in terms of propulsion type, with expectancies of exhibiting the highest CAGR. Advantages such as zero tailpipe emissions, superior energy efficiency, low maintenance requisites, and optimal energy usage underscore the ascendancy of BEVs in the electric vehicle traction motors market.

Europe Leading the Charge in Market Growth

Geographically, Europe is slated to witness the most robust growth between 2023 and 2030. A pioneering stance in EV adoption and stringent legislative goals for reducing greenhouse emissions substantiate the region's market proliferation, augmented by supportive legislative frameworks including incentives to stimulate consumer transition to electric mobility.

The comprehensive global electric vehicle traction motors market report delves into detailed segmentation, encompassing various propulsion types, applications, and regional dynamics, providing stakeholders with substantial information to navigate through the evolving landscape.

As the market players align their strategic pursuits in tandem with market dynamics, recent developments such as advanced motor control algorithms and efforts to minimize motor overheating are poised to influence overall growth. The report is a quintessential resource for comprehending market trends, drivers, and competitive analysis.

Key Questions Answered in the Report:

Which are the high-growth market segments in terms of type, power output, propulsion type, application, and country/region?
What is the historical market size for electric vehicle traction motors globally?
What are the market forecasts and estimates for the period 2023-2030?
What are the major drivers, restraints, opportunities, and challenges in the global electric vehicle traction motors market?
Who are the major players in the market, and what are their market shares?
What is the competitive landscape like in the global electric vehicle traction motors market?
What are the recent developments in the global electric vehicle traction motors market?
What are the different strategies adopted by the major players in the market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global electric vehicle traction motors market, and how do they compete with other players?

Factors Affecting Market Growth

Stringent Emission Regulations Driving the Manufacture and Sales of Electric and Hybrid Vehicles
Increasing Demand for High-Performance Motors Supporting Market Growth
Favorable Government Policies and Subsidies Expanding the E-Mobility Ecosystem
High Costs and Scarcity of Raw Materials Hampering EV Manufacturing
Increasing Demand for Electric Vehicles Driving the Adoption of Traction Motors Among Automakers
High Prices Limiting EV Adoption Impacting the Demand for Traction Motors
Motor Failure Due to Overheating Leading to Reliability Concerns Among Customers

Company Profiles

Zytek Group Limited (U.K.)
ZF Friedrichshafen AG (Germany)
YASA Limited (U.K.)
Valeo (France)
Jing-Jin Electric Technologies Co. Ltd. (China)
Parker-Hannifin Corp (U.S.)
ABB Ltd (Switzerland)
Equipmake Holdings PLC (U.S.)
Traktionssysteme Austria GmbH (Austria)
Electrodrive Powertrain Solutions Pvt. Ltd.(India)
Nidec Corporation (Japan)
AMETEK Inc. (U.S.)
Toshiba International Corporation (Japan)
WEG Equipamentos Eletricos S.A. (Brazil)
Hitachi Astemo Ltd. (Japan).

Competition Analysis

Key Growth Strategies
Market Differentiators
Synergy Analysis: Major Deals & Strategic Alliances
Competitive Dashboard
Competitive Benchmarking
Industry Leaders
Market Differentiators
Vanguards
Emerging Companies
Market Ranking by Key Players
Product Portfolio
- ABB Ltd. (Switzerland)
- Nidec Corporation (Japan)
- Ametek, Inc. (Pennsylvania)
- Parker-Hannifin Corp (U.S.)
- ZF Friedrichshafen AG (Germany)

Scope of the Report

Electric Vehicle Traction Motors Market Assessment - by Type

Permanent Magnet Synchronous Motors
DC Brushed Motors
DC Brushless Motors
Out-Runner BLDC Motors
In-Runner BLDC Motors
Induction Motors
Switched Reluctance Motors
Wound Rotor Synchronous Motors

Electric Vehicle Traction Motors Market Assessment - by Power Output

Less Than 100 kW
100 kW To 250 kW
More Than 250 kW

Electric Vehicle Traction Motors Market Assessment - by Propulsion Type

Hybrid Electric Vehicles
Pure Hybrid Electric Vehicles
Plug-In Hybrid Electric Vehicles
Battery Electric Vehicles

Electric Vehicle Traction Motors Market Assessment - by Application

Passenger Vehicles
E-Scooters & Bikes
Heavy Commercial Vehicles
Light Commercial Vehicles
Two-Wheelers

Electric Vehicle Traction Motors Market Assessment - by Geography

North America
U.S.
Canada
Europe
Germany
France
U.K.
Norway
Sweden
Netherlands
Italy
Spain
Switzerland
Denmark
Rest Of Europe
Asia-Pacific
China
India
Japan
South Korea
Singapore
Thailand
Rest Of Asia-Pacific
Latin America
Middle East & Africa

For more information about this report visit https://www.researchandmarkets.com/r/d17t0f

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