Global Automotive Traction Motor Market Size Projected to Reach USD 32.40 Billion by 2030, at 22.5% CAGR Growth: Polaris Market Research

NEW YORK, Nov. 18, 2022 /PRNewswire/ -- Polaris Market Research recently published [115+ Pages] research report on "Automotive Traction Motor Market Share, Size, Trends, Industry Analysis Report, By Vehicle; By EV (BEV, HEV, PHEV); By Type (AC, DC); By Motor (PMSM, AC Induction); By Power Output; By Region; Segment Forecast, 2022 - 2030" in its research database.

According to the research report, the global automotive traction motor market size & share was valued at USD 5.67 billion in 2021 and is expected to reach USD 32.40 Billion by 2030, growing at a CAGR of 22.5% during the forecast period.

What is Automotive Traction Motor? How Big is Automotive Traction Motor Market Size?

• Overview

A traction motor is an electric motor that is powered by electricity and generates the power to turn the wheels of vehicle. Automotive traction motors are used to propel metros, railways, trams, and other applications by converting electrical energy to mechanical energy. They are majorly utilized in industry verticals, including chemical & petrochemical, oil & gas, energy & power, automotive, food & beverages, and healthcare.

Industries are rapidly moving from traditional engines to automotive traction motors as they consume less power than a conventional motor. Electric motor produces high performance, simple design, improved reliability, and low maintenance, which is anticipated to propel the automotive traction motor market size. Also, increasing manufacturing of high-performance motors worldwide is driving the industry growth.

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Key Highlights of the Report

• Market tendencies that involve product and technological analysis, drivers and constraints, PORTER's five forces analysis
• In-depth analysis of segments and sub-segments with regional market
• Competitive landscape and strategies of key players
• Recent trends and developments which involve growth opportunities
• Future outlook and prospects for the market
• Reliable industry value chain and supply chain analysis
• Import-Export policies regarding the products/services in the market

Some of the Top Market Players Are:

• Aisin
• ABB Ltd
• Alstom S.A.
• American Traction Systems
• Ansaldo Signalling
• Bombardier Inc.
• Borgwarner Inc.
• Caterpillar Inc.
• CG Power and Industrial Solutions Ltd.
• Delphi Automotive Llp
• General Electric Co.
• Hitachi Ltd.
• Hyundai Rotem Company
• Kawasaki Heavy Industries Ltd.
• Magna International
• Mitsubishi Electric Corporation
• Nidec Corporation
• Prodrive Technologies
• Robert Bosch Gmbh
• Schaeffler Group
• Siemens AG
• The Curtiss-Wright Corporation
• Toshiba Corporation
• VEM Group
• Voith Gmbh
• ZF Friedrichshafen AG

For Additional List of Players and Detail Information, Download a Report PDF Brochure

Growth Driving Factors

• Increasing demand for electric vehicles to flourish the market growth

The rising demand for the automotive traction motor in trolleybuses, tramcars, electric trains, and electric vehicles is estimated to fuel the market growth. Besides, growing demand for EVs with low-speed operation, high-speed performance, safe, better immunity to vibration, and electromagnetic compatibility robustness boosts the automotive traction motor market demand. A surge in investments by the government in railway and roadway infrastructure is another factor driving the industry expansion.

Moreover, rising environmental concerns due to the effect of conventional vehicles are encouraging the adoption of EVs across the globe. This is one of the major factors contributing to the automotive traction motor industry's growth.  Government worldwide are introducing stringent regulations to reduce the use of carbon-emission vehicles, and therefore people are shifting to electric vehicles. Thus the market is growing at a rapid pace. In addition, many manufacturers and leading firms are collaborating to develop traction motor packs that can work under high temperatures, creating lucrative opportunities in the automotive traction motor market.

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Recent Developments

In May 2022, ZF Friedrichshafen AG introduced new electric drive modules, which include a hairpin electric motor, silicon carbide inverter architecture, and electric powertrain. The company has recently eWorX which provides fully electric system solutions in a small package with a single interface.

Segmental Analysis

• Buses segment dominated the market in 2021

Based on vehicle automotive traction motor market segmentations, in 2021, buses segment witnessed the highest revenue share due to the growing demand for emission-free public transportation. Besides, the increasing demand for electric buses ultimately drives the demand for automotive traction motors. Increased demand for more torque and power supply in the motor, which is essential for quick start, strong acceleration, and high climbing angle in vehicles and bus, is further expected to propel the market growth during the projected period.

• BEV segment is expected to account for the major share

On the EV basis, the BEV segment held the largest automotive traction motor market share owing to the growing demand for low-cost vehicles with zero-emission vehicles and low fuel consumption across the automotive industry. A permanent magnet synchronous machine (PMSM) is one of the best choices for these vehicles as it is efficient and compact in size.

• AC type category is likely to generate the biggest revenue share during the predicted period

In terms of type, AC is projected to lead the industry throughout the foreseen period. The largest share of this segment can be attributed to the growing adoption of AC motors, as it provides high torque output and tractive forces. In addition, AC traction motors have dynamic breaking ability, which is increasing their demand in electric vehicles, industrial machinery, and rail industries. This factor is anticipated to propel the segment growth in the market.

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Automotive Traction Motor Market: Report Analysis & Scope

Geography Overview

• Asia Pacific is anticipated to contribute a major share of the market during the forecast period

Based on geography, the automotive traction motor market in Asia Pacific is expected to account for the highest market share during the assessment period. The expanding urbanization and development of electric vehicles are creating growth opportunities in nations like China, Brazil, Mexico, and India, which is likely to positively impact regional market growth. Additionally, the rising number of initiatives by the government coupled with increasing demand for high-performance motors are the factors expected to augment the market demand during the predicted period.

Moreover, Europe is likely to account for the second largest share in the automotive traction motor industry owing to the increasing grants and incentives by the government for proactive assistance. Also, a surge in demand for zero-carbon emission public transport is anticipated to accelerate revenue growth.

Browse the Detail Report "Automotive Traction Motor Market Share, Size, Trends, Industry Analysis Report, By Vehicle; By EV (BEV, HEV, PHEV); By Type (AC, DC); By Motor (PMSM, AC Induction); By Power Output; By Region; Segment Forecast, 2022 - 2030" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/automotive-traction-motor-market

For Additional Information OR Media Enquiry, Please Mail At: [email protected]

Polaris Market Research has segmented the Automotive Traction Motor market report based on raw material, type, technology, end-use, and region:

By Vehicle Outlook

• Passenger Cars
• Trucks
• Buses
• Pickup Trucks
• Vans

By EV Outlook

• BEV
• HEV
• PHEV

By Type Outlook

• AC
• DC

By Motor Outlook

• PMSM
• AC Induction

By Power Output Outlook

• Less Than 200 kW
• 200-400 kW
• Above 400 kW

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research

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