PUBLISHER: The Business Research Company | PRODUCT CODE: 1539614
PUBLISHER: The Business Research Company | PRODUCT CODE: 1539614
An automotive traction motor is an electric motor specifically designed for powering vehicles, especially electric and hybrid electric ones (EVs and HEVs). These motors transform electrical energy from the vehicle's battery or generator into mechanical energy to propel the vehicle or drive its wheels. Automotive traction motors play a crucial role in advancing vehicle electrification, offering benefits such as high efficiency, minimal emissions, and adaptable torque characteristics.
The primary types of automotive traction motors include alternating current (AC) induction motors, brushless direct current motors, permanent magnet synchronous motors, and switched reluctance motors. An AC induction motor operates using AC electricity and is widely utilized in both industrial and residential settings for its straightforward design and dependable performance. These motors have power outputs ranging from less than 2022 kW, 200-400 kW, to above 400 kW, catering to a variety of vehicles such as passenger cars, trucks, buses, pickup trucks, and vans. These vehicles encompass different EV types such as battery electric vehicles, fuel cell electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles.
The automotive traction motor research report is one of a series of new reports from The Business Research Company that provides automotive traction motor market statistics, including the automotive traction motor industry's global market size, regional shares, competitors with an automotive traction motor market share, detailed automotive traction motor market segments, market trends and opportunities, and any further data you may need to thrive in the automotive traction motor industry. This automotive traction motor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The automotive traction motor market size has grown rapidly in recent years. It will grow from $6.25 billion in 2023 to $7.45 billion in 2024 at a compound annual growth rate (CAGR) of 19.1%. During the historic period, the growth can be credited to several factors including government regulations and incentives, rising demand for fuel-efficient options, increasing environmental awareness favoring sustainable transportation, improved accessibility and convenience of EV charging stations, and substantial investments in research, development, and production by automotive manufacturers.
The automotive traction motor market size is expected to see rapid growth in the next few years. It will grow to $15.13 billion in 2028 at a compound annual growth rate (CAGR) of 19.4%. In the forecast period, growth can be linked to several factors such as increasingly stringent global emission regulations, declining costs of batteries and essential electric vehicle components, ongoing enhancements in battery capacity and efficiency, integration of advanced driver-assistance systems (ADAS) into electric vehicles, rising adoption of EVs in urban mobility solutions, and increased uptake of EVs in emerging markets. Key trends expected in this period include the development of more efficient and compact traction motors, advancements in battery performance and cost efficiency, optimization of traction motors to meet autonomous vehicle requirements, a focus on eco-friendly production and recycling of motor components, and the advancement of faster and more effective charging technologies.
The automotive traction motor market is poised for growth driven by the increasing demand for electric vehicles. Electric vehicles are powered by electric motors and utilize rechargeable batteries or other energy storage systems for propulsion. This rising demand is spurred by environmental concerns, government incentives, advancements in battery technology, escalating fuel costs, and the expansion of charging infrastructure. Traction motors play a crucial role in electric vehicles by efficiently converting electrical energy into mechanical motion, delivering instant torque, facilitating regenerative braking, and enhancing overall performance, reliability, and environmental advantages. For example, as reported by the International Energy Agency in April 2023, global electric vehicle sales are projected to reach 32.2 million units in 2025 and 72.3 million units by 2030. Consequently, the escalating demand for electric vehicles is expected to propel growth in the automotive traction motor market.
Leading companies in the automotive traction motor market are focusing on innovation by developing compact and lightweight electric motors to enhance efficiency and extend the range of electric vehicles. These motors are designed to be smaller and lighter, optimizing space and performance in various applications, particularly electric vehicles. For example, in October 2021, Nidec Corporation, a prominent electric motor manufacturer based in Japan, introduced its third-generation e-axle traction motor system, the 200 kW Ni200Ex model. This compact unit incorporates a sleek and lightweight motor structure, leveraging Nidec's expertise in magnetic circuit design and motor oil-cooling technology derived from its precision motor business. It integrates second-generation inverters and other components, enhancing power, efficiency, and reducing noise and vibration in vehicles such as the Zeekr 001 while contributing to weight reduction.
In March 2022, BorgWarner Inc., a technology solutions provider for combustion, hybrid, and electric vehicles based in the United States, acquired the Light Vehicle eMotor business of Tianjin Santroll Electric Science & Technology. The financial details of the acquisition were not disclosed. This strategic move is expected to strengthen BorgWarner's vertical integration capabilities, expand its product range in light vehicle eMotors, and facilitate faster market entry. Tianjin Santroll Electric Science & Technology Co. Ltd., based in China, specializes in providing automotive electric traction motors.
Major companies operating in the automotive traction motor market are Robert Bosch GmbH, Hitachi Ltd., Siemens AG, General Electric Co., ZF Friedrichshafen AG, Continental Aktiengesellschaft, Magna International Inc., Mitsubishi Electric Corporation, ABB Ltd, Toshiba Corporation, Alstom S.A., Schaeffler Technologies AG & Co. KG, Nidec Corporation, Mahle Group, BorgWarner Inc., Dana Incorporated, Regal Beloit Corporation, Shenzhen Inovance Technology Co. Ltd, Curtiss-Wright Controls Inc., Mitsuba Corporation, CG Power and Industrial Solutions Ltd., American Traction Systems, Jing-Jin Electric Technologies Co Ltd.
Asia-Pacific was the largest region in the automotive traction motor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive traction motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the automotive traction motor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automotive traction motor market consists of sales of induction motors, interior permanent magnet synchronous motors, linear induction motors, and axial flux motors. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Automotive Traction Motor Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive traction motor market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive traction motor ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automotive traction motor market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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