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The Global EV Traction Motor Market size is estimated to grow by USD 2.71 billion, at a CAGR of 8.12% between 2023 and 2028. The growth of the market depends on several factors such as increasing sales of EVs, decreasing prices of lithium-ion battery boost adoption of electric cars, and advantages of EV traction motors. Significant market growth is attributed to the efficiency and operational advantages of Electric Vehicles (EVs). Traction motors, known for their high torque capabilities, not only enhance vehicle performance but also contribute to extended range and improved fuel efficiency. Innovations such as Nidec's E-Axle system, integrating traction motors with inverters and reducers, have gained traction since mass production commenced in 2019. Particularly in China, a prominent EV market, models equipped with E-Axle systems are gaining popularity. With consumer preferences shifting towards high-performance vehicles, modern all-electric cars are emerging as formidable competitors to internal combustion engine counterparts in terms of speed and acceleration, further propelling market expansion. It also includes an in-depth analysis of drivers, trends, and challenges.
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Based on application, the market is segmented into railways, electric vehicles, and others. the railways segment is the dominating segment. Railway traction motors are used on electrified railways due to their high torque and good speed control. Three types of traction motors are used in electrified railways, namely DC, AC, and synchronous traction motors. Such factors will increase the demand for this segment during the forecast period.
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The railways segment was valued at USD 1.74 billion in 2018. The developments in electronics have led to the replacement of relay systems with electronic controls that enable smoother acceleration and deceleration in railway vehicles. Present-day systems in use commonly deploy separately excited DC traction motor and thyristor controls for both main supply voltage as well as field excitation. When it comes to the constant start-stop operation of rail vehicles under heavy loads, DC traction motors are still the preferred choice. DC motors have been commonly used in railways. Moreover, the increasing electrification of railways, particularly in developing countries, will drive the growth of the segment and, in turn, the growth of the electric vehicle traction market growth in focus during the forecast period.
APAC is estimated to contribute 39% of the global electric vehicle traction market growth during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in APAC is growing rapidly, owing to the increasing demand for EVs from countries such as China, Japan, India, Singapore, Thailand, and South Korea. China and Japan are major contributors to the market in APAC owing to the increased production and sales of EVs and components. China is the major contributor in terms of the number of EVs sold, which is distantly followed by Japan. South Korea, India, and Hong Kong will emerge as strong markets for EVs during the forecast period. This will increase production and sales during the forecast period.
The EV Traction Motor market research report includes the adoption lifecycle of the market covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the EV Traction Motor market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
The market is evolving rapidly, driven by advancements in high efficiency and low power consumption technologies. This sector is increasingly focused on reducing carbon emissions through the adoption of hybrid electric vehicles and zero emissions solutions. The demand for urban trains and other industrial machines is fueling innovation in power conversion and quiet operation to ensure optimal operating condition. However, the industry faces challenges such as the rise in price of materials, volatile fuel price, and high investment costs. Despite these, there is a strong push towards high fuel efficiency and better performance even under adverse conditions. The allocation of incentives and integration of cutting-edge manufacturing site are crucial for overcoming these obstacles and meeting customer needs. With ongoing developments, EV traction motors promise a significant reduction in hydrocarbon imports and a more sustainable future.
The market is experiencing significant growth, driven by advantages such as efficiency and operating performance in Electric Vehicles (EVs). Traction motors offer high torque characteristics, enhancing vehicle performance and contributing to longer range and increased fuel efficiency. Companies are innovating by combining traction motors with inverters and reducers, exemplified by Nidec's E-Axle system. Mass production of such systems began in 2019, with models installed with E-Axle gaining popularity in China, a leading market for EVs.
Further, as consumer demand shifts towards high-performance vehicles, modern all-electric cars are rivaling internal combustion engine counterparts in high-speed and acceleration, driving the growth of the market. Governments' R&D investments and regulatory standards further bolster this growth trajectory, along with incentives like tax subsidies and discounts.
Increasing development will influence market growth. Companies are developing compact design EV traction motors which give an advantage in the costs of materials and weight since a lighter motor requires less material during manufacture and increases the possible net load in commercial vehicles. Companies such as MAHLE are using innovative integrated oil cooling, which makes them more robust and allows the waste heat generated to be used in the vehicle's complete system.
Moreover, in July 2022, MAHLE also developed a traction motor that is unique in the market in focus due to its features. The traction motor is light and efficient and can be assembled without the use of magnets. The new motor is suitable for various electric vehicles and other applications. The companies operating in the market will drive the growth of the market in focus during the forecast period.
The lack of operational infrastructure will majorly impact the market growth. The lack of efficient charging infrastructure for EVs, particularly in the emerging markets in APAC, except China, is impacting market growth. In India and other Southeast Asian countries, the lack of adequate infrastructure hinders the expansion of EV charging stations. The lack of proper road infrastructure in countries such as India hampers the large-scale expansion of EV charging infrastructure.
Further, individuals and freight operators who maintain a fleet of EVs for commercial purposes limit their operations to major cities as the operational infrastructure required for setting up an EV charging station is available mostly in major cities, not in tier-2 and tier-3 cities. However, most of them are slow-charging stations that require a considerable amount of time to charge a vehicle. These factors will slow down the market growth.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the EV traction market
The EV Traction Motor market forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
The report offers clients a deeper understanding of the market and its players through a combined qualitative and quantitative analysis of the companies. The analysis classifies companies into categories based on their business approach, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak to understand the dos and don’ts of business which in turn can help a client make the best decision.
The EV Traction Motor market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
Electric Vehicles (EVs) have gained significant popularity in recent years due to increasing concerns over air pollution and the depletion of fossil fuel resources. Two major types of EVs are Hybrid Electric Vehicles (HEVs) and Battery Electric Vehicles (BEVs), both of which require EV traction motors for propulsion. Automobile OEMs are investing heavily in research and development to improve the performance and efficiency of these motors. Nanotechnology and material science are playing crucial roles in the advancement of EV traction motors. Environmental regulations and emission norms are driving the demand for EVs, leading to subsidies and discounts from governments to encourage their adoption.
Further, established electric vehicle manufacturers are setting up manufacturing facilities with lower labor cost and conveyors and elevators, securing licenses, and establishing development centers to meet the growing demand. Conventional vehicles continue to dominate the market, but the shift towards EVs is accelerating. Railway electrification projects and metro projects are also contributing to the growth of the EV traction motor market. Battery technology is a key factor influencing the market, as advancements in battery technology lead to longer driving ranges and faster charging times for EVs. The market is expected to grow significantly in the coming years as the world transitions away from fossil fuels towards cleaner, more sustainable transportation solutions.
Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.12% |
Market growth 2024-2028 |
USD 2.71 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.2 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 39% |
Key countries |
China, US, Germany, South Korea, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., AC Propulsion Inc., AISIN CORP., Allied Motion Technologies Inc., BorgWarner Inc., Bowe Digital Ltd, Continental AG, Delta Electronics Inc., Hitachi Ltd., LG Magna e Powertrain, MAHLE GmbH, Nidec Corp., Parker Hannifin Corp., Robert Bosch GmbH, Saini Group, Siemens AG, SONA BLW Precision Forgings Ltd., Toshiba Corp., Valeo SA, and Yasa Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Power Rating
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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