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The Global Electric Vehicle (EV) Traction Motor Market size is estimated to grow by USD 6.96 billion and the market size forecast is set to increase CAGR of 16.73% between 2022 and 2027. The growth of the market depends on several factors such as increasing sales of EVs, decreasing prices of lithium-ion battery boost adoption of EVs, 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.
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This market research report extensively covers market segmentation by Application (railways, electric vehicles, and others) and Geography (APAC, Europe, North America, South America, and the Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
Based on application, the market is segmented into railways, electric vehicles, and others. The railways segment was valued at USD 1.66 billion in 2017 and continue to grow by 2023. 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 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 traction 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.
EV traction motors with a power rating below 200 kW are mainly used in micro and mild hybrid vehicles and also luxury EVs. These motors are mainly used for start-stop function, turbo boost for sudden acceleration, and other functions. In addition, vehicles with dual-motor hybrid powertrains mainly employ a small power-rated traction motor at the rear-wheel drive or as a secondary motor for turbo boost. For instance, in February 2020, Nidec launched two new models of these motor systems: a 200-kW model for the D and E segments and a 50-kW model for the A segment. Both models are based on Nidec's 150 kW E-Axle. The 200 kW model features a motor and gears that increase the power EV by more than 30%. Nidec will mass produce a 200 kW model of EV traction motor by 2023. Such factors will drive the market growth during the forecast period.
APAC is estimated to contribute 41% 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 the production and sales during the forecast period.
The 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 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 witnessing significant growth, driven by escalating R&D investments aimed at enhancing efficiency and operating performance of electric vehicles (EVs). With a rising demand for all-electric cars, manufacturers are prioritizing the development of advanced traction motors to ensure superior vehicle performance. However, stringent regulatory standards set by governments necessitate adherence to safety protocols to mitigate issues like overheating, electrical losses, and structural issues. Governments incentivize EV adoption through subsidies, tax subsidies, and discounts, encouraging both consumers and automobile OEMs to embrace sustainable transportation solutions. Challenges such as thermal issues and electromagnetic issues prompt continuous innovation in battery and motor technology to optimize torque and rotation torque for efficient straight-line motion and low-torque high-speed cruising. The proliferation of electric charging stations and advancements in battery power are poised to further propel the growth of the market. Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
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. Vendors 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. As consumer demand shifts towards high-performance vehicles, modern all-electric cars are rivaling internal combustion engine counterparts in 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. Vendors 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. Vendors 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. 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 vendors 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. 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
Continental- The company offers EV traction motor such as Electric motors with permanent magnet traction drive systems. The company manufactures brake systems, interior electronics, automotive safety, powertrain and chassis components, tachographs, tires, and other parts for the automotive and transportation industries in different regions such as Asia, North America, and Germany.
Abb- The company offers EV traction motors such as ABB traction motors for metro. Under this segment, the company manufactures and sells drives, motors, generators, traction converters, and mechanical power transmission products that are driving the low-carbon future for industries, cities, infrastructure, and transportation.
The EV Traction market report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
The report offers clients a deeper understanding of the market and its players through a combined qualitative and quantitative analysis of the vendors. The analysis classifies vendors into categories based on their business approach, including pure-play, category-focused, industry-focused, and diversified. Vendors 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 market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is witnessing significant growth driven by rising demand for electric vehicles and stringent regulatory standards on emissions. Governments worldwide are incentivizing the shift with subsidies and tax breaks. Investments in R&D are improving motor efficiency and operating performance, crucial for all-electric cars. Hybrid electric vehicles (HEVs) are gaining traction due to their energy-efficient motors and compliance with environmental regulations. Challenges such as overheating, electrical losses, and structural issues are being addressed through technological advancements. The market is also evolving with ultra-fast chargers and expanded charging infrastructure. As fuel-powered vehicles face bans, the demand for electric charging stations and battery power increases, driving innovation in electric motor design and performance across various applications, from rail vehicles to industrial motors.
Moreover, the market is experiencing unprecedented growth, driven by escalating R&D investments and stringent emission norms globally. With a surge in demand for Electric Vehicles, governments and governing bodies are instituting policies like bans on fuel-powered vehicles and offering tax subsidies to promote adoption. This demand surge also necessitates robust charging infrastructure development. Despite challenges like magnetic losses and thermal issues, Automobile OEMs are innovating to enhance vehicle performance across various parameters such as rotation torque and acceleration/deceleration rates. The market witnesses an increasing adoption of energy-efficient technology to mitigate frictional forces and improve fuel economy. From electric locomotives to conveyors, EV traction motors are revolutionizing transportation, ensuring a sustainable future amid unstable fossil fuels and acrimonious emissions.
The market is experiencing remarkable growth, driven by a surge in demand for electric vehicles amidst acrimonious emission norms and a push for sustainable transportation solutions. Investments in EVs are increasing, spurred by government initiatives and bans on fuel-powered vehicles. As the electric vehicle charging infrastructure expands, concerns over range anxiety diminish, further boosting sales of hybrid electric vehicles (HEVs). Moreover, discounts and incentives are making electric vehicle prices more competitive. However, challenges such as electromagnetic issues and optimizing straight-line motion persist. Traction motors must balance low-torque high-speed cruising with high-torque low-speed hill-climbing, ensuring a wide range of operating speeds while minimizing frictional force on electrical surfaces. These motors power various applications, from electrically powered rail vehicles to elevators, contributing to sustainable transportation across trams, metros, and electric multiple units.
EV Traction Motor Market Scope |
|
Report Coverage |
Details |
Page number |
173 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 16.73% |
Market growth 2023-2027 |
USD 6.96 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
12.07 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 41% |
Key countries |
US, China, South Korea, India, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, 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 forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for 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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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