Rising Electric Vehicle Demand Drives Growth In The Automotive Traction Motor Market: A Game-Changing Factor in the Automotive Traction Motor Market’s Future Growth
The automotive traction motor market size is expected to see rapid growth in the next few years. It will grow to $18.04 billion in 2029 at a compound annual growth rate (CAGR) of 19.3%. The growth in the forecast period can be attributed to further tightening of global emission regulations, decreasing costs of batteries and other key electric vehicle components, continued improvements in battery capacity and efficiency, integration of advanced driver-assistance systems (ADAS) in electric vehicles, increased adoption of EVs in urban mobility solutions, growth in EV adoption in emerging markets. Major trends in the forecast period include development of more efficient and compact traction motors, improved battery performance and cost reduction, traction motors optimized for autonomous vehicle requirements, emphasis on eco-friendly production and recycling of motor components, development of faster and more efficient charging technologies.
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What have been the primary factors driving the automotive traction motor market’s growth?
The increasing demand for electric vehicles is expected to propel the growth of the automotive traction motor market going forward. Electric vehicles refer to automobiles powered by electric motors, using rechargeable batteries or other energy storage systems as their primary source of propulsion. The increasing demand for electric vehicles is fueled by environmental concerns, government incentives, advancements in battery technology, rising fuel costs, and improved charging infrastructure. Traction motors are essential for the operation of electric vehicles, converting electrical energy into mechanical motion with high efficiency, providing instant torque, enabling regenerative braking, and contributing to electric vehicles' overall performance, reliability, and environmental benefits. For instance, in April 2023, according to the International Energy Agency, a France-based intergovernmental organization for energy policies, electric vehicle sales are expected to reach 32.2 million in 2025 and 72.3 million by 2030. Therefore, the increasing demand for electric vehicles will drive the automotive traction motor market.
What are the key segments within the automotive traction motor market?
The automotive traction motor market covered in this report is segmented –
1) By Motor Type: Alternating Current (AC) Induction Motors, Brushless Direct Current Motor, Permanent Magnet Synchronous Motor, Switched Reluctance Motor
2) By Power Output: Less Than 200 Kw, 200-400 kW, Above 400 kW
3) By Vehicle Type: Passenger Cars, Trucks, Buses, Pickup Trucks, Vans
4) By Electric Vehicle (EV) Type: Battery Electric Vehicle, Fuel Cell Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle
Subsegments:
1) By Alternating Current (AC) Induction Motors: Squirrel Cage Induction Motors, Wound Rotor Induction Motors, High Efficiency Ac Induction Motors, High-Torque Ac Induction Motors For Evs, Low-Speed Ac Induction Motors For City Vehicles, Ac Induction Motors With Regenerative Braking Capabilities
2) By Brushless Direct Current (BLDC) Motors: Inner Rotor Bldc Motors, Outer Rotor Bldc Motors, High-Power Bldc Motors For Performance Evs, Low-Cost And Compact Bldc Motors For Urban Mobility, Bldc Motors With Integrated Controllers For Efficiency, Water-Cooled Bldc Motors For Heavy-Duty Applications
3) By Permanent Magnet Synchronous Motors (PMSM): Surface-Mounted Pmsm, Interior Permanent Magnet (IPM) Motors, High-Speed Pmsm For Sports And Performance Vehicles, Pmsm With Integrated Power Electronics, High-Torque Density Pmsm For Commercial Evs, Pmsm For Hybrid Electric Vehicles (HEVS)
4) By Switched Reluctance Motors (SRM): Radial Switched Reluctance Motors, Axial Switched Reluctance Motors, High-Torque Srms For Heavy-Duty Evs, Low-Cost And Simple Srms For Budget Ev Models, High-Speed Switched Reluctance Motors For High-Performance Evs, Srm With Advanced Control Systems For Efficiency
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Which key players are shaping the automotive traction motor market?
Major companies operating in the automotive traction motor market are Robert Bosch GmbH, Hitachi Ltd., Siemens AG, General Electric Co., ZF Friedrichshafen AG, Continental AG, 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.
How will emerging trends drive the automotive traction motor market throughout the forecast period?
Major companies operating in the automotive traction motor market are focused on developing innovative products, such as magnet-free electric motors, to improve performance and extend vehicle range. A magnet-free electric motor is a type of electric motor that operates without using permanent magnets, typically relying on alternative technologies like reluctance or induction for generating motion. For instance, in September 2023, ZF Friedrichshafen AG, a Germany-based automotive technology company, launched magnet-free electric motor I2SM (In-Rotor Inductive-Excited Synchronous Motor). The magnetic field inside the rotor is instead created by inductive excitation in this design, which achieves high torque and power density without the size and frictional limitations of traditional brush or slip-ring systems. In contrast to conventional SESM designs, the I2SM's inductive transmitter, which is small and effective, is housed inside the rotor shaft, requiring up to 90 mm less axial space. This innovative motor not only enhances efficiency by reducing energy transmission losses by 15% but also significantly lowers the CO2 footprint during production by up to 50% compared to traditional permanent-magnet synchronous motors.
How do regional factors impact the automotive traction motor market, and which region is the largest contributor?
Asia-Pacific was the largest region in the automotive traction motor market in 2024. 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.
What Does The Automotive Traction Motor Market Report 2025 Offer?
The automotive traction motor market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
An automotive traction motor is an electric motor specifically designed to provide propulsion power to vehicles, particularly electric and hybrid electric vehicles (EVs and HEVs). These motors convert electrical energy from the vehicle's battery or generator into mechanical energy to drive the wheels or propel the vehicle. Automotive traction motors are essential in modern automotive electrification efforts, offering advantages such as high efficiency, low emissions, and flexible torque characteristics.
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