DUBLIN, Nov. 16, 2022 /PRNewswire/ — The “Global Automotive Traction Motor Market by Motor Type (PMSM, AC Induction), Type (AC, DC), EV Type (BEV, HEV, PHEV), Power Output (less than 200 KW, 200-400 KW, and above 400 KW), Vehicle Type (PC, Pick-up Trucks, Trucks, Buses & Vans) & Region – Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The global automotive traction motor market is projected to grow at a CAGR of 22.8%, from USD 6.5 billion in 2022 to USD 18.4 billion by 2027.
The growth of the automotive traction motor market is driven by the rise in demand for zero-emission vehicles and an increase in awareness regarding climate change, which leads to the strong support of the global population to limit greenhouse gas emissions. BorgWarner Inc. (US), Schaeffler Group (Germany), Nidec Corporation (Japan), Robert Bosch GmbH (Germany), and ZF Friedrichshafen AG (Germany) are among a few established players in the market.
Many key players have adopted either organic or inorganic strategies to earn better revenues and meet the demand of local automakers. For instance, in February 2021, BorgWarner Inc. launched an 800-volt electric motor for the commercial vehicle segment. The High Voltage Hairpin (HVH) electric motor, the HVH 320, is used to power a variety of hybrid and electric applications for commercial vehicle manufacturers, including a large European OEM. The production of the HVH 320, which is equipped with 800-volt capabilities and available in four variants, is expected to kick off in 2024. Its multi-faceted platform will support the manufacturers’ goal of a common electric drivetrain and deliver approximately 97% peak efficiency and over 400 kW of power.
The BEV segment is expected to be the fastest segment in the forecast
By EV type, the BEV segment is expected to register the highest CAGR during the forecast period. The governments of India, China, the US, and several European countries are subsidizing electric infrastructure, which has resulted in the growth of the BEV segment. OEMs are focusing on launching new electric variants of existing ICE models. Due to tough competition from major EV manufacturers, such as Tesla, other OEMs are planning to introduce more power outputs in EVs to stay competitive. Leading automakers, such as Nissan, Tesla, Toyota, and BYD, are focusing on green vehicles with more fuel-efficient features. For instance, in 2021, BYD launched its D1 compact car with a 100 kW traction motor in the passenger vehicle segment. Many governments are also planning to replace their existing public fleets with electric ones. Hence, the demand for automotive traction motor technologies is expected to remain strong during the forecast period.
The passenger car segment in Vehicle Type is expected to be the largest segment in the forecast period
Among all vehicle types, demand for passenger cars is increasing rapidly. The demand for passenger cars has increased due to the increase in demand for zero-emission vehicles along with government incentives, regulations, and subsidiaries. China has a low waiting period for electric vehicles compared to ICE vehicles. Due to the increasing stringency of emission norms, European countries plan to decrease their vehicle emissions by 2030-2035. The US and China also follow such an agreement. The fast growth of EV chargers has also led to the growth of the EV passenger cars which will drive the demand for automotive traction motor market.
Market Dynamics
Drivers
- Increased Demand for High-Performance Motors
- Rising Demand for Electric Vehicles
- Advancements in Electrical Drives for Traction Systems
Restraints
- Less Availability and Price Volatility of Materials Used in Production
- Lack of EV Charging Infrastructure
Opportunities
- Implementation of Stringent Emission Norms & Environmental Regulations
- Unstable Prices of Fossil Fuels
Challenges
- Overheating of Traction Motors
- Reduced Subsidies for EVs
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Automotive Traction Motor Market, by Vehicle Type
7 Automotive Traction Motor Market, by Power Output
8 Automotive Traction Motor Market, by Motor Type
9 Automotive Traction Motor Market, by Ev Type
10 Automotive Traction Motor Market, by Type
11 Automotive Traction Motor Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Analyst’s Recommendations
15 Appendix
Companies Mentioned
- United Automotive Electronics Co. Ltd.
- Robert Bosch GmbH
- Zhuhai Enpower Electric Co. Ltd.
- BYD Co. Ltd.
- Mitsuba Corporation
- Shanghai eDrive Co. Ltd.
- Nidec Corporation
- Denso Corporation
- Aisin Corporation
- ZF Friedrichshafen AG
- Shenzhen Inovance Technology Co. Ltd.
- Continental AG
- Schaeffler Group
- Mahle Group
- Hyundai Transys Inc.
- Jing-Jin Electric
- XPT Drive Technology
- Shuanglin Group
- Anand Mando eMobility
- Johnson Electric Holdings Ltd.
- Zhejiang Founder Motor Co. Ltd.
- Borgwarner Inc.
- Valeo SA
- GKN Automotive Limited
- Zhuzhou CRRC Times Electric Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/5v6mgs
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SOURCE Research and Markets
