REDDING, Calif., Aug. 1, 2024 /PRNewswire/ — According to a new market research report titled, ‘Electric Vehicle Traction Motors Market by Type (PMSM, Induction Motor, BLDC), Power Output (Less than 100 kW, 100 kW to 250 kW, More Than 250kW), Propulsion Type, Vehicle Type, and Geography – Forecast to 2031′, the electric vehicle traction motors market is projected to reach $173.0 billion by 2031, at a CAGR of 25.5% from 2024 to 2031. By volume, this market is projected to reach 497.6 million units by 2031, at a CAGR of 20.7% from 2024 to 2031.
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The growth of this market is driven by stringent emission regulations driving the manufacture and sales of hybrid and electric vehicles, the increasing demand for high-performance motors, and favorable government policies and subsidies aimed at promoting the adoption of EVs. However, the high costs and scarcity of raw materials restrain the growth of this market.
Furthermore, the increasing demand for electric vehicles is expected to generate growth opportunities for the stakeholders in this market. However, the higher prices of electric vehicles compared to ICE vehicles and the risk of motor failure due to overheating are some of the challenges impacting the market’s growth.
The global electric vehicle traction motors market is segmented by type (permanent magnet synchronous motor, switched reluctance motor, induction motor, wound rotor synchronous motor, DC brushless motor (out-runner BLDC motor and in-runner BLDC motor), and DC brushed motor), power output (less than 100 kW, 100 kW to 250 kW, and more than 250 kW), propulsion type (hybrid electric vehicles (pure hybrid electric vehicles and plug-in hybrid electric vehicles), and battery electric vehicles and vehicle type (passenger vehicles, e-scooters & bikes, heavy commercial vehicles, light commercial vehicles, and two-wheelers). The study also evaluates industry competitors and analyses the market at the regional and country levels.
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Based on type, the global electric vehicle traction motors market is segmented into DC brushed motor, DC brushless motor, induction motor, permanent magnet synchronous motor (PMSM), and switched reluctance motor (SRM). In 2024, the permanent magnet synchronous motor segment is expected to account for the largest share of around 78.0% of the electric vehicle traction motors market. However, the induction motor segment is expected to register the highest CAGR of the global electric vehicle traction motors market. This segment’s growth is driven by increasing investments in R&D aimed at improving motor efficiency and performance. Additionally, induction motors have fewer moving parts, which reduces maintenance requirements and enhances durability.
Based on power output, the global electric vehicle traction motors market is segmented into less than 100 kW, 100 kW to 250 kW, and more than 250 kW. In 2024, the less than 100 kW segment is expected to account for the largest share of around 65.0% of the global electric vehicle traction motors market. This segment’s large market share can be attributed to the rising adoption of electric scooters and mopeds, as well as favorable policies, incentives, and subsidies introduced by various governments to promote EV adoption. Moreover, the less than 100 kW segment is projected to register the highest CAGR during the forecast period.
Based on propulsion type, the global EV traction motors market is segmented into hybrid electric vehicles and battery electric vehicles. In 2024, the battery electric vehicles segment is expected to account for the largest share of the electric vehicle traction motors market. It is also projected to register the highest CAGR during the forecast period. This segment’s large market share can be attributed to stringent emission standards, increasing demand for fuel efficiency, a rising preference for zero-emission vehicles, and the growing adoption of battery electric vehicles for personal use, autonomous delivery, industrial applications, and public transportation.
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Based on vehicle type, the global EV traction motors market is segmented into passenger vehicles, e-scooters & bikes, heavy commercial vehicles, light commercial vehicles, and two-wheelers. In 2024, the passenger vehicles segment is expected to account for the largest share of around 81.0% of the EV traction motors market. The large market share of this segment is attributed to the increasing need to improve the performance, efficiency, and overall driving experience for passenger vehicles, favorable government policies & subsidies aimed at promoting the adoption of electric passenger cars, proactive participation by automotive OEMs in producing electric passenger vehicles and increasing fuel prices.
Based on geography, the electric vehicle traction motors market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of around 41.0% of the EV traction motor market. However, the market in Europe is projected to register the highest CAGR of 27.3% during the forecast period. The growth of this regional market is attributed to stringent emission regulations by the European Union, government initiatives to expand charging infrastructure and support zero-emission vehicles (ZEVs), and investments by companies in electric vehicle charging stations across the region.
Key Players:
Some of the key players operating in the electric vehicle traction motors market are Zytek Automotive Ltd (U.K.), ZF Friedrichshafen AG (Germany), YASA Limited (U.K.), Valeo (France), Jing-Jin Electric Technologies Co., Ltd. (China), Parker-Hannifin Corp (U.S.), ABB Ltd (Switzerland), Equipmake Holdings PLC (U.S.), Traktionssysteme Austria GmbH (Austria), Electrodrive Powertrain Solutions Pvt. Ltd. (India), Nidec Corporation (Japan), AMETEK Inc. (U.S.), Toshiba International Corporation (U.S.), WEG Equipamentos Elétricos S.A. (Brazil), Hitachi Astemo, Ltd. (Japan), Dana Limited (U.S.), Robert Bosch GmbH (Germany), BorgWarner Inc. (U.S.), and Shanghai Edrive Co. Ltd. (China).
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Scope of the Report:
Electric Vehicle Traction Motors Market Assessment—by Type
- Permanent Magnet Synchronous Motor
- Switched Reluctance Motor
- Induction Motor
- Wound Rotor Synchronous Motor
- DC Brushless Motor
- Out-runner BLDC Motor
- In-runner BLDC Motor
- DC Brushed Motor
Electric Vehicle Traction Motors Market Assessment—by Power Output
- Less Than 100 kW
- 100 kW To 250 kW
- More Than 250 kW
Electric Vehicle Traction Motors Market Assessment—by Propulsion Type
- Hybrid Electric Vehicles
- Pure Hybrid Electric Vehicles
- Plug-in Hybrid Electric Vehicles
- Battery Electric Vehicles
Electric Vehicle Traction Motors Market Assessment—by Vehicle Type
- Passenger Vehicles
- E-scooters & Bikes
- Heavy Commercial Vehicles
- Light Commercial Vehicles
- Two-wheelers
Electric Vehicle Traction Motors Market Assessment—by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Norway
- Sweden
- Netherlands
- Italy
- Spain
- Switzerland
- Denmark
- Rest Of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Thailand
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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