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 to250 kW, More Than 250kW), Propulsion Type, Vehicle Type, andGeography - Forecast to 2031',theelectric vehicle traction motors marketis projectedto reach $173.0 billion by2031, at a CAGR of25.5% from 2024 to 2031. By volume,this market is projected to reach 497.6 million units by2031, at a CAGR of 20.7% from 2024 to 2031.
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The growth of this market is driven by stringent emissionregulations driving the manufacture and sales of hybrid andelectric vehicles, the increasing demand for high-performancemotors, and favorable government policies and subsidies aimed atpromoting the adoption of EVs. However, the high costs and scarcityof raw materials restrain the growth of this market.
Furthermore, the increasing demand for electric vehicles isexpected to generate growth opportunities for the stakeholders inthis market. However, the higher prices of electric vehiclescompared to ICE vehicles and the risk of motor failure due tooverheating are some of the challenges impacting the market'sgrowth.
The global electric vehicle traction motors market is segmentedby type (permanent magnet synchronous motor, switched reluctancemotor, induction motor, wound rotor synchronous motor, DC brushlessmotor (out-runner BLDC motor and in-runner BLDC motor), and DCbrushed 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 electricvehicles), and battery electric vehicles and vehicle type(passenger vehicles, e-scooters & bikes, heavy commercialvehicles, light commercial vehicles, and two-wheelers). The studyalso evaluates industry competitors and analyses the market at theregional and country levels.
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Based on type, the global electric vehicle tractionmotors market is segmented into DC brushed motor, DC brushlessmotor, induction motor, permanent magnet synchronous motor (PMSM),and switched reluctance motor (SRM). In 2024, the permanent magnetsynchronous motor segment is expected to account for the largestshare of around 78.0% of the electric vehicle tractionmotors market. However, the induction motor segment is expected toregister the highest CAGR of the global electric vehicle tractionmotors market. This segment's growth is driven by increasinginvestments in R&D aimed at improving motor efficiency andperformance. Additionally, induction motors have fewer movingparts, which reduces maintenance requirements and enhancesdurability.
Based on power output, the global electric vehicletraction motors market is segmented into less than 100 kW, 100 kWto 250 kW, and more than 250 kW. In 2024, the less than 100 kWsegment is expected to account for the largest share of around65.0% of the global electric vehicle traction motors market.This segment's large market share can be attributed to the risingadoption of electric scooters and mopeds, as well as favorablepolicies, incentives, and subsidies introduced by variousgovernments to promote EV adoption. Moreover, the less than 100 kWsegment is projected to register the highest CAGR during theforecast period.
Based on propulsion type, the global EV traction motorsmarket is segmented into hybrid electric vehicles and batteryelectric vehicles. In 2024, the battery electric vehicles segmentis expected to account for the largest share of the electricvehicle traction motors market. It is also projected to registerthe highest CAGR during the forecast period. This segment's largemarket share can be attributed to stringent emission standards,increasing demand for fuel efficiency, a rising preference forzero-emission vehicles, and the growing adoption of batteryelectric vehicles for personal use, autonomous delivery, industrialapplications, and public transportation.
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Based on vehicle type, the global EV traction motorsmarket is segmented into passenger vehicles, e-scooters &bikes, heavy commercial vehicles, light commercial vehicles, andtwo-wheelers. In 2024, the passenger vehicles segment is expectedto account for the largest share of around 81.0% of the EVtraction motors market. The large market share of this segment isattributed to the increasing need to improve the performance,efficiency, and overall driving experience for passenger vehicles,favorable government policies & subsidies aimed at promotingthe adoption of electric passenger cars, proactive participation byautomotive OEMs in producing electric passenger vehicles andincreasing fuel prices.
Based on geography,the electric vehicle tractionmotors market is segmented into NorthAmerica, Europe,Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for thelargest share of around 41.0% of the EV traction motormarket. However, the market in Europe is projected to register the highestCAGR of 27.3% during the forecast period. The growth of thisregional market is attributed to stringent emission regulations bythe European Union, government initiatives to expand charginginfrastructure and support zero-emission vehicles (ZEVs), andinvestments by companies in electric vehicle charging stationsacross the region.
Key Players:
Some of the key players operating in the electric vehicletraction motors market are Zytek Automotive Ltd (U.K.), ZFFriedrichshafen AG (Germany), YASALimited (U.K.), Valeo (France),Jing-Jin Electric Technologies Co., Ltd. (China), Parker-Hannifin Corp (U.S.), ABB Ltd(Switzerland), Equipmake HoldingsPLC (U.S.), Traktionssysteme Austria GmbH (Austria), Electrodrive Powertrain SolutionsPvt. Ltd. (India), NidecCorporation (Japan), AMETEK Inc.(U.S.), Toshiba International Corporation (U.S.), WEG EquipamentosElétricos S.A. (Brazil), HitachiAstemo, Ltd. (Japan), Dana Limited(U.S.), Robert Bosch GmbH (Germany), BorgWarner Inc. (U.S.), and ShanghaiEdrive Co. Ltd. (China).
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Scope of the Report:
Electric Vehicle Traction Motors MarketAssessment—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 MarketAssessment—by Power Output
- Less Than 100 kW
- 100 kW To 250 kW
- More Than 250 kW
Electric Vehicle Traction Motors MarketAssessment—by Propulsion Type
- Hybrid Electric Vehicles
- Pure Hybrid Electric Vehicles
- Plug-in Hybrid Electric Vehicles
- Battery Electric Vehicles
Electric Vehicle Traction Motors MarketAssessment—by Vehicle Type
- Passenger Vehicles
- E-scooters & Bikes
- Heavy Commercial Vehicles
- Light Commercial Vehicles
- Two-wheelers
Electric Vehicle Traction Motors MarketAssessment—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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