Redding, California - August 2, 2024
Electric Vehicle Traction Motors Market to be Worth $173 Billion by 2031
Electric Vehicle Traction Motors Market Size, Share, Forecast, & Trends Analysis 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 - Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a 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 250 kW), Propulsion Type, Vehicle Type, and Geography - Global Forecast to 2031.’
According to this latest publication from Meticulous Research®, the electric vehicle traction motors market is projected to reach $173 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. 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.
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.
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 over 78.0% of the global electric vehicle traction motors market. This segment’s large market share can be attributed to the growing adoption of permanent magnet synchronous motors in electric vehicles due to their benefits, such as high overload capability, efficiency, and compact size. These motors offer several advantages, including high power density, stable output torque, low noise levels, and excellent speed regulation performance, making them particularly well-suited for electric vehicle propulsion.
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 over 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 over 64.0% of the global electric vehicle traction motors market. 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. Moreover, the battery electric vehicles segment is projected to register the highest CAGR during the forecast period.
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 over 81.0% of the global 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 over 41.0% of the global EV traction motor market. The increasing adoption of electric vehicles due to the declining cost of EV components, rising environmental concerns, and rapid technological advancements in developing countries propel the demand for EV traction motors in the region.
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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Key questions answered in the report-
- Which are the high-growth market segments based on type, power output, propulsion type, and vehicle type?
- What was the historical market for electric vehicle traction motors?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, restraints, and opportunities in the electric vehicle traction motors market?
- Who are the major players in the electric vehicle traction motors market?
- What is the competitive landscape like?
- What are the recent developments in the electric vehicle traction motors market?
- What are the different strategies adopted by the major players in the electric vehicle traction motors market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global electric vehicle traction motors market, and how do they compete with the other players?
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