About EV Traction Motor
Traction motors are powered by electricity and generate the power that rotates the wheels of the vehicle. With the help of its turning force produced by traction motors is transmitted to the wheels via the driving gear unit and axle. Traction motors are typically mounted in the electric vehicles where the wheels are housed. Its major features that benefit in the market include its low maintenance, completely sealed structure prevents dust intrusion, reduced number of components for fewer items requiring maintenance and reduced frequency, low noise, and many others. The increasing investment in electric vehicles is driving huge demand for electric vehicle traction motors.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 25.3% |
There are various companies are operating in this industry and heavily investing in technology development. There are various market players are entering this industry to capture market growth opportunities. The market leaders are investing in organic and non-organic strategic growth initiatives to become dominant in this industry. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global EV Traction Motor market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
ABB (Switzerland), CG Power and Industrial Solutions (India), CRRC (China), GE (United States), Siemens (Germany), BMW (Germany), Tesla (United States), Broad-Ocean (United States), Toshiba (Germany) and Eaton (Ireland) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Mitsubishi Electric (Japan), Continental AG (Germany) and Jing-Jin Electric Technologies (China).
Segmentation Overview
AMA Research has segmented the market of Global EV Traction Motor market by Type (Hybrid Electric Vehicles (HEV), Battery Electric Vehicles (BEV) and Plug-in Hybrid Electric Vehicle (PHEV)) and Region.
On the basis of geography, the market of EV Traction Motor has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Power Rating, the sub-segment i.e. Below 200 kW will boost the EV Traction Motor market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution Channel, the sub-segment i.e. Distributors will boost the EV Traction Motor market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Product, the sub-segment i.e. DC Traction Motor will boost the EV Traction Motor market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increase Investment in Research and Development
Market Growth Drivers:
Enhancement in Inflexibility of Emission Regulations has Pushed OEMs to Manufacture and Sell Electric and Hybrid Vehicles, Growing Demand for High-Performance Motors, The Rise in Number of Government Policies and Subsidies and Development in Investments in the Railway Sector
Challenges:
High Cost Associated With the Electric Vehicles as Compared to the Internal Combustion Engine (ICE) Vehicles and Lack of Skilled Professionals
Restraints:
Required Huge Initial Deployment Cost of Traction Motors for Electric Vehicles and The Volatility of Raw Material Prices, Especially Copper
Opportunities:
Growing Demand for Electric Vehicles and Continuous Development in Technology
Market Leaders and their expansionary development strategies
In November 2023, Siemens, the German industrial conglomerate, and Valeo, the French automotive supplier, signed a memorandum of understanding to collaborate on the development and production of electric traction motors for passenger cars and light commercial vehicles. This partnership combines Siemens' expertise in electric motors with Valeo's knowledge of automotive systems, aiming to create efficient and cost-effective solutions for the EV market.
In December 2023, Nidec, a Japanese multinational electronics company, introduced its e-Axle+ platform, a modular and scalable traction motor system for EVs. This platform offers high flexibility and cost efficiency, catering to a wide range of vehicle segments.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, EV Traction Motor Manufacturers, Suppliers, and Distributors, Raw Material Suppliers, Government Regulatory and Research Organizations and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.