Electric Vehicle Traction Motor Market By Vehicle Type (Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV)), Type of Motor (Permanent Magnet Synchronous Motor (PMSM), Induction Motor (IM), Brushless DC Motor (BLDC)), & Region for 2024-2031

Electric Vehicle Traction Motor Market Valuation – 2024-2031

The growing demand for electric vehicle (EV) traction motors is primarily driven by the global deployment of electric automobiles. As more people and governments prioritize decreasing carbon emissions and combatting climate change, electric vehicles are gaining popularity as an alternative to traditional gasoline-powered automobiles. EV traction motors which power the wheels of electric vehicles are in increased demand as manufacturers increase manufacturing to meet rising consumer demand by enabling the market to surpass a revenue of USD 10.04 Billion valued in 2024 and reach a valuation of around USD 112.89 Billion by 2031.

Government subsidies and stricter emission rules are encouraging manufacturers to invest more in electric car production, directly increasing demand for EV traction motors. Countries all across the world are setting lofty goals for phasing out internal combustion engines and moving to electric mobility. This global movement toward electric vehicles is also aided by the increase in charging infrastructure which makes EVs more accessible to consumers. As a result, the traction motor market is rising rapidly with manufacturers focusing on producing more efficient and powerful motors to fulfil the diversified demands of the growing EV market by enabling the market to grow at a CAGR of 35.32 % from 2024 to 2031. 

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Electric Vehicle Traction Motor Market: Definition/ Overview

An electric vehicle (EV) traction motor is a type of electric motor designed specifically for use in an electric vehicle. Unlike typical internal combustion engines that use gasoline or diesel, EV traction motors use electricity stored in batteries to power the vehicle’s wheels. These motors are critical to the operation of electric vehicles because they convert electrical energy into mechanical energy which propels the vehicle forward. Traction motors are more efficient and provide a smoother, quieter driving experience than traditional engines.

Electric vehicle (EV) traction motors are critical components that drive the wheels of electric vehicles making them essential for their operation. These motors are intended to transform electrical energy stored in the car’s battery into mechanical energy which powers the wheels and propels the vehicle forward. Traction motors are used in electric vehicles, buses, and trucks to provide the torque and speed control required for smooth acceleration and economical operation. The use of electric vehicle (EV) traction motors is predicted to increase dramatically as the automotive industry transitions to more sustainable and environmentally friendly transportation alternatives. EV traction motors which are critical for driving electric vehicles will become more advanced with an emphasis on increased efficiency and performance.

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Will the Increasing Demand for Energy-Efficient Motor Drive the Electric Vehicle Traction Motor Market?

The growing demand for energy-efficient motors is a major driver of the electric vehicle (EV) traction motor market reflecting a larger trend toward sustainability and technological improvement in the automotive sector. Energy-efficient motors play a critical role in improving the overall performance and range of electric vehicles, addressing consumer concerns about battery life and operational expenses. According to the US Department of Energy, improving energy efficiency in electric motors can result in significant energy savings with modern motor designs achieving up to 30% efficiency gains. This significant gain in efficiency translates directly into longer driving ranges and lower energy costs for consumers making electric vehicles more appealing and feasible for a wider spectrum of users.

The EU plans to cut greenhouse gas emissions by at least 55% by 2030 compared to 1990 levels, with the transportation sector being a major priority area. The paper states that the use of energy-efficient transportation systems can help achieve this goal by lowering overall energy consumption and emissions. As a result, policies and incentives to encourage the development and deployment of energy-efficient motors are expected to promote further advances in EV traction technology. The increasing emphasis on the energy economy not only promotes regulatory compliance but also improves the competitiveness of electric vehicles in the worldwide market reinforcing the demand for sophisticated traction motors.

Will Complex Process for Manufacturing of Electric Traction Motors Hamper the Electric Vehicle Traction Motor Market?

The difficult manufacturing process for electric traction motors may impede the electric vehicle (EV) traction motor market. Electric traction motors are critical components in electric cars, and their production requires complex methods and specialized technologies. This complexity stems from the demand for great efficiency, dependability, and performance in motors. The manufacturing process necessitates accurate engineering, specialized materials, and advanced manufacturing procedures which can be expensive and time-consuming. This complexity might result in higher production costs that are passed on to customers, thereby limiting the adoption of electric vehicles, particularly in price-sensitive areas.

The advanced manufacturing process can cause supply chain issues. Manufacturers require a consistent supply of high-quality materials and components as well as qualified workers to operate the complex technology employed in manufacturing. Any disturbance in the supply chain or challenges in obtaining supplies might result in delays and increased expenditures. These obstacles can also discourage new entrants into the industry restricting competition and even suffocating creativity. As a result, although demand for electric vehicles grows, the complexity of making electric traction motors may impede market expansion affecting overall growth and accessibility in the EV sector.

Category-Wise Acumens

Will Increasing Preference for Fully Electric Solutions Drive Growth in the Vehicle Type Segment?

The Battery Electric Vehicle (BEV) segment is likely to dominate the electric vehicle traction motor market over the forecast period due to its rapid expansion and increasing adoption. BEVs, which run purely on electricity stored in onboard batteries have significant advantages over plug-in hybrid electric vehicles (PHEVs) including zero tailpipe emissions and reduced total operating costs. As governments throughout the world impose higher emissions laws and provide incentives for zero-emission vehicles, BEVs become more appealing to customers and fleet operators. Furthermore, advances in battery technology are increasing the range, performance, and cost of BEVs fueling their popularity. The developing infrastructure for electric vehicle charging as well as the broader push for sustainability in urban design and transportation are all contributing to increased demand for BEVs.

While Plug-in Hybrid Electric Vehicles (PHEVs) provide the benefit of increased range through the combination of electric and internal combustion engine power, they do not have the same growth trajectory as BEVs. PHEVs still use fossil fuels for some of their operations which may not entirely fit with the long-term sustainability goals that are driving the automotive industry’s transition to all-electric vehicles. Furthermore, BEVs are frequently seen as more modern and compatible with future transportation trends such as autonomous driving and smart grid integration.

Will High Efficiency and Excellent Power Density Drive the Type of Motor Segment?

Permanent Magnet Synchronous Motors (PMSMs) are the dominant type due to their excellent performance characteristics which closely match the requirements of high-performance electric cars. PMSMs are popular due to their high efficiency, good power density, and silent operation, making them perfect for premium and high-performance EV applications. The use of permanent magnets in PMSMs enables a more effective conversion of electrical energy into mechanical power, resulting in increased vehicle range and performance. This economy is especially useful in electric vehicles where increasing driving range and performance is a top objective.

While Induction Motors (IMs) and Brushless DC Motors (BLDCs) are both important in the EV industry, they serve different markets. Induction motors are a more cost-effective choice and are known for their dependability and strength making them appropriate for a wide range of applications including mid-range electric vehicles. However, they have lower efficiency than PMSMs and can be larger affecting their performance and range. Brushless DC motors, on the other hand, offer precise control and tremendous torque at low speeds making them ideal for compact electric vehicles and hybrid applications.

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Country/Region-wise Acumens

Will Increasing Transportation Infrastructure Development Drive the Market in the Asia Pacific Region?

The growing development of transportation infrastructure in the Asia Pacific region is considerably driving the electric vehicle (EV) traction motor market with emerging as a key element in its expansion. As countries in this region, such as China, India, and Japan, invest extensively in extending and modernizing their transportation networks, the demand for electric vehicles, and hence electric traction motors, is rapidly increasing. For example, the International Energy Agency (IEA) reports that China has pledged to invest more than $300 billion in electric car infrastructure as part of a larger effort to promote sustainable transportation and reduce greenhouse gas emissions.

The fast expansion of public transportation networks and urban mobility solutions in the Asia Pacific is accelerating market growth. The introduction of electric buses, trams, and other public vehicles in major cities is driving up demand for electric traction motors. For example, the Indian government has developed the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) program which offers significant incentives for the use of electric buses and other vehicles. According to a study from India’s Ministry of Heavy Industries and Public Enterprises, the FAME II initiative has a budget of around $1.4 billion to support the deployment of electric vehicles and charging infrastructure.

Will the Expansion of Government Legislation Drive the Market in the North American Region?

The expansion of government legislation is propelling the electric vehicle (EV) traction motor market in North America. Recent legislative initiatives and incentives aimed at lowering carbon emissions and promoting electric mobility have greatly increased demand for electric vehicles and their components, particularly traction motors. For example, the United States Environmental Protection Agency (EPA) has set high goals for lowering greenhouse gas emissions including encouraging the use of electric vehicles. According to a 2023 study from the US Department of Energy, federal tax credits for electric vehicles can provide incentives of up to $7,500 per vehicle, encouraging both consumers and manufacturers to invest in electric technologies. This legislative backing creates a favorable atmosphere for the expansion of the electric vehicle traction motor.

Government legislation promotes growth through a variety of state-level programs and policies that encourage the use of electric vehicles. For example, California’s Zero Emission Vehicle (ZEV) program requires that a large portion of new automobile sales be zero-emission vehicles including electric vehicles. According to the California Air Resources Board (CARB), the state aims to have 5 million ZEVs on the road by 2030. This ambitious goal is prompting considerable investments in EV infrastructure and technologies including traction motors. Furthermore, the Biden Administration’s Infrastructure Investment and Jobs Act funds $7.5 billion expressly for EV charging infrastructure promoting the widespread use of electric vehicles and, as a result, the demand for efficient traction motors.

Competitive Landscape

The Electric Vehicle Traction Motor Market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support. The organizations are focusing on innovating their product line to serve the vast population in diverse regions.

Some of the prominent players operating in the electric vehicle traction motor market include:

• AVID Technology Limited
• SERVAX
• Hitachi Automotive Systems Americas Inc.
• Zytek Group
• Robert Bosch GmbH
• Copper Rotor Induction Motor
• RETORQ Motors Ltd
• Equipmake Ltd
• Magnetic Systems Technology.

Latest Developments

• In December 2022, Hitachi America and REE Automotive forged a collaboration to accelerate the deployment of electric vehicles (EV) across the entire EV value chain.
• In March 2022, Equipmake, a UK-based manufacturer of high-performance electric powertrain components, introduced their SiC-based HPI-800 inverter in March 2022, which enhances efficiency and potentially lowers the size of an EV’s battery by around 10%

Report Scope

Electric Vehicle Traction Motor Market, By Category

Vehicle Type:

• Battery Electric Vehicle (BEV)
• Plug-in Hybrid Electric Vehicle (PHEV)

Type of Motor:

• Permanent Magnet Synchronous Motor (PMSM)
• Induction Motor (IM)
• Brushless DC Motor (BLDC)
• Other Motors

Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

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