Market Outlook:

The Electric Vehicle Traction Motor Market size is poised to reach USD 12.57 Million by 2024, with a projected escalation to USD 54.32 Million by 2032, reflecting a compound annual growth rate (CAGR) of 30.2% during the forecast period (2025-2032). 

Investments in electric vehicle production because of customer acceptance along with increasing market wants for energy-efficient motors drive this market. The electric mobility industry relies heavily on traction motors because their energy-efficient operation consumes much less electrical power. The electric vehicle traction motor sector grows because the market supports it through both environmental regulations and growing demand for battery electric vehicles.

Market Dynamics:

Driver:

The number of traction motors car manufacturers need rises with electric car production. The International Energy Agency published Global EV Outlook 2024 showing 14 million new electric car sales across the world plus another 3.5 million vehicles sold over 2022 sales figures. During 2023 customers bought 18% of vehicle inventory through electric vehicles while this market position shifted from 14% in 2022 and 2% in 2018. Growing market needs for better cost-efficient and efficient electric vehicles push manufacturers into selecting and competing for the best traction motors designs. Manufacturers create traction motors to function effectively by turning a larger part of battery energy into mechanical power for vehicle movement. The system delivers both improved driving quality and a greater distance between charges.

Restraint:

The increasing demand from various consumers drives EV makers to fund development projects that produce superior solutions. Companies now produce motors that do not need rare earth materials like neodymium and dysprosium which allows them to solve supply chain and environmental issues. Axial flux designs appear more often because they deliver greater power with smaller size than regular radial flux motors. Modern EV designs receive these solutions in their high-performance and prestige models because they produce more power and work better. The growth of the global market during the next years depends on new technologies such as PMSMs, SRMs, and integrated motor-drive systems.

Opportunity:

EV traction motors give vehicles better acceleration since they deliver complete torque right from the beginning. Electrical traction units stay smaller and lighter than engine assemblies within internal combustion engines. Reduced vehicle weight makes cars more efficient because they need less energy to move forward. Several automakers create multi-torque-motor vehicles to deliver targeted control of torque between wheels. Improved tire connection with the road surface makes better control possible on adverse surfaces especially slippery roads or sharp turns.

Key Players:

• ABB
• ZF Friedrichshafen AG
• PARKER HANNIFIN CORP
• AB SKF
• Robert Bosch GmbH
• Valeo
• CONTINENTAL ENGINEERING SERVICES
• Turntide
• YASA Limited
• Hitachi, Ltd.
• NIDEC CORPORATION
• Others

Recent Development:

• In October 2024, Nidec Motor Corporation and Ashok Leyland of India joined forces to speed up commercial vehicle electric power development in India. Nidec will supply Ashok Leyland with their electric motor-controller system E-Drive. The organizations can create advanced commercial vehicle E-Drives under Ashok Leyland's program by teaming up with Nidec Motor.

• In May 2024 ABB launched an electric bus solution made up of the HES580 inverter and AMXE250 motor for this year. Using a 3-level inverter system gives this package higher performance potential that adds life to the drive system while achieving up to 12% more efficient motor use during typical bus cycles when compared to platforms using 2-level inverters. The motor delivers strong power without taking much space to boost bus performance and create smoother rides..

Segment Insights:

By Vehicle Type

Electric Vehicles powered only by battery systems generated 62.8% of all revenue earned by the global electric vehicle traction motor industry in 2024. The need for traction motors in Battery Electric Vehicles surged because people worldwide want cleaner energy solutions and EV production grows fast alongside motor technology progress. BEV market growth requires companies to build more traction motors which drives market development. In January 2024 EV VOLUMES revealed that the sale of battery EVs reached 10 million units in 2023 and major markets saw high increases in vehicle adoption. Electrical machines drive both the capacity and fuel efficiency of battery electric vehicles at the same time they determine driving distance. Motor technology advances like permanent magnets and induction motors let manufacturers reach better energy use and output design with longer motor life.

By Propulsion Type

The electric vehicle traction motor industry should see PHEV gain speed as its top growing segment from 2025 to 2030. The PHEV market expands because governments provide incentives to reduce emissions while people buy these vehicles to combine electric power and IC engines in one vehicle. An electric motor with battery power goes into PHEVs alongside an ICE because traction motors form a key functional element driving electric and hybrid car operations while boosting fuel efficiency. By adding powerful electronics to hybrid drivetrain systems car manufacturers make traction motors operate more effectively. This technology creates better fuel savings with reduced pollution according to PHEVs.

Regional Insights:

In 2024 Asia Pacific cities bought 54.6% of all electric vehicle traction motors because they were making quick sales of EVs and helping the market grow. The region in Asia Pacific where electric vehicle production grows fastest also pushes up traction motor demand because these motors power electric vehicle powertrains. The growing demand for electric vehicles made Volkswagen BMW Ford and General Motors increase their vehicle output in this region. These automakers create more traction motor production facilities to serve Asian EV markets at cheaper prices. China stands strong in regional market leadership since it remains the top economy worldwide to manufacture and sell electric vehicles. The International Energy Agency report estimates that China recorded 8 million electric vehicle sales during 2023 with this number representing 60% of worldwide markets. China is planned to stay ahead in worldwide EV sales with 10 million units expected before 2030.

Segmentation:

By Type

• Permanent Magnet Synchronous Motor (PMSM)

• Induction Motor

• DC Brushless Motor (BLDC)

• DC Brushed Motor

• Switched Reluctance Motor (SRM)

• Wound Rotor Synchronous Motor​

By Power Output

• Less than 100 kW

• 100 kW to 250 kW

• More than 250 kW

By Propulsion Type

• Battery Electric Vehicles (BEVs)
• Hybrid Electric Vehicles (HEVs)

By Vehicle Type

• Passenger Vehicles

• E-scooters & Bikes

• Heavy Commercial Vehicles

• Light Commercial Vehicles

• Two-Wheelers

By Region

North America

• USA

• Canada

• Mexico

Europe

• France

• UK

• Spain

• Germany

• Italy

• Rest of Europe

Asia Pacific

• China

• Japan

• India

• South Korea

• Rest of Asia Pacific

Middle East & Africa

• GCC

• South Africa

• Rest of the Middle East & Africa

South America

• Brazil

• Argentina

• Rest of South America

What to Expect from Industry Profile?

1. Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the Electric Vehicle Traction Motor Market in the world.

2. Use the PORTER’s Five Forces analysis to determine the competitive intensity and therefore market attractiveness of the Global Electric Vehicle Traction Motor Market.

3. Leading company profiles reveal details of key Electric Vehicle Traction Motor Market players’ global operations, strategies, financial performance & recent developments.

4. Add weight to presentations and pitches by understanding the future growth prospects of the Global Electric Vehicle Traction Motor Market with forecast for the decade by both market share (%) & revenue (USD Million).

FAQ’s

1) What are the major factors driving the growth of the Global Electric Vehicle Traction Motor Market?

• Rising EV Adoption has intensified the demand for Electric Vehicle Traction Motor.

2) What would be the CAGR of the Global Electric Vehicle Traction Motor Market over the forecast period?

• The Global Electric Vehicle Traction Motor Market is poised to grow at a CAGR of 30.2% from 2024 to 2032.

3) Which region will provide more business opportunities for the growth of the Global Electric Vehicle Traction Motor Market in the future?

• The North America region is expected to create more opportunities in the market.

4) Who are the major players dominating the Global Electric Vehicle Traction Motor Market?

• ABB, ZF Friedrichshafen AG, PARKER HANNIFIN CORP, AB SKF, Robert Bosch GmbH, Valeo, CONTINENTAL ENGINEERING SERVICES, Turntide, YASA Limited, Hitachi, Ltd., NIDEC CORPORATION, and Others.

5) What are the segments in the Global Electric Vehicle Traction Motor Market?

• By Type, By Power Output, By Propulsion Type, By Vehicle Type are the industry key segments considered for research study.

6) What is the estimated market revenue for the Global Electric Vehicle Traction Motor Market in 2032?

The estimated revenue for the Global Electric Vehicle Traction Motor Market in 2032 is USD 54.32 Million.