Electric Vehicle Traction Motor Market: Global Industry Analysis and Forecast (2022-2029)

Electric Vehicle Traction Motor Market reached a value of US $ 4.60Bn. in 2021. Global Electric Vehicle Traction Motor Market size is estimated to grow at a CAGR of 35.32 %. The market is expected to reach a value of US $ 51.72 Bn in 2029.
Electric Vehicle Traction Motor Market Overview:
The Traction Motor propels the vehicle using electric energy from the car's battery, which is fitted in an Electric Vehicle. Traction Motors are capable of delivering the required torque for electric vehicle propulsion. The growing global demand for electric vehicles, combined with significant R&D efforts targeted at enhancing the efficiency and operational performance of electric vehicles, is expected to drive the traction Motor industry forward. These traction Motors are a necessary part of all-electric vehicles. The market is likely to grow and be driven by the enforcement of regulatory requirements by governments from other countries. Government subsidies for electric vehicle purchases, as well as greater fuel economy over conventional vehicles, are likely to drive demand for traction Motors.To know about the Research Methodology :- Request Free Sample Report

2021 is considered as a base year to forecast the market from 2021 to 2029. 2021’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2029. 2021 is a year of exception and analyzed especially with the impact of lockdown by region.
Electric Vehicle Traction Motor Market Dynamics:
According to the MMR, road transport accounts for around 16% of global man-made carbon dioxide emissions (OICA) in 2021. On a regional level, these figures differ significantly. For example, road traffic accounts for 72 % of these emissions in the EU, but it accounts for only 29 % in the US. Automobile manufacturers and users are naturally looking for cleaner options. As a result, the global market for electric vehicles has grown dramatically. Despite supply shocks caused by the COVID-19 pandemic, according to data supplied by the International Energy Agency, the electric car industry grew by 40% in 2021. According to the data, 3 million new electric cars were registered, which is a new high. The global conventional automotive industry, on the other hand, declined by 16 % in the same fiscal year. As of 2021, there were more than 10 million electric vehicles on the road global, with another 1 million electric vans, large trucks, and buses. These tendencies are only expected to broaden in the future, indicating that the market for electric traction Motor s has a lot of scopes to grow.

Some of the major growth factors include rising investments in electric vehicles (EVs) and rising demand for energy-efficient Motor s. Due to the low power consumption and excellent efficiency of EV traction Motor s, there is a growing demand for EVs. Governments all around the globe are putting in place various plans to reduce automotive emissions, which are growing at a disturbing rate. The enforcement of strict emission regulating criteria, as well as monetary support in the form of budgetary allocations and stimulus measures, are providing help to prominent manufacturers. For example, in accordance with the COP21 Summit in Paris, the Indian government has developed a strategy to reduce emission intensity by 33-35 % by 2030. The National Electric Mobility Mission Plan 2021 (NEMMP) was announced in 2013, with a budget of Rs. 14,000 cores (US$ 1.8 billion) for EV infrastructure, supplemented by the 2015 Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme, which had a budget of Rs. 795 cores (US$ 106 million).

Many automakers are in the R&D phase of developing new HEV and EV designs all over the globe. The failure of traction Motor s due to overheating is one of the issues in their design. In order to provide consumers with the most range and fuel efficiency, it is also vital to minimize electrical and magnetic losses. Engineers must consider structural, thermal, and electromagnetic challenges during the installation, all of which have a significant impact on vehicle performance, dependability, and cost. The lack of electric charging stations and battery power, on the other hand, is limiting the market growth.
Electric Vehicle Traction Motor Industry Trends –
• In automobile traction applications, electric power is used - Vehicle manufacturers have used a variety of technologies to attain great efficiency and power density over the years. In order to maximize user space in future electric vehicles, the power density and performance of the traction drive unit are expected to improve dramatically.

• Hybrid and electric vehicles are becoming more popular – Hybrid and electric vehicles have seen tremendous growth all around the world. In 2012, there were about 112,000 electric vehicles on the road around the world. In just six years, the number of electric vehicles on the road in China, the United States, and Norway surpassed 3.2 million, with China, the United States, and Norway leading the way. Many federal rules and incentives exist, including the Airport Zero Emission Car and Infrastructure incentive, low and zero-emission public transportation research, demonstration and implementation financing, and qualified plug-in electric vehicle tax credit, among others.

• Technology for alternative traction motors – The interior permanent magnet (IPM) motor has been the favored choice for electric traction drive systems for numerous years. However, with fast-rising magnet costs and the likelihood of a future shortage of rare-earth (RE) metals, IPM motors may not be economically or technically viable in the future. As a result, it's time to think about different motor options.

1. Magnet Synchronous Machines – Permanent (PMSM)

2. Driven by Induction Machines (IM).

3. SRM Drive (Switched Reluctance Motor)

• Low-Loss Materials are used – The materials used in traction motors have a significant impact on their efficiency. For starters, the stator copper loss is influenced by the insulating material of the electric wire used for the stator winding. The space factor can be enhanced by reducing the insulating thickness, and thus the stator copper loss can be lowered. Another option is to use a polyimide coating, which is thinner than glass fiber insulation. Second, the properties of the electrical steel sheets utilized for the magnetic core have a direct impact on the iron loss in the stator and rotor cores. M800-50A5, a standardized material, is the most often used core material. Permendur, which is a type of Iron-Cobalt Alloy, is a high-performance core material. Because of its strong magnetic permeability and low characteristics, it's ideal for high-power-density motors.
Electric Vehicle Traction Motor Market Segment Analysis:
Based on Motor Type, the market is sub-segmented into Induction Motor and AC Motor. With a sales revenue of around 5.4 billion USD in 2021, induction Motors are the market's most dominant segment. The high efficiency of induction Motors and rising electrification in vehicle powertrain mechanisms are thought to be driving the segment's market growth. According to the US Department of Energy, induction Motor s are seeing a boom in market demand due to factors such as reducing carbon dioxide emissions and improving the efficiency of electrical engines and transmission systems.

Based on Vehicle Type, the market is sub-segmented into Battery operated electric vehicles and plug-in type hybrid electric vehicles. A fully electric vehicle that runs on chemical energy stored in rechargeable battery packs is known as a battery-electric vehicle. Instead of typical IC engines, battery electric vehicles use Motor controllers and electric Motor s for propulsion. Due to a significant shift in customer sentiment toward zero-emission vehicles, the BEV segment is likely to dominate the electric vehicle traction motor market over the forecast period.

The BEV segment is expected to grow because of technological advancements such as long-range batteries with fast charging capabilities. To improve the range of electric vehicles to up to 200 miles on a single charge, the market is moving toward a bigger battery capacity of over 60kWh. Increased battery capacity is expected to have a cascading effect on battery electric vehicle demand, positively impacting the electric vehicle traction motor industry. Also, increased government intervention is critical in persuading people to purchase BEVs.
Electric Vehicle Traction Motor Market Regional Insights:
A higher percentage of the region is made up of conventional electric car manufacturers. Over the forecast period, rising demand for BEVs is expected to fuel market growth. A typical passenger car emits roughly 4.6 metric tonnes of carbon dioxide per year, according to the US Environmental Protection Agency. This is based on the assumption that the average gasoline vehicle on the road today gets 22 miles per gallon and travels 11,500 miles per year. When a gallon of gasoline is burned, 8,887 grams of CO2 are released. In addition to CO2, increased amounts of methane and nitrous oxides from tailpipe emissions are forcing automakers to switch to hybrid and electric vehicles.

The US government plans to convert 50% of new passenger cars and light trucks sold in 2050 to electric, while individual states have set even higher goals. EV traction Motor sales are expected to increase in the next years as a result of the aforementioned factors. Rockwell Automation, a domestic participant, opened an 8,000-square-foot Electric Vehicle Innovation Center in San Jose, California, in 2021, to help automotive start-ups successfully use the technologies and standards needed to deliver EVs faster.

In 2021, China was the largest market for electric vehicle traction Motor s, and it is expected to grow the fastest throughout the forecast period. This can be ascribed to industry leaders establishing industrial facilities. China has been recognized to begin operations of the largest industrial complexes due to the abundant availability of raw materials and people. The Chinese government invested more than $50 billion in the previous decade to build electric car and component manufacturing factories. The Chinese government has reduced the number of licenses available for conventional automobiles in order to stimulate demand for electric vehicles.

Various EV traction Motor manufacturers at the regional level have solidified their positions in the Chinese market. BYD Auto Co. Ltd. has the largest market share of all of them. The company announced a capital raise of up to US$ 1.8 billion in October 2021, which is expected to drive the production of electric traction Motors. According to MMR, sales in China are expected to grow at a CAGR of 33% from the forecast period.

The objective of the report is to present a comprehensive analysis of the Electric Vehicle Traction Motor Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help understand the Electric Vehicle Traction Motor Market dynamic and structure by analyzing the market segments and projecting the Electric Vehicle Traction Motor Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Electric Vehicle Traction Motor Market make the report investor’s guide.
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Electric Vehicle Traction Motor Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2021-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US$ 4.60 Bn.


Forecast Period 2021 to 2029 CAGR:
35.32 %
Market Size in 2029:
US$ 51.72Bn.


 Segments Covered:
by Motor Type
• Induction Motor
• AC Motor


by Vehicle Type
• Battery operated electric vehicle
• Plug-in type hybrid electric vehicle


by Distribution Channel
• OEM
• Aftermarket



Electric Vehicle Traction Motor Market by Region
• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa
Electric Vehicle Traction Motor Market Key Players
• Robert Bosch GmbH
• SKF AB
• ABB Ltd.
• YASA Motor s Ltd.
• Parker Hannifin Corporation
• LG Electronics
• Continental AG
• Nidec Corporation
• BorgWarner Inc.
• Delphi Automotive PLC
• TATA Motor s
• Valeo SA
• ZF TRW Automotive Holdings Corporation
• Avid Technology Ltd.
• Bharat Heavy Electrical

Frequently Asked Questions:

1. Which region has the largest share in Global Electric Vehicle Traction Motor Market?
Ans: Asia Pacific region held the highest share in 2021.

2. What is the growth rate of Global Electric Vehicle Traction Motor Market?
Ans: The Global Electric Vehicle Traction Motor Market is growing at a CAGR of 35.32% during forecasting period 2022-2029.

3. What is scope of the Global Electric Vehicle Traction Motor market report?
Ans: Global Electric Vehicle Traction Motor Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Electric Vehicle Traction Motor market?
Ans: The important key players in the Global Electric Vehicle Traction Motor Market are – Robert Bosch GmbH, SKF AB, ABB Ltd., YASA Motor s Ltd., Parker Hannifin Corporation, LG Electronics, Continental AG, Nidec Corporation, BorgWarner Inc., Delphi Automotive PLC, TATA Motor s, Valeo SA, ZF TRW Automotive Holdings Corporation, Avid Technology Ltd., and Bharat Heavy Electrical

5. What is the study period of this market?
Ans: The Global Electric Vehicle Traction Motor Market is studied from 2021 to 2029.