Electric Vehicle Traction Motors Market Size, Share, Growth, Trends, and Global Industry Analysis: By Motor Type and Traction Motors), By Vehicle Type and Plug-In Hybrid Electric Vehicle ), By Power Output, and Region Forecast 2019-2030
Electric Vehicle Traction Motors Market Size, Share, Growth, Trends, and Global Industry Analysis: By Motor Type and Traction Motors), By Vehicle Type and Plug-In Hybrid Electric Vehicle ), By Power Output, and Region Forecast 2019-2030
Electric Vehicle Traction Motors Market size was valued at US$ 167.2 billion in 2023 and is expected to grow at a CAGR of 10.8% over the forecast year to reach US$ 342.8 billion in 2030. An electric vehicle's installed battery provides the energy needed for an electric vehicle's traction motor to drive the vehicle forward. Electric vehicles can be propelled by traction motors, which are capable of producing the necessary power. Although the traction motor is a crucial part of electric vehicles, the market for electric vehicle traction motors is expanding along with the demand for electric vehicles. A few key driving and limiting factors. Some of the drivers include the rise in efforts of environmental sustainability around the world, different kinds of government incentives for electric vehicle adoption, and the improvement of motor technologies in terms of performance and efficiency.
The high initial cost of electric vehicles and traction motors constitutes one of the restraining factors, along with limited battery life and infrastructure for charging, which slow down widespread market adaptation. R&D opportunities are arising through technological changes, such as innovations in advanced motor design and materials, greater investment in charging networks, and the opening of EV markets in developing regions. It also involves shifting toward higher power-density motors, advanced integration of control systems for better performance, and greater emphasis on reducing the weight and size of traction motors. Changes in the future landscape of the EV traction motors market are influenced by the rise of autonomous driving and development related to next-generation battery technologies.
Study Period
2024-2030Base Year
2023CAGR
10.8%Largest Market
Asia PacificFastest Growing Market
Asia Pacific
Influence its future development. The trend toward higher power-density motors is noteworthy since it allows electric vehicles (EVs) to achieve improved efficiency and performance with lighter and more compact designs. Developments in motor technology, such as the creation of switching reluctance motors and permanent magnet synchronous motors (PMSMs), which provide more torque and efficiency than conventional designs, go hand in hand with this trend. Furthermore, an increasing emphasis is being placed on the integration of sophisticated electronics and control systems to maximize motor performance, improve energy efficiency, and increase the driving range of electric vehicles.
Another important trend is the shrinkage in size and weight of the motors, driven by demands on vehicle design to be smaller and lighter. Autonomous driving technology constitutes another development factor influencing motor designs: the traction motors must support higher stages in drive system development and perform reliably over a wide range of driving conditions. Moreover, with every innovation of battery technology comes a set of upgrades that the motor designs have to go through for compatibility and efficiency purposes, hence pushing the envelope even further in electric vehicle performance.
Based on regions, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East, and Africa. In terms of electric vehicle (EV) traction motors are concerned, Asia-Pacific is the most rapidly expanding and dominant region. China, the world's largest EV market, is primarily responsible for this domination. The country enjoys significant government subsidies, aggressive EV adoption targets, and a strong manufacturing base. China is further strengthened by its large investments in electric vehicle infrastructure and its technological superiority in batteries.
Furthermore, other nations in the region, such as South Korea and Japan, support this expansion with robust automotive sectors and breakthroughs in motor technology. The fastest-growing segment of the market, however, is observed in India, where the rapid expansion of EV adoption and infrastructure development is being fueled by a growing middle class, expanding urbanization, and supporting government policies. Asia-Pacific is the core of market dominance and growth for EV traction motors due to a combination of reasons including regional technology advancements, supportive legislation, and increasing consumer demand in the electric vehicle (EV) traction motors market.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 167.2 billion |
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Market Size in 2030 |
US$ 342.8 billion |
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Market CAGR |
10.8% |
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By Motor Type |
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By Vehicle Type |
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BY Power Output Type |
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Electric vehicle traction motors market size was valued at US$ 167.2 billion in 2023 and is expected to reach US$ 342.8 billion by 2030, at a CAGR of 10.8%.
The electric vehicle (EV) traction motors market is growing in efforts of environmental sustainability around the world, different kinds of government incentives for electric vehicle adoption, and the improvement of motor technologies in terms of performance and efficiency.
Developments in motor technology, such as the creation of switching reluctance motors and permanent magnet synchronous motors (PMSMs), which provide more torque and efficiency than conventional designs, go hand in hand with this trend.
ABB Limited, Parker-Hannifin Corp, SKF AB, ZF TRW Automotive Holdings Corporation, Robert Bosch GMBH, Valeo SA, and others.
Asai-Pacific is the fastest-growing region in the agriculture analytical market.
| 1.Executive Summary |
| 2.Global Electric Vehicle Traction Motors Market Introduction |
| 2.1.Global Electric Vehicle Traction Motors Market - Taxonomy |
| 2.2.Global Electric Vehicle Traction Motors Market - Definitions |
| 2.2.1.Motor Type |
| 2.2.2.Vehicle Type |
| 2.2.3.Power Output Type |
| 2.2.4.Region |
| 3.Global Electric Vehicle Traction Motors Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Electric Vehicle Traction Motors Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Electric Vehicle Traction Motors Market By Motor Type, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 5.1. Electric vehicle motor (EV) |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Traction motor |
| 5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 6.Global Electric Vehicle Traction Motors Market By Vehicle Type, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 6.1. Battery Electric Vehicle (BEV) |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Plug-in Hybrid Electric Vehicle (PHEV) |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 7.Global Electric Vehicle Traction Motors Market By Power Output Type, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 7.1. Less than 100 kW |
| 7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. 100 to 250Kw |
| 7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. More than 250kW |
| 7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 8.Global Electric Vehicle Traction Motors Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 8.1. North America |
| 8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. Europe |
| 8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 8.3. Asia Pacific (APAC) |
| 8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.3.3. Market Opportunity Analysis |
| 8.4. Middle East and Africa (MEA) |
| 8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.4.3. Market Opportunity Analysis |
| 8.5. Latin America |
| 8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.5.3. Market Opportunity Analysis |
| 9.North America Electric Vehicle Traction Motors Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 9.1. Motor Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1.Electric vehicle motor (EV) |
| 9.1.2.Traction motor |
| 9.2. Vehicle Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1.Battery Electric Vehicle (BEV) |
| 9.2.2.Plug-in Hybrid Electric Vehicle (PHEV) |
| 9.3. Power Output Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.3.1.Less than 100 kW |
| 9.3.2.100 to 250Kw |
| 9.3.3.More than 250kW |
| 9.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.4.1.United States of America (USA) |
| 9.4.2.Canada |
| 10.Europe Electric Vehicle Traction Motors Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 10.1. Motor Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Electric vehicle motor (EV) |
| 10.1.2.Traction motor |
| 10.2. Vehicle Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.Battery Electric Vehicle (BEV) |
| 10.2.2.Plug-in Hybrid Electric Vehicle (PHEV) |
| 10.3. Power Output Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.Less than 100 kW |
| 10.3.2.100 to 250Kw |
| 10.3.3.More than 250kW |
| 10.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.4.1.Germany |
| 10.4.2.France |
| 10.4.3.Italy |
| 10.4.4.United Kingdom (UK) |
| 10.4.5.Spain |
| 11.Asia Pacific (APAC) Electric Vehicle Traction Motors Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 11.1. Motor Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Electric vehicle motor (EV) |
| 11.1.2.Traction motor |
| 11.2. Vehicle Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Battery Electric Vehicle (BEV) |
| 11.2.2.Plug-in Hybrid Electric Vehicle (PHEV) |
| 11.3. Power Output Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.Less than 100 kW |
| 11.3.2.100 to 250Kw |
| 11.3.3.More than 250kW |
| 11.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.4.1.China |
| 11.4.2.India |
| 11.4.3.Australia and New Zealand (ANZ) |
| 11.4.4.Japan |
| 11.4.5.Rest of APAC |
| 12.Middle East and Africa (MEA) Electric Vehicle Traction Motors Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 12.1. Motor Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.Electric vehicle motor (EV) |
| 12.1.2.Traction motor |
| 12.2. Vehicle Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.Battery Electric Vehicle (BEV) |
| 12.2.2.Plug-in Hybrid Electric Vehicle (PHEV) |
| 12.3. Power Output Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.Less than 100 kW |
| 12.3.2.100 to 250Kw |
| 12.3.3.More than 250kW |
| 12.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.4.1.GCC Countries |
| 12.4.2.South Africa |
| 12.4.3.Rest of MEA |
| 13.Latin America Electric Vehicle Traction Motors Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 13.1. Motor Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1.Electric vehicle motor (EV) |
| 13.1.2.Traction motor |
| 13.2. Vehicle Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.2.1.Battery Electric Vehicle (BEV) |
| 13.2.2.Plug-in Hybrid Electric Vehicle (PHEV) |
| 13.3. Power Output Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.3.1.Less than 100 kW |
| 13.3.2.100 to 250Kw |
| 13.3.3.More than 250kW |
| 13.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.4.1.Brazil |
| 13.4.2.Mexico |
| 13.4.3.Rest of LA |
| 14. Competition Landscape |
| 14.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 14.2.1.ABB Limited |
| 14.2.2.Parker-Hannifin Corp., |
| 14.2.3.SKF AB. |
| 14.2.4.ZF TRW Automotive Holdings Corporation |
| 14.2.5.Robert Bosch GMBH |
| 14.2.6.Valeo SA |
| 14.2.7.Zytek Group Limited |
| 14.2.8.Hitachi Ltd. |
| 14.2.9.Avid Technology Limited |
| 14.2.10.YASA Motors Ltd. |
| 15. Research Methodology |
| 16. Appendix and Abbreviations |
Key Market Players
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