The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Increased sales of hybrid electric vehicles are expected to drive innovation in electric vehicle traction motor manufacturing, thus driving the market during the forecast period.

The global electric vehicle traction motor market is expected to grow from $248.05 billion in 2022 to $316.19 billion in 2023 at a compound annual growth rate (CAGR) of 27.5%. The electric vehicle market size is expected to grow to $793.69 billion in 2027 at a CAGR of 25.9%.

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Global Electric Vehicle Traction Motor Market Segments Include:

• By Motor Type: Permanent Magnet Synchronous EV Traction Motors (PSM), Asynchronous EV Traction Motors (ASM)
• By Voltage Ratings: High Voltage EV Traction Motors, Low Voltage EV Traction Motors
• By Vehicle Type: Electric Vehicles, Plug-in Hybrid Electric Vehicles, Mild Hybrid Vehicles, Full Hybrid Vehicles
• By Application: Railways, Electric Vehicle, Other Applications
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global electric vehicle traction motor market in 2021.

Major Market Players in the electric vehicle traction motor market include AB SKF, ABB Ltd., Avid Technology Limited, Hitachi Automotive Systems, Ltd., Nidec Corporation, Parker-Hannifin Corporation, Robert Bosch GmbH.

Technological advancement is a key trend gaining popularity in the electric vehicle traction motor market. Many companies operating in electric vehicle traction motor are developing new products or new technologies to strengthen their position in electric vehicle traction motor market. For instance, in August 2021, Nidec developed E-Axle, an EV traction motor system that incorporates three components: a motor, an inverter, and a reducer, and may be mounted in a vehicle, doing everything from generating rotating torque from the drive shaft attached to the tires to move the vehicle when powered by electricity. To achieve high productivity and wire-winding performance, Nidec implemented a new cassette inserter method. In addition, Nidec’s E-Axle was given a new cooling mechanism.

The Electric Vehicle Traction Motor Global Market Report 2023  provides a electric vehicle traction motor market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The electric vehicle traction motor market forecast analyzes electric vehicle traction motor market size, electric vehicle traction motor market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

An electric vehicle traction motor refers to the motor that turns the wheels of a vehicle. Some vehicles use motor generators for both driving and regeneration. It is used for converting electrical energy to mechanical energy in a method that propels the vehicle beyond aerodynamic drag, rolling resistance drag, and kinetic resistance is the motor that powers the vehicle’s wheels.

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