The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The electric traction motor market has witnessed an unprecedented surge, catapulting from $16.7 billion in 2023 to an estimated $20.09 billion in 2024, showcasing an impressive Compound Annual Growth Rate (CAGR) of 20.3%. This surge in the historical period is underpinned by factors such as the escalating electrification of transportation, increased adoption of electric vehicles (EVs), stringent government regulations and emission standards in the automotive industry, substantial investments in EVs, and a relentless pursuit of improved energy efficiency.

• Historical Growth Drivers
  • Electrification of Transportation
  • Increased Adoption of EVs
  • Government Regulations and Emission Standards
  • Investments in EVs
  • Improved Energy Efficiency

Future Propulsion: Anticipating Rapid Growth

The electric traction motor market is poised for rapid growth in the coming years, projected to reach $40.62 billion by 2028, driven by a robust Compound Annual Growth Rate (CAGR) of 19.2%. This anticipated growth is attributed to ongoing research and development in motor technology, escalating environmental and sustainability goals, the expansion of EV charging infrastructure, heightened adoption in commercial and industrial applications, and a diversification of electric mobility solutions.

• Future Growth Catalysts
  • Research and Development in Motor Technology
  • Environmental and Sustainability Goals
  • Expansion of EV Charging Infrastructure
  • Increased Adoption in Commercial and Industrial Applications
  • Diversification of Electric Mobility Solutions

Trendspotting: Emerging Dynamics in the Forecast Period

The forecast period brings forth several trends that promise to shape the electric traction motor market. These include technological advancements in motor design, the integration of advanced battery technology, the evolution of lightweight and compact motor designs, the incorporation of smart and Internet of Things (IoT) features, and a surge in strategic collaborations.

• Major Trends in the Forecast Period
  • Technological Advancements in Motor Design
  • Advanced Battery Technology Integration
  • Lightweight and Compact Motor Designs
  • Smart and IoT Features Incorporation
  • Surge in Strategic Collaborations

Driving Forces: Surging Demand for Electric Vehicles

The primary driver propelling the electric traction motor market is the escalating demand for electric vehicles (EVs). The economic impact of COVID-19 has spurred an increased demand for EVs and hybrid vehicles, driven by environmental concerns, aspirations for net-zero emissions, and a global shift toward emissions-free motoring. EV sales witnessed a remarkable 85% increase between 2020 and 2021, showcasing the momentum of this transformative trend.

• Driving Force: Surge in EV Demand
  • Shift Toward Emissions-Free Motoring
  • Government Intervention and EV Adoption
  • EV Charging Infrastructure Development

Transformative Technology: Axial Flux Motors

Technological advancement takes center stage as a key trend, with a spotlight on emerging motor technology like axial flux motors. These motors offer a more torque-per-unit-volume ratio than their radial counterparts. Major companies, such as Mahle, are dedicated to providing advanced electric traction motors to enhance efficiency and performance, exemplified by the introduction of the SCT E-motor with integrated oil cooling.

• Transformative Technology: Axial Flux Motors
  • Enhanced Torque-per-Unit-Volume Ratio
  • Focus on Energy Efficiency
  • Innovations in Motor Technology

Industry Consolidation: Mercedes-Benz Acquires Yasa Limited

In a strategic move, Mercedes-Benz acquired Yasa Limited in July 2021. Yasa, a British-based manufacturer of electric motors and motor controllers, became part of Mercedes-Benz, ensuring the development of ultra-high-performance e-motors while maintaining its brand identity, team, and facilities. This acquisition represents the industry’s drive for innovation and consolidation.

• Strategic Acquisition: Mercedes-Benz and Yasa Limited
  • Enhanced Ultra-High-Performance E-Motors
  • Brand Continuity and Innovation

Market Segmentation: Unveiling the Diversity

The electric traction motor market unfolds across various segments, each catering to diverse product types, power ratings, applications, and industry verticals. Segmentation provides a nuanced understanding, covering product types such as AC and DC motors, power ratings ranging from less than 200 kW to more than 400 kW, applications including railway, electric vehicles, elevators, conveyors, and industrial machinery, and industry verticals spanning chemical and petrochemical, oil and gas, energy and power, automotive, and more.

• Insights Through Market Segmentation
  • Product Types: AC and DC Motors
  • Power Ratings: Less Than 200 kW to More Than 400 kW
  • Applications: Railway, EVs, Elevators, and More
  • Industry Verticals: Diverse Sectors Covered

Global Leadership: Asia-Pacific Takes the Lead

In 2023, Asia-Pacific emerged as the largest region in the electric traction motor market, underscoring its pivotal role in shaping the industry. North America is projected to be the fastest-growing region during the forecast period, highlighting the global dynamics at play and the evolving landscape of electric mobility solutions.

• Regional Dynamics
  • Asia-Pacific: Largest Region in 2023
  • North America: Fastest-Growing Region in the Forecast Period

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The Electric Traction Motor Global Market Report 2024  provides comprehensive insights on the electric traction motor market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the electric traction motor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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