What’s Driving Growth in the Electric Vehicle Traction Motor Market? Insights into Key Trends and Opportunities
Updated 2025 Market Reports Released: Trends, Forecasts to 2034 – Early Purchase Your Competitive Edge Today!
What is the Anticipated CAGR of the Electric Vehicle Traction Motor Market, and What Factors Will Drive It?
The electric vehicle traction motor market has experienced exponential growth in recent years. It is projected to expand from $12.62 billion in 2024 to $18.01 billion in 2025, reflecting a compound annual growth rate (CAGR) of 42.7%. The historical growth can be attributed to rising hybrid electric vehicle (HEV) sales, an increase in disposable income, a growing focus on electric mobility, and accelerated urbanization.
The electric vehicle traction motor market will grow rapidly, reaching $69.06 billion by 2029, at a CAGR of 39.9%. This growth is due to expanding railway networks, strict emission regulations, and increasing demand for energy-efficient motors. Trends include sustainability in EV supply chains, rare-earth-free motors, new motor designs, collaborations, and investments for stronger financial positions.
What Key Drivers Are Accelerating the Growth of the electric vehicle traction motor Market During the Forecast Period?
The rise in hybrid electric vehicle sales is expected to drive the growth of the electric vehicle traction motor market. Hybrid electric vehicles combine an internal combustion engine with an electric propulsion system. As hybrid electric vehicle sales grow, there is an increased need for traction motors, key components in these vehicles. For example, in February 2022, 59,664 hybrid vehicles were sold in the U.S., a 10.2% increase from February 2021. With Toyota leading hybrid sales, the growing popularity of hybrid vehicles is expected to boost demand for electric vehicle traction motors.
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Who Are the Top Companies Contributing to the Growth of the Electric Vehicle Traction Motor Market?
Major companies operating in the electric vehicle traction motor market include:
• Siemens_x000D_
• ABB Limited_x000D_
• Hitachi Ltd_x000D_
• CRRC Corporation Limited_x000D_
• AB SKF_x000D_
How Are Technological Trends Affecting the Growth and Development of the Electric Vehicle Traction Motor Market?
In the electric vehicle traction motor market, companies are developing energy-efficient motor and inverter packages to improve vehicle performance. ABB Ltd. launched an energy-efficient system for electric buses in May 2023, reducing motor losses and enhancing dynamic performance.
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How Are Key Segments Defining the Competitive Landscape of the Electric Vehicle Traction Motor Market?
The electric vehicle traction motor market covered in this report is segmented –
1) By Motor Type: Permanent Magnet Synchronous EV Traction Motors (PMSM), Asynchronous EV Traction Motors (ASM)
2) By Voltage Ratings: High Voltage EV Traction Motors, Low Voltage EV Traction Motors
3) By Vehicle Type: Hybrid Vehicles, Battery Electric Vehicles, Fuel Cell Electric Vehicles
4) By Application: Railways, Passenger And Commercial Vehicles, Other Applications
Subsegments:
1) By Permanent Magnet Synchronous EV Traction Motors (PMSM): Surface-Mounted PMSM, Interior Permanent Magnet (IPM) Motors
2) By Asynchronous EV Traction Motors (ASM): Induction Motors, Squirrel Cage Motors
What Are the Key Regions Powering Growth in the Electric Vehicle Traction Motor Market?
Asia-Pacific was the largest region in the electric vehicle traction motor market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle traction motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Defines the Scope of the Electric Vehicle Traction Motor Market?
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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