EV Traction Motor Market Is Growing with US$ 93.72 billion end of 2033

EV Traction Motor

According to Fact.MR, the global EV traction motor market is expected to grow at a CAGR of 25%, rising from its present value of US$ 10.06 billion to US$ 93.72 billion by the end of 2033.Electric vehicle (EV) traction motors are the principal motors used to generate torque and propel electric vehicles. They are in charge of converting electrical energy from the vehicle’s batteries into mechanical power to drive the wheels. Traction motors are a key component of electric drivetrains and play an important role in the overall performance of electric cars.

The electric vehicle (EV) traction motor market has witnessed remarkable growth in recent years, driven by the increasing adoption of electric vehicles worldwide. Traction motors are a critical component of EVs, as they are responsible for converting electrical energy into mechanical energy to propel the vehicle. This market’s dynamics are influenced by various factors, including consumer demand, technological advancements, government regulations, and environmental concerns.

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EV Traction Motor Market Demand & Supply Trends:

Demand Trends: The demand for EV traction motors has been on an upward trajectory due to the growing awareness of environmental issues and the shift towards sustainable transportation options. Consumers are increasingly choosing electric vehicles over traditional internal combustion engine vehicles, leading to a surge in demand for traction motors. Moreover, governments in many countries are providing incentives and subsidies to promote the adoption of EVs, further boosting demand.

Supply Trends: To meet the rising demand for EV traction motors, manufacturers are ramping up production capacity. Companies like NIDEC CORPORATION have expanded their manufacturing facilities to produce electric motors at a lower cost. Additionally, suppliers are focusing on technological innovations to enhance motor efficiency and performance. Integration of motor, reduction gearbox, and inverter, as seen in the 150 kW E-Axle, is one such innovation that improves overall system efficiency.

Market Players: –

  • Zytek Group Limited
  • YASA Motors Ltd
  • Valeo SA
  • SKF AB
  • Parker-Hannifin Corp
  • Magnetic System Technology
  • ABB Limited

Competitive Landscape:

Prominent players within the electric vehicle (EV) traction motor market are strategically implementing various approaches to enhance their market presence, which include acquisitions, partnerships, investments, technological advancements, and the introduction of new products.

In February 2020, NIDEC CORPORATION unveiled two novel traction motor systems: the Ni200Ex, boasting a power output of 200 kW, and the Ni50Ex, with a 50 kW rating. These systems are built upon the company’s original 150 kW E-Axle technology, encompassing a fully integrated traction motor system complete with a reduction gearbox, electric motor, and inverter.

Furthermore, NIDEC CORPORATION expanded its global footprint during the same period by establishing three new manufacturing facilities in Poland, Mexico, and China. These factories have the capacity to produce millions of electric motors, significantly reducing production costs in the process.

What Do You Get in a Fact.MR Study?

  • Factors affecting the overall development of the global EV Traction Motor Market
  • Factor that might restrain the growth of the global market in the coming years of the forecast period.
  • What is present competitive scenario of the global EV Traction Motor Market and its intricate details concerning potential business prospects of leading market players
  • Pricing strategies of several different market players in the global EV Traction Motor Market

Regional analysis includes

  • North America (U.S., Canada)
  • Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
  • EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
  • CIS & Russia
  • Japan
  • Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)

How Fact.MR Assists in Making Strategic Moves?

The data provided in the EV Traction Motor Market report offers comprehensive analysis of important industry trends. Industry players can use this data to strategize their potential business moves and gain remarkable revenues in the upcoming period.

The report covers the price trend analysis and value chain analysis along with analysis of diverse offering by market players. The main motive of this report is to assist enterprises to make data-driven decisions and strategize their business moves.

Why Choose Fact.MR?

  • Strong focus on delivering quality market reports
  • Round the clock customer service
  • Methodical and systematic approach while curating reports
  • Our aim is to help our clients meet their business targets

Key Segments of EV Traction Motor Industry Research:

  • By Motor Type:
    • Permanent Magnet Synchronous EV Traction Motors
    • Asynchronous EV Traction Motors
  • By Voltage Rating:
    • High Voltage
    • Low Voltage
  • By Vehicle Type:
    • Electric Vehicles
    • Plug-in Hybrid Electric Vehicles
    • Mild Hybrid Vehicles
    • Full Hybrid Vehicles
  • By Region:
    • North America
    • Latin America
    • Europe
    • Asia Pacific & China
    • Middle East & Africa

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About Fact.MR

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories.


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