Global Automotive Traction Motor Market Size, Share And Growth Analysis For 2024-2033

The Business Research Company’s Automotive Traction Motor Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, August 28, 2024 /EINPresswire.com/ — The global automotive traction motor market is set for rapid growth, projected to expand from $6.25 billion in 2023 to $7.45 billion in 2024 at a compound annual growth rate (CAGR) of 19.1%. This growth is driven by several factors, including increasing demand for electric vehicles (EVs), stringent government regulations, and advancements in EV technology. By 2028, the market is expected to reach $15.13 billion, growing at a CAGR of 19.4%.

Increasing Demand for Electric Vehicles Drives Market Growth
The demand for electric vehicles is a significant factor contributing to the growth of the automotive traction motor market. EVs use traction motors to convert electrical energy into mechanical motion efficiently, providing instant torque, regenerative braking, and contributing to overall vehicle performance and environmental benefits. The surge in EV adoption is driven by environmental concerns, government incentives, advancements in battery technology, rising fuel costs, and improved charging infrastructure. According to the International Energy Agency, EV sales are expected to reach 32.2 million in 2025 and 72.3 million by 2030, highlighting the substantial growth potential of the automotive traction motor market.

Explore comprehensive insights into the global automotive traction motor market with a detailed sample report:

Key Players and Market Trends
Major players in the automotive traction motor market include Robert Bosch GmbH, Hitachi Ltd., Siemens AG, General Electric Co., ZF Friedrichshafen AG, Continental AG, Magna International Inc., Mitsubishi Electric Corporation, ABB Ltd, Toshiba Corporation, Alstom S.A., Schaeffler Technologies AG & Co. KG, Nidec Corporation, Mahle Group, BorgWarner Inc., Dana Incorporated, Regal Beloit Corporation, Shenzhen Inovance Technology Co. Ltd, Curtiss-Wright Controls Inc., Mitsuba Corporation, CG Power and Industrial Solutions Ltd., American Traction Systems, and Jing-Jin Electric Technologies Co Ltd. These companies are focused on developing innovative devices, such as compact and lightweight electric motors, to enhance efficiency and range in electric vehicles. For example, in October 2021, Nidec Corporation launched its third e-axle traction motor system, a 200 kW Ni200Ex model, designed to optimize power, efficiency, and reduce noise and vibration.

Major Trends Shaping the Market
The automotive traction motor market is witnessing several key trends, including the development of more efficient and compact traction motors, improved battery performance and cost reduction, and motors optimized for autonomous vehicle requirements. Additionally, there is an emphasis on eco-friendly production and recycling of motor components and the development of faster and more efficient charging technologies. These trends are expected to drive further growth in the market, particularly as EV adoption increases in urban mobility solutions and emerging markets.

Automotive Traction Motor Market Segments:
• By Motor Type: Alternating Current (AC) Induction Motors, Brushless Direct Current Motor, Permanent Magnet Synchronous Motor, Switched Reluctance Motor
• By Power Output: Less Than 200 Kw, 200-400 kW, Above 400 kW
• By Vehicle Type: Passenger Cars, Trucks, Buses, Pickup Trucks, Vans
• By Electric Vehicle (EV) Type: Battery Electric Vehicle, Fuel Cell Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle

Geographical Insights: Asia-Pacific Leading the Market
Asia-Pacific was the largest region in the automotive traction motor market in 2023 and is expected to be the fastest-growing region during the forecast period. The region’s dominance is due to the high adoption rates of electric vehicles, supportive government policies, and significant investments in EV technology. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities.

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Automotive Traction Motor Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Automotive Traction Motor Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on automotive traction motor market size, automotive traction motor market drivers and trends, automotive traction motor market major players, competitors’ revenues, market positioning, and market growth across geographies. The automotive traction motor market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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