According to a new market research report published by Acute Market Reports, “Electric Vehicle Traction Motor Market (By Electric Vehicle Type (BEV, HEV & PHEV, and FCEV), By Motor Type (Permanent Magnet Synchronous Motor (PMSM), Induction/Asynchronous Motor, Switched Reluctance Motor (SRM), and Others), By Vehicle Type (Passenger Vehicle, and Commercial Vehicle), By Geography (North America, Europe, Asia Pacific, and Rest of the World)) - Growth, Future Prospects, and Competitive Landscape, 2023 -2030”, the electric vehicle traction motor market was valued at US$ 3.20 Bn in the year 2021 and expected to reach US$ 76.82 Bn by the year 2030, expanding at a CAGR of 25.0% during the forecast from 2023 to 2030. 

Market Insights 

"Increasing Environmental Concern expected to spur the Electric Vehicle Traction Motors demand over the Forecast Period" 

The rising popularity of Electric Vehicles (EVs) has triggered the demand for EV traction motors. Today, nearly every EV is powered by a traction motor however earlier Internal Combustion Engines (ICEs) were used to power the vehicle. Attractive operating condition and remarkable features have boosted its demand at present. Some of its attractive features include high power conversion, high efficiency, quiet operation, the capability to work in adverse conditions, and many others. 

Further, rising environmental concern due to the robust increase in Green House Gas (GHG) and toxic emissions in the air has triggered the governing bodies to adopt an environment-friendly mode of transportation vehicles with high fuel efficiency. As per a research report published by International Economic Development Council (IEDC) on EVs, the USA uses 70% of its oil for transportation and furthermore ballooning demand of passenger cars in developing countries such as China and India will surpass the demand of oil from its total production in the recent future. In the wake of the same, EVs were designed to overcome the challenge and provide a more efficient alternative to the consumers.

Browse the full report at https://www.acutemarketreports.com/report/electric-vehicle-traction-motor-market

The global electric vehicle traction motor market is at the cusp stage and presents numerous opportunities for the market participants to establish a strong footprint in the near future. In addition, the players adopt a long-term strategic alliance or partnership agreement with other Original Equipment Manufacturers (OEMs) to bring new lightweight, high-efficiency products with reduced cost. 

Industrial Developments 

• On June 21, 2023, ABB Ltd. announced a new zero-emission electric truck in collaboration with its manufacturing partner for pilot trucks E-Force One. The new truck incorporates an inverter, traction auxiliary, battery system, and electric motor from ABB Ltd.

• On March 07, 2023, Nidec Corporation its new in-wheel traction motor. The new motor was designed to fit inside wheel hubs while other traction motors occupy the engine compartment. The new system will offer higher efficiency and bypass the need for a traditional power transmission mechanism that further helps in reducing the size of the engine. 

Key Market Movements: 

• Globally, the electric vehicle traction motor market projected to witness a CAGR of 25.0% during the forecast period from 2023 to 2030

• Battery Electric Vehicle (BEV) dominated the global electric vehicle traction motor market in 2021 owing to complete vehicle operation based on battery that helps in achieving the GHG emission norms

• Fuel Cell Electric Vehicle (FCEV) registered the highest CAGR during the forecast period. The prime reason accounting for the significant growth is higher efficiency as compared to other power sources, silent operation, pollution elimination capability at a prominent level, and many more.

• Permanent Magnet Synchronous Motor (PMSM) occupy significant revenue share in the global electric vehicle traction motor market in 2021 due to high power density and efficiency as compared to other types of motors.

• The Asia Pacific seeks lucrative growth over the forecast period owing to the rapid rise in EV spending in different parts of Asian countries and stringent norms supporting the growth of EV. 

List of Companies Covered:

• Parker-Hannifin Corp.
• ABB Limited
• SKF AB
• Continental AG
• Robert Bosch GMBH
• ZF Friedrichshafen AG
• EMWorks Inc.
• YASA Motors Ltd.
• Nidec Corporation
• Hitachi Ltd.
• Zytek Group Limited.
• Avid Technology Limited

The Global Electric Vehicle Traction Motor Market is Segmented into:

*Complete segmentation list is on a report page