Dublin, May 30, 2023 (GLOBE NEWSWIRE) -- The "Electric Vehicle Traction Motor Global Market Opportunities And Strategies To 2032" report has been added to ResearchAndMarkets.com's offering.
The global electric vehicle traction motor market reached a value of nearly $6,187.60 million in 2022, having grown at a compound annual growth rate (CAGR) of 33.40% since 2017.
The market is expected to grow from $6,187.60 million in 2022 to $35,969.83 million in 2027 at a rate of 42.19%. The market is then expected to grow at a CAGR of 39.08% from 2027 and reach $187,168.22 million in 2032.
Growth in the historic period resulted from increased sales of hybrid electric vehicles (HEVs), a rise in disposable income, a rise in focus on electric vehicles and a surge in urbanization.
Going forward, the expansion of railway networks, strict environmental regulations and emission requirements and an increasing demand for energy-efficient motors will drive the growth. Factors that could hinder the growth of the electric vehicle traction motor market in the future include the Russia-Ukraine war impact and rising interest rates.
The electric vehicle traction motor market is segmented by motor type into permanent magnet synchronous EV traction motors (PMSM) and asynchronous EV traction motors (ASM). The permanent magnet synchronous EV traction motors (PMSM) market was the largest segment of the electric vehicle traction motor market segmented by motor type, accounting for 86.05% of the total in 2022. Going forward, the permanent magnet synchronous EV traction motors (PMSM) segment is expected to be the fastest growing segment in the electric vehicle traction motor market segmented by motor type, at a CAGR of 42.45% during 2022-2027.
The electric vehicle traction motor market is segmented by vehicle type into hybrid vehicles, battery electric vehicles and fuel cell electric vehicles. The hybrid vehicles market was the largest segment of the electric vehicle traction motor market segmented by vehicle type, accounting for 44.53% of the total in 2022. Going forward, the fuel cell electric vehicles segment is expected to be the fastest growing segment in the electric vehicle traction motor market segmented by vehicle type, at a CAGR of 43.90% during 2022-2027.
The electric vehicle traction motor market is segmented by application into railways, passenger and commercial vehicles and other applications. The railways market was the largest segment of the electric vehicle traction motor market segmented by application, accounting for 47.10% of the total in 2022. Going forward, the passenger and commercial vehicles segment is expected to be the fastest growing segment in the electric vehicle traction motor market segmented by application, at a CAGR of 43.94% during 2022-2027.
The electric vehicle traction motor market is segmented by voltage ratings into high voltage EV traction motors and low voltage EV traction motors. The high voltage EV traction motors market was the largest segment of the electric vehicle traction motor market segmented by voltage ratings, accounting for 71.70% of the total in 2022. Going forward, the high voltage EV traction motors segment is expected to be the fastest growing segment in the electric vehicle traction motor market segmented by voltage ratings, at a CAGR of 42.45% during 2022-2027.
Asia Pacific was the largest region in the electric vehicle traction motor market, accounting for 39.30% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the electric vehicle traction motor market will be Africa and Eastern Europe where growth will be at CAGRs of 50.52% and 48.88% respectively. These will be followed by the Middle East and South America where the markets are expected to grow at CAGRs of 43.71% and 42.57% respectively.
The electric vehicle traction motor market is consolidated with a few large players dominating the market. The top ten competitors in the market made up to 67.75% of the total market in 2021. Siemens was the largest competitor with 13.15% share of the market, followed by ABB Limited with 11.73%, Hitachi Ltd with 10.46%, CRRC Corporation Limited with 7.89%, AB SKF with 6.78%, Robert Bosch GMBH with 6.47%, Mitsubishi Motors Corporation with 5.27%, Parker-Hannifin Corp with 3.23%, Bharat Heavy Electricals Ltd with 1.70% and Nidec Corporation with 1.09%.
The top opportunities in the electric vehicle traction motor market segmented by motor type will arise in the permanent magnet synchronous EV traction motors (PMSM) segment, which will gain $25,911.17 million of global annual sales by 2027. The top opportunities in the electric vehicle traction motor market segmented by vehicle type will arise in the hybrid vehicles segment, which will gain $12,376.46 million of global annual sales by 2027. The top opportunities in the electric vehicle traction motor market segmented by application will arise in the railways segment, which will gain $13,147.22 million of global annual sales by 2027. The top opportunities in the electric vehicle traction motor market segmented by voltage ratings will arise in the high voltage EV traction motors segment, which will gain $21,583.05 million of global annual sales by 2027. The electric vehicle traction motor market size will gain the most in the USA at $6,723.91 million.
Market-trend-based strategies for the electric vehicle traction motor market include focus on sustainability of the entire EV (electric vehicle) supply chain, including the production and disposal of EV traction motors, adoption of rare-earth-free motors, partnerships and collaborations, new and innovative motor designs and technologies and increasing investments to improve financial strength and product portfolio.
Player-adopted strategies in the electric vehicle traction motor market include focus on enhancing business operations through strategic acquisitions and strengthening business capabilities through the launch of new products.
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The report covers the following chapters
- Introduction and Market Characteristics
Brief introduction to the segmentations covered in the market, definitions and explanations about the electric vehicle traction motor market.
- Key Trends
Highlights the major trends shaping the global electric vehicle traction motor market. This section also highlights likely future developments in the market.
- Global Market Size and Growth
Global historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional Analysis
Historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values and growth and market share comparison by region.
- Market Segmentation
Contains the market values (2017-2032) and analysis for each segment by motor type, by voltage ratings, by vehicle type and by application in the market.
- Regional Market Size and Growth
Regional market size (2022), historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape
Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Key Mergers and Acquisitions
Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities And Strategies
This section includes market opportunities and strategies based on findings of the research. This section also gives information on growth opportunities across countries, segments and strategies to be followed in those markets. It gives an understanding of where there is significant business to be gained by competitors in the next five years.
- Conclusions And Recommendations
This section includes conclusions and recommendations based on findings of the research. This section also gives recommendations for electric vehicle traction motor providers in terms of product/service offerings, geographic expansion, marketing strategies and target groups.
- Appendix
This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 289 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $6187.6 Million |
| Forecasted Market Value (USD) by 2031 | $187168.22 Million |
| Compound Annual Growth Rate | 40.6% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- Siemens
- ABB Limited
- Hitachi Ltd
- CRRC Corporation Limited
- AB SKF
For more information about this report visit https://www.researchandmarkets.com/r/wsj6vd
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