Redding, California, Oct. 06, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘EV Traction Motor Market by Type (DC Brushed Motor, Induction Motor), Power Output (Less than 100 kW, 100 kW to 250 kW), Propulsion Type, Application, and Geography - Global Forecast to 2029,’ the global electric vehicle traction motor market is projected to reach $204.4 billion by 2029, at a CAGR of 37.5% from 2022 to 2029. Based on volume, this market is projected to reach 615.4 million units by 2029, at a CAGR of 32.1% from 2022 to 2029.
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The growth of the EV traction motor market is attributed to the stringent regulations for emission control by pushing OEMs to manufacture and sell electric and hybrid vehicles, increased demand for high-performance motors and favorable government policies and subsidies. Furthermore, the increasing demand for electric vehicles is expected to create significant opportunities for the players operating in this market.
However, the high price of electric vehicles compared to ICE vehicles and motor failure due to overheating pose challenges for this market. Additionally, high costs and scarcity of raw materials restrain the market growth.
The Impact of COVID-19 on the Global EV Traction Motor Market
The COVID-19 pandemic that emerged around December 2019 in Wuhan, China, had already spread worldwide by March 2020, resulting in huge casualties and heavy economic losses. It severely impacted several sectors, including the automotive sector, with major manufacturers shutting down their operations completely or operating at reduced capacities following the directives issued by their respective governments. Uncertainty regarding the duration of the lockdown and supply-chain disruptions made it more difficult for industry players to anticipate the industry's recovery. This crisis caused structural shifts that had significant implications on the market. Many automakers and developers relied on raw materials and intermediates, and supply disruptions significantly impacted the production and delivery of final products.
In 2019, the global count of EVs on roads crossed 2 million. However, the COVID-19 crisis led to disrupted supply chains, limited operations and workforce, and factory closures. This caused a severe decline in vehicle sales, especially electric vehicles. However, the EV traction motors market is expected to recover quickly due to China’s strong growth post the COVID-19 pandemic.
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According to Meticulous Research®, developed areas of China and Europe are poised to recover strongly, while the U.S. is estimated to fall behind. Aggressive government initiatives in stabilizing the automobile industry are anticipated as a key factor triggering the adoption rate in the coming years. For instance, around USD 10,000 subsidies are offered to EV buyers in Germany, while in China, the average subsidy ranges from USD 2,000 to USD 3,500 from 2021. Despite the declining global automotive industry during the pandemic, prospects for electric vehicle sales have remained robust. EV sales registered a 41% increase in 2020 over 2019, with a record 3 million new vehicle registrations. This has majorly sustained the demand for EV traction motors.
The global EV traction motors market is segmented by type, power output, propulsion type, application, and geography. The study also evaluates industry competitors and analyses the regional and country-level markets.
Based on type, in 2022, the PMSM segment is expected to account for the largest share of the EV traction motors market. The demand for PMSM has been increasing among EV manufacturers due to the high torque and high power density enabled by high-energy-density permanent motors (neodymium Fe boron (NdFeB) and samarium cobalt (SmCo)). The PMSM segment is further divided into the internal-PMSM and the surface-PMSM. With the same size, the overload capacity of internal PMSM is better. Therefore, it is more common in EVs. High-energy-density PM is affected by low yield and is non-renewable and geopolitical; thus, its two times costlier than other raw materials of electric motors. Therefore, techniques that can reduce the costs of PM without substantially sacrificing performance are important for the EV industry.
However, the switched reluctance motor (SRM) segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the lowest material cost of SRM is increasing adoption among OEMs. To achieve 30kW output power, the material cost of SRM is approximately half of the permanent magnet synchronous motor and less than 80% of that of the induction motor.
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Based on power output, in 2022, the less than 100 kW segment is expected to account for the largest share of the EV traction motors market. The large market share of this segment is attributed to the increasing adoption of electric scooters and mopeds, increasing investments by government authorities in the development of EV charging infrastructure, and favorable policies, incentives, and subsidies introduced by several state governments. In the automotive industry, power output refers to the amount of mechanical energy generated by the electric traction motor within a given timeframe. It impacts the vehicles’ acceleration, tractability, and ability to climb uphill. Companies widely use charging systems of less than 100kW for small vehicles such as mopeds & scooters and passenger vehicles.
Based on propulsion type, in 2022, the battery electric vehicles segment is expected to account for the largest share of the EV traction motor market. The large market share of the segment is attributed to the increasingly stringent emission standards, rising demand for increased fuel efficiency, growing demand for zero-emission vehicles, and a continuous reduction in battery prices. To replace the motor, excellent torque characteristics and ease of maintenance are required. This has increased the demand for EV traction motors. However, the fuel cell electric vehicles segment is projected to register the highest CAGR during the forecast period.
Based on application, in 2022, the passenger vehicle segment is expected to account for the largest share of the EV traction motors market. The large market share of this segment is attributed to the increasing favorable government policies and subsidies for promoting the adoption of electric vehicles, growing awareness regarding the role of EV traction motors in electric vehicles for reducing emissions, increasing fuel prices, and proactive participation by automotive OEMs in producing integrating EV traction motors into electric passenger vehicles.
However, the light commercial vehicles segment is projected to register the highest CAGR during the forecast period. The growth of this segment is mainly driven by the growing awareness of EV traction motors in the role of electric vehicles in reducing emissions, an increase in demand for electric vehicles to reduce fleet emissions, and stringent government rules and regulations towards vehicle emissions.
Based on geography, the global EV traction motor market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the EV traction motors market. The large share of this regional market is driven by the increasing demands for EVs and associated EV traction motors, a growing number of start-ups offering numerous solutions and services in the electric mobility industry, and increasing government initiatives in developing the traction motors and making incentive programs for EV adopters.
However, Europe is slated to register the highest CAGR during the forecast period. Europe is slated to register the highest CAGR during the forecast period. The fast growth rate of this regional market is attributed to the stringent emission regulations set by the European Union, the region’s increasing focus on reducing the number of conventional cars on the roads, and the extensive charging infrastructure networks in Europe.
Some of the key players operating in the global EV traction motors market study include Zytek Group Limited (U.K.), ZF Friedrichshafen AG (Germany), YASA Limited (U.K.), Valeo (France), AB SKF (Sweden), Parker-Hannifin Corp (U.S.), Magnetic System Technology (U.K), Bharat Heavy Electricals Ltd. (India), ABB Ltd (Switzerland), CG Power & Industrial Solutions Ltd. (India), Nidec Corporation (Janan), AMETEK Inc. (U.S.), Toshiba International Corporation (Japan), WEG Equipamentos Elétricos S.A. (Brazil), and Hitachi Industrial Products, Ltd. (Japan).
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Scope of the Report
Electric Vehicle (EV) Traction Motor Market, by Type
- DC Brushed Motor
- DC Brushless Motor
- Out-runner type BLDC Motor
- In-runner type BLDC Motor
- Induction Motor
- Permanent Magnet Synchronous Motor (PMSM)
- Switched Reluctance Motor (SRM)
Electric Vehicle (EV) Traction Motor Market, by Power Output
- Less than 100 kW
- 100 kW to 250 kW
- More than 250 kW
Electric Vehicle (EV) Traction Motor Market, by Propulsion Type
- Hybrid Vehicles
- Pure Hybrid Vehicles
- Plug-in Hybrid Vehicles
- Battery Electric Vehicles
- Fuel Cell Electric Vehicles
Electric Vehicle (EV) Traction Motor Market, by Application
- Passenger Vehicles
- Heavy Commercial Vehicles
- Two-wheelers
- E-Scooters & Bikes
- Light Commercial Vehicles
Electric Vehicle (EV) Traction Motor Market, by Geography
- Asia-Pacific
- China
- Japan
- South Korea
- Thailand
- Singapore
- India
- Rest of Asia-Pacific (RoAPAC)
- Europe
- Germany
- France
- U.K.
- Norway
- Sweden
- Netherlands
- Italy
- Spain
- Switzerland
- Denmark
- Rest of Europe
- North America
- U.S.
- Canada
- Latin America
- Middle East & Africa
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