Evolve Business Intelligence has published a research report on the Global Automotive Traction Motor Market, 2023–2033. The global Automotive Traction Motor Market is projected to exhibit a CAGR of around 22.78% during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Automotive Traction Motor Market: ABB, American Traction Systems, Hitachi, Hyundai Rotem, CRRC, Mitsubishi, Siemens, Skoda, Toshiba and Wabtec.
Market Highlights
The Global Automotive Traction Motor Market is projected to be valued at USD 20.86 Billion by 2033, recording a CAGR of around 22.78% during the forecast period. The Automotive Traction Motor Market refers to the global market for traction motors specifically designed for use in automotive applications. These motors are critical components in electric vehicles (EVs) and hybrid electric vehicles (HEVs), as they convert electrical energy into mechanical energy to propel the vehicle. The market includes a variety of motor types, such as AC motors, DC motors, permanent magnet synchronous motors (PMSMs), and induction motors.
The Automotive Traction Motor Market is a critical component of the broader shift towards electrification in the automotive industry, reflecting growing environmental concerns and advancements in vehicle technology.
The COVID-19 pandemic had a significant impact on the Automotive Traction Motor Market. During the peak of the pandemic, many automotive manufacturing plants were temporarily closed to prevent the spread of the virus. This led to a halt in the production of electric vehicles (EVs) and hybrid electric vehicles (HEVs), directly affecting the demand for traction motors. The economic uncertainty and reduced consumer spending during the pandemic led to a significant decline in overall vehicle sales, including EVs and HEVs. This directly impacted the demand for traction motors. The pandemic highlighted the need for resilience and innovation. Companies have been focusing on developing more efficient, reliable, and cost-effective traction motors to cater to the growing demand for electric mobility. The adoption of digital technologies and automation in manufacturing processes has accelerated, helping companies to improve efficiency and reduce dependency on manual labor. Post-pandemic, there has been a renewed focus on electrification and sustainability. Governments and automakers are increasingly committing to reducing carbon emissions, which is expected to drive long-term growth in the demand for traction motors.
Segmental Analysis
The global Automotive Traction Motor Market has been segmented based on Type and Application.
Based on Type, the Automotive Traction Motor Market is segmented into AC and DC. The AC segment is anticipated to dominate the market.
Based on Application, the global Automotive Traction Motor Market has been divided into the Railways, Electric Vehicle and Others. The Electric Vehicle segment is anticipated to dominate the market.
More Information: https://evolvebi.com/report/automotive-traction-motor-market-analysis/
Regional Analysis
The Automotive Traction Motor Market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, & Africa. In North America region, United States and Canada leading countries for electric vehicle (EV) adoption driven by supportive government policies, consumer demand for sustainable transportation, and a well-established automotive industry. Strong presence of electric vehicle manufacturers and technology companies driving advancements in traction motor technology and integration with autonomous driving systems. In Europe region, there is strict emissions regulations incentivize automakers to produce electric vehicles, bolstering demand for traction motors. Leading automotive OEMs and technology suppliers based in Germany, France, and Scandinavia contribute to technological advancements in traction motors. In Asia-Pacific region, China is largest electric vehicle market globally, driven by government initiatives to reduce air pollution and dependence on imported oil. Rapid expansion of charging infrastructure supported by government investments accelerates EV adoption and growing adoption of electric vehicles in countries like Japan, South Korea, and India, supported by urbanization, environmental concerns, and technological advancements. In Latin America region, Brazil is emerging market for electric vehicles, with government incentives and increasing consumer awareness driving demand for traction motors. Developing network of charging stations to support EV adoption in urban centers. In Middle East and Africa region, United Arab Emirates (UAE) is leading adoption of electric vehicles driven by government initiatives and investments in sustainable infrastructure.