Automotive Traction Motor Market Size Worth $32.40 Billion By 2030 | CAGR: 22.5%

The global automotive traction motor market size is expected to reach USD 32.40 billion by 2030, according to a new study by Polaris Market Research. The report “Automotive Traction Motor Market Share, Size, Trends, Industry Analysis Report, By Vehicle; By EV (BEV, HEV, PHEV); By Type (AC, DC); By Motor (PMSM, AC Induction); By Power Output; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides an analysis of future market growth.

The growing demand for the product in locomotives and electric vehicles to operate with better torque energy is expected to drive market growth. Furthermore, a rise in R&D investment and various government policies to use traction motor rather than diesel engines is expected to support the market.

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Substantial increase in the hybrid electric vehicle, which when incorporated with traction motor emit less hazardous gases and require low cost and maintenance which drives the market growth. In addition, the motors offer power efficiency, durability and have a compact size which is the primary requirement for rails and passenger vehicles and is expected to drive the market growth.

The COVID-19 pandemic had a negative impact on the demand for automotive traction motor as raw material supply was hampered due to restrictions in cargo movement owing to global lockdowns. However, as the activities resumed in 2021, the demand for electric vehicles and subway trains has increased, which has been a positive impact on the demand for the product.

Automotive Traction Motor Market Report Highlights

• Growing demand for buses segment is due to the rising need for carbon-free emission public transport in developed and developing economies, is expected to drive product demand
• The AC type dominated the market and is expected to continue its dominance owing to better adhesion, cost-effectiveness, low maintenance, and ease to control
• Less than 200kw is expected to lead the market due to the extensive use of motors in this range in PHEV, HEV, and light rail transit vehicles, which is expected to drive the segment growth. 
• Asia Pacific is expected to grow over the forecast period due to increasing EV adoption and several metro and rail projects sanctioned by the government across developing regions, such as India, China, and Japan.

• Major players operating in the industry include Aisin, ABB, Ltd, Alstom S.A., American Traction Systems, Ansaldo Signalling, Bombardier Inc., BorgWarner Inc., Caterpillar Inc., CG Power and Industrial Solutions Ltd., Delphi Automotive Llp, General Electric Co., Hitachi, Ltd., Hyundai Rotem Company, Kawasaki Heavy Industries Ltd., Magna International, Mitsubishi Electric Corporation, Nidec Corporation, Prodrive Technologies

Polaris Market Research has segmented the Automotive Traction Motor market report based on raw material, type, technology, end-use, and region:

Automotive Traction Motor, Vehicle Outlook (Revenue - USD Billion, 2018 - 2030)

• Passenger Cars
• Trucks
• Buses
• Pickup Trucks
• Vans

Automotive Traction Motor, EV Outlook (Revenue - USD Billion, 2018 - 2030)

• BEV
• HEV
• PHEV

Automotive Traction Motor, Type Outlook (Revenue - USD Billion, 2018 - 2030)

• AC
• DC

Automotive Traction Motor, Motor Outlook (Revenue - USD Billion, 2018 - 2030)

• PMSM
• AC Induction

Automotive Traction Motor, Power Output Outlook (Revenue - USD Billion, 2018 - 2030)

• Less Than 200 kW
• 200 - 400 kW
• Above 400 kW

Automotive Traction Motor, Regional Outlook (Revenue - USD Billion, 2018 - 2030)

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa