Electric Vehicle Traction Motor Market Anticipated to Grow at 39.3% CAGR Through 2029: Industry Report

 By combining trend forecasting and competitive intelligence, this report supports future-focused strategy in the electric vehicle traction motor sector.

 

 What Is The Projected Market Size & Growth Rate Of The Electric Vehicle Traction Motor Market?
 The electric vehicle traction motor market size has grown exponentially in recent years. It will grow from $12.62 billion in 2024 to $17.77 billion in 2025 at a compound annual growth rate (CAGR) of 40.8%. The growth in the historic period can be attributed to increased sales of hybrid electric vehicles (HEVs), a rise in disposable income, a rise in focus on electric vehicles, and a surge in urbanization.
 
 The electric vehicle traction motor market size is expected to see exponential growth in the next few years. It will grow to $66.93 billion in 2029 at a compound annual growth rate (CAGR) of 39.3%. The growth in the forecast period can be attributed to the expansion of railway networks, strict environmental regulations and emission requirements, and an increasing demand for energy-efficient motors. Major trends in the forecast period include a 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.
 
 Get your free sample today:
 https://www.thebusinessresearchcompany.com/sample.aspx?id=7165&type=smp
 
 What Is The Crucial Factor Driving The Global Electric Vehicle Traction Motor Market?
 Increasing sales of hybrid electric vehicles are expected to propel the growth of the electric vehicle traction motor market. A hybrid electric vehicle is a hybrid vehicle that combines an internal combustion engine and an electric propulsion system. The rapid growth in sales of hybrid electric vehicles is expected to boost the utilization of traction motors, as they are essential components in hybrid and electric vehicles. For instance, in February 2022, according to the U.S. electric vehicle market, 59,664 hybrid vehicles were sold (up 10.2% from February 2021), with 15,763 cars and 43,801 light trucks. In February, Toyota had a 63.7% share of total hybrid sales. Prius (Prius and Prius C combined) sold 3.9% of hybrid vehicles. Therefore, the growing sales of hybrid electric vehicles are expected to boost demand for electric vehicle traction motors during the forecast period.
 
 Segment Covered In The Electric Vehicle Traction Motor Market Report
 The electric vehicle traction motor market covered in this report is segmented — 
 
 1) By Motor Type: Permanent Magnet Synchronous EV Traction Motors (PMSM), Asynchronous EV Traction Motors (ASM)
 2) By Voltage Ratings: High Voltage EV Traction Motors, Low Voltage EV Traction Motors
 3) By Vehicle Type: Hybrid Vehicles, Battery Electric Vehicles, Fuel Cell Electric Vehicles
 4) By Application: Railways, Passenger And Commercial Vehicles, Other Applications
 
 Subsegments:
 1) By Permanent Magnet Synchronous EV Traction Motors (PMSM): Surface-Mounted PMSM, Interior Permanent Magnet (IPM) Motors 
 2) By Asynchronous EV Traction Motors (ASM): Induction Motors, Squirrel Cage Motors 
 
 Key Trends Driving Growth In The Electric Vehicle Traction Motor Market
 Major companies operating in the electric vehicle traction motor market are focusing on developing new technologies, such as innovative energy-efficient motor and inverter packages, to enhance overall vehicle performance and efficiency. Energy-efficient motor and inverter packages refer to integrated systems designed for electric vehicles, combining a high-performance electric motor and a corresponding inverter that optimally manages electrical power conversion. For instance, in May 2023, ABB Ltd., a Switzerland-based technology company that specializes in electrification and automation, launched an innovative energy-efficient motor and inverter package tailored for electric buses, comprising the AMXE250 motor and the HES580 inverter. This new propulsion system features the first 3-level inverter designed specifically for buses, delivering up to 12% fewer motor losses and significantly reducing harmonic losses by up to 75% compared to conventional 2-level inverters. The AMXE250 motor is characterized by high torque density and quieter operation, enhancing dynamic performance and passenger comfort. This advanced technology improves energy efficiency and extends the lifespan and reliability of the entire electric drivetrain. 
 
 Key Player In The Electric Vehicle Traction Motor Market
 Major companies operating in the electric vehicle traction motor market include Siemens, ABB Limited, Hitachi Ltd, CRRC Corporation Limited, AB SKF, Robert Bosch GMBH, Mitsubishi Motors Corporation, Parker-Hannifin Corp, Bharat Heavy Electricals Ltd, Nidec Corporation, Kawasaki Heavy Industries Ltd, Ametek Inc, Mitsubishi Electric Corporation, CG Power & Industrial Solutions Ltd, Toshiba Corporation, Alstom Logo, EUROLOOP Ltd, Born Electric, GarageStore, Continental AG, Ford Motor Company, Fiat Chrysler Automobiles, Nissan, Rivian Automotive, VIA Motors, Chevrolet, Lucid, WEG, Eberle Motors, Voges Motors, Nova Motores, Cestari Industrial e Comercial S.A, Tintori Motores Elétricos, Motomil Motores Elétricos, Taizhou Dongchun Motor Co. Ltd, Iconiq Motors, One Moto, MG Motor, M Glory Holding Group, General Electric 
 
 View the full electric vehicle traction motor market report here:
 https://www.thebusinessresearchcompany.com/report/electric-vehicle-traction-motor-global-market-report
 
 Global Electric Vehicle Traction Motor Market — Regional Insights:
 Asia-Pacific was the largest region in the electric vehicle traction motor market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle traction motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
 
 Contact Us:
 
 The Business Research Company 
 
 https://thebusinessresearchcompany.com/ 
 
 Americas +1 310–496–7795
 Asia +44 7882 955267 & +91 8897263534
 Europe +44 7882 955267 
 
 Email: info@tbrc.info 
 
 
 Follow Us On:
 
 LinkedIn: https://in.linkedin.com/company/the-business-research-company