Electric Vehicle Traction Motors Market, By Motor Type; By Vehicle Type; By Power Rating, By Region, Global Trend Analysis, Competitive Landscape & Forecast, 2019-2031

Description

Global Electric Vehicle (EV) Traction Motors Market Zooming 4X to Touch USD 29 Billion by 2031

Global Electric Vehicle (EV) Traction Motors Market is flourishing because of the rising adoption of electric vehicles (EVs), continuous technological refinement, and expanding EV infrastructure.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Global Electric Vehicle (EV) Traction Motors Market size at USD 7.23 billion in 2024. During the forecast period between 2025 and 2031, BlueWeave expects Global Electric Vehicle (EV) Traction Motors Market size to boom at a robust CAGR of 21.79% reaching a value of USD 28.75 billion by 2031. The EV traction motors market across the regions is propelled by the escalating adoption of EVs, marked by a significant increase in global EV sales to approximately 14 million units in 2023, as reported by the International Energy Agency (IEA). This growth, reflecting a notable rise in EV penetration within the total vehicle market, has intensified competition among manufacturers to innovate and produce high-performance, energy-efficient traction motors. EV traction motors, critical to EV performance, offer instantaneous torque, enhancing acceleration and overall driving dynamics, while their compact and lightweight design contributes to improved energy efficiency and extended driving range. Furthermore, advancements, such as the integration of multiple traction motors for torque vectoring, and ongoing research into rare earth material reduction and axial flux motor designs, are propelling technological progress. Supported by stringent emission regulations and increasing investments in EV infrastructure, Global Electric Vehicle (EV) Traction Motors Market is poised for continued growth, with traction motors playing a pivotal role in the global transition to sustainable electric mobility.

Impact of Escalating Geopolitical Tensions on Global Electric Vehicle (EV) Traction Motors Market

Intensifying geopolitical tensions could disrupt the growth of Global Electric Vehicle (EV) Traction Motors Market. Trade restrictions, supply chain vulnerabilities, and price volatility in critical raw materials, notably rare earth elements, present challenges to production and cost management. Similarly, disruptions in semiconductor and battery supply chains, influenced by geopolitical instability, may impede market growth. Conversely, heightened concerns regarding energy security could incentivize governments to invest in domestic manufacturing and alternative material sourcing, thereby fostering innovations in traction motor technologies. While geopolitical factors pose risks to established global supply chains, they also serve as a catalyst for the industry to prioritize self-reliance and the development of sustainable, resilient solutions.

Asia Pacific Leads Global Electric Vehicle (EV) Traction Motors Market

Asia Pacific dominates Global Electric Vehicle (EV) Traction Motor Market, driven by region's escalating EV sales, coupled with the implementation of efficacious governmental policies that actively incentivize electrification. As the locus of the world's most extensive EV market, the Asia Pacific region continues to attract prominent global automotive manufacturers, including Volkswagen, BMW, Ford, and General Motors. These companies are strategically engaged in the expansion of local manufacturing operations and the introduction of competitively priced EV models. Furthermore, the region's accelerated urban development, in conjunction with concomitant advancements in infrastructure, encompassing the electrification of railway networks, metropolitan transit systems, and high-speed rail infrastructure, serves to amplify the demand for traction motors. Notably, the People's Republic of China exhibits a leading role in EV adoption, evidenced by substantial capital investments in railway electrification and urban transit infrastructure. Concurrently, India is pursuing a comprehensive transition towards a fully electrified railway network, with a targeted completion date of 2024, while the nations of Japan and the Republic of Korea are concentrating efforts on the augmentation of EV production to effectuate reductions in carbon emissions. These multifarious factors, in aggregate, serve to solidify the APAC region's position as the principal determinant in Global Electric Vehicle (EV) Traction Motor Market.

Competitive Landscape

Major companies in Global Electric Vehicle (EV) Traction Motors Market include ABB Ltd, Parker Hannifin Corp, Siemens AG, AB SKF, General Electric Company, ZF Friedrichshafen AG, Kirloskar Electric Company Ltd, Valeo, CG Power and Industrial Solutions Ltd, Continental Engineering Services, Hitachi Ltd, Toshiba Corporation, and Nidec Corporation. The presence of high number of companies intensify the market competition, as they compete to gain a significant market share. These companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches to further enhance their market share.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and Global Electric Vehicle (EV) Traction Motors Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Electric Vehicle (EV) Traction Motors Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

Product Code: BWC25109

1. Research Framework

1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation

2. Executive Summary

3. Global Electric Vehicle (EV) Traction Motors Market Insights

3.1. End User Value Chain Analysis
3.2. DROC Analysis
- 3.2.1. Growth Drivers
  - 3.2.1.1. Increasing EV Adoption
  - 3.2.1.2. Ongoing Technological Advancements
  - 3.2.1.3. Infrastructure Development
- 3.2.2. Restraints
  - 3.2.2.1. High Production Costs
- 3.2.3. Opportunities
  - 3.2.3.1. Growing Demand in Emerging Market
  - 3.2.3.2. Development of Advanced Motor Technologies
- 3.2.4. Challenges
  - 3.2.4.1. Infrastructure Limitations
  - 3.2.4.2. Supply Chain Disruptions
3.3. Technological Advancements/Recent Developments
3.4. Regulatory Framework
3.5. Porter's Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry

4. Global Electric Vehicle (EV) Traction Motors Market: Marketing Strategies

5. Global Electric Vehicle (EV) Traction Motors Market: Pricing Analysis

6. Global Electric Vehicle (EV) Traction Motors Market: Geography Analysis

6.1. Global Electric Vehicle (EV) Traction Motors Market, Geographical Analysis, 2024
6.2. Global Electric Vehicle (EV) Traction Motors, Market Attractiveness Analysis, 2024-2031

7. Global Electric Vehicle (EV) Traction Motors Market Overview

7.1. Market Size & Forecast, 2019-2031
- 7.1.1. By Value (USD Billion)
7.2. Market Share & Forecast
- 7.2.1. By Motor Type
  - 7.2.1.1. AC Motors
  - 7.2.1.2. DC Motors
- 7.2.2. By Vehicle Type
  - 7.2.2.1. Passenger Vehicles
  - 7.2.2.2. Commercial Vehicles
  - 7.2.2.3. Railways
  - 7.2.2.4. Others
- 7.2.3. By Power Rating
  - 7.2.3.1. Below 200 kW
  - 7.2.3.2. 200-400 kW
  - 7.2.3.3. Above 400 kW
- 7.2.4. By Region
  - 7.2.4.1. North America
  - 7.2.4.2. Europe
  - 7.2.4.3. Asia Pacific (APAC)
  - 7.2.4.4. Latin America (LATAM)
  - 7.2.4.5. Middle East and Africa (MEA)

8. North America Electric Vehicle (EV) Traction Motors Market

8.1. Market Size & Forecast, 2019-2031
- 8.1.1. By Value (USD Billion)
8.2. Market Share & Forecast
- 8.2.1. By Motor Type
- 8.2.2. By Vehicle Type
- 8.2.3. By Power Rating
- 8.2.4. By Country
  - 8.2.4.1. United States
  - 8.2.4.1.1. By Motor Type
  - 8.2.4.1.2. By Vehicle Type
  - 8.2.4.1.3. By Power Rating
  - 8.2.4.2. Canada
  - 8.2.4.2.1. By Motor Type
  - 8.2.4.2.2. By Vehicle Type
  - 8.2.4.2.3. By Power Rating

9. Europe Electric Vehicle (EV) Traction Motors Market

9.1. Market Size & Forecast, 2019-2031
- 9.1.1. By Value (USD Billion)
9.2. Market Share & Forecast
- 9.2.1. By Motor Type
- 9.2.2. By Vehicle Type
- 9.2.3. By Power Rating
- 9.2.4. By Country
  - 9.2.4.1. Germany
  - 9.2.4.1.1. By Motor Type
  - 9.2.4.1.2. By Vehicle Type
  - 9.2.4.1.3. By Power Rating
  - 9.2.4.2. United Kingdom
  - 9.2.4.2.1. By Motor Type
  - 9.2.4.2.2. By Vehicle Type
  - 9.2.4.2.3. By Power Rating
  - 9.2.4.3. Italy
  - 9.2.4.3.1. By Motor Type
  - 9.2.4.3.2. By Vehicle Type
  - 9.2.4.3.3. By Power Rating
  - 9.2.4.4. France
  - 9.2.4.4.1. By Motor Type
  - 9.2.4.4.2. By Vehicle Type
  - 9.2.4.4.3. By Power Rating
  - 9.2.4.5. Spain
  - 9.2.4.5.1. By Motor Type
  - 9.2.4.5.2. By Vehicle Type
  - 9.2.4.5.3. By Power Rating
  - 9.2.4.6. Belgium
  - 9.2.4.6.1. By Motor Type
  - 9.2.4.6.2. By Vehicle Type
  - 9.2.4.6.3. By Power Rating
  - 9.2.4.7. Russia
  - 9.2.4.7.1. By Motor Type
  - 9.2.4.7.2. By Vehicle Type
  - 9.2.4.7.3. By Power Rating
  - 9.2.4.8. The Netherlands
  - 9.2.4.8.1. By Motor Type
  - 9.2.4.8.2. By Vehicle Type
  - 9.2.4.8.3. By Power Rating
  - 9.2.4.9. Rest of Europe
  - 9.2.4.9.1. By Motor Type
  - 9.2.4.9.2. By Vehicle Type
  - 9.2.4.9.3. By Power Rating

10. Asia Pacific Electric Vehicle (EV) Traction Motors Market

10.1. Market Size & Forecast, 2019-2031
- 10.1.1. By Value (USD Billion)
10.2. Market Share & Forecast
- 10.2.1. By Motor Type
- 10.2.2. By Vehicle Type
- 10.2.3. By Power Rating
- 10.2.4. By Country
  - 10.2.4.1. China
  - 10.2.4.1.1. By Motor Type
  - 10.2.4.1.2. By Vehicle Type
  - 10.2.4.1.3. By Power Rating
  - 10.2.4.2. India
  - 10.2.4.2.1. By Motor Type
  - 10.2.4.2.2. By Vehicle Type
  - 10.2.4.2.3. By Power Rating
  - 10.2.4.3. Japan
  - 10.2.4.3.1. By Motor Type
  - 10.2.4.3.2. By Vehicle Type
  - 10.2.4.3.3. By Power Rating
  - 10.2.4.4. South Korea
  - 10.2.4.4.1. By Motor Type
  - 10.2.4.4.2. By Vehicle Type
  - 10.2.4.4.3. By Power Rating
  - 10.2.4.5. Australia and New Zealand
  - 10.2.4.5.1. By Motor Type
  - 10.2.4.5.2. By Vehicle Type
  - 10.2.4.5.3. By Power Rating
  - 10.2.4.6. Indonesia
  - 10.2.4.6.1. By Motor Type
  - 10.2.4.6.2. By Vehicle Type
  - 10.2.4.6.3. By Power Rating
  - 10.2.4.7. Malaysia
  - 10.2.4.7.1. By Motor Type
  - 10.2.4.7.2. By Vehicle Type
  - 10.2.4.7.3. By Power Rating
  - 10.2.4.8. Singapore
  - 10.2.4.8.1. By Motor Type
  - 10.2.4.8.2. By Vehicle Type
  - 10.2.4.8.3. By Power Rating
  - 10.2.4.9. Vietnam
  - 10.2.4.9.1. By Motor Type
  - 10.2.4.9.2. By Vehicle Type
  - 10.2.4.9.3. By Power Rating
  - 10.2.4.10. Rest of APAC
  - 10.2.4.10.1. By Motor Type
  - 10.2.4.10.2. By Vehicle Type
  - 10.2.4.10.3. By Power Rating

11. Latin America Electric Vehicle (EV) Traction Motors Market

11.1. Market Size & Forecast, 2019-2031
- 11.1.1. By Value (USD Billion)
11.2. Market Share & Forecast
- 11.2.1. By Motor Type
- 11.2.2. By Vehicle Type
- 11.2.3. By Power Rating
- 11.2.4. By Country
  - 11.2.4.1. Brazil
  - 11.2.4.1.1. By Motor Type
  - 11.2.4.1.2. By Vehicle Type
  - 11.2.4.1.3. By Power Rating
  - 11.2.4.2. Mexico
  - 11.2.4.2.1. By Motor Type
  - 11.2.4.2.2. By Vehicle Type
  - 11.2.4.2.3. By Power Rating
  - 11.2.4.3. Argentina
  - 11.2.4.3.1. By Motor Type
  - 11.2.4.3.2. By Vehicle Type
  - 11.2.4.3.3. By Power Rating
  - 11.2.4.4. Peru
  - 11.2.4.4.1. By Motor Type
  - 11.2.4.4.2. By Vehicle Type
  - 11.2.4.4.3. By Power Rating
  - 11.2.4.5. Rest of LATAM
  - 11.2.4.5.1. By Motor Type
  - 11.2.4.5.2. By Vehicle Type
  - 11.2.4.5.3. By Power Rating

12. Middle East and Africa Electric Vehicle (EV) Traction Motors Market

12.1. Market Size & Forecast, 2019-2031
- 12.1.1. By Value (USD Billion)
12.2. Market Share & Forecast
- 12.2.1. By Motor Type
- 12.2.2. By Vehicle Type
- 12.2.3. By Power Rating
- 12.2.4. By Country
  - 12.2.4.1. Saudi Arabia
  - 12.2.4.1.1. By Motor Type
  - 12.2.4.1.2. By Vehicle Type
  - 12.2.4.1.3. By Power Rating
  - 12.2.4.2. UAE
  - 12.2.4.2.1. By Motor Type
  - 12.2.4.2.2. By Vehicle Type
  - 12.2.4.2.3. By Power Rating
  - 12.2.4.3. Qatar
  - 12.2.4.3.1. By Motor Type
  - 12.2.4.3.2. By Vehicle Type
  - 12.2.4.3.3. By Power Rating
  - 12.2.4.4. Kuwait
  - 12.2.4.4.1. By Motor Type
  - 12.2.4.4.2. By Vehicle Type
  - 12.2.4.4.3. By Power Rating
  - 12.2.4.5. South Africa
  - 12.2.4.5.1. By Motor Type
  - 12.2.4.5.2. By Vehicle Type
  - 12.2.4.5.3. By Power Rating
  - 12.2.4.6. Nigeria
  - 12.2.4.6.1. By Motor Type
  - 12.2.4.6.2. By Vehicle Type
  - 12.2.4.6.3. By Power Rating
  - 12.2.4.7. Algeria
  - 12.2.4.7.1. By Motor Type
  - 12.2.4.7.2. By Vehicle Type
  - 12.2.4.7.3. By Power Rating
  - 12.2.4.8. Rest of MEA
  - 12.2.4.8.1. By Motor Type
  - 12.2.4.8.2. By Vehicle Type
  - 12.2.4.8.3. By Power Rating

13. Competitive Landscape

13.1. List of Key Players and Their Offerings
13.2. Global Electric Vehicle (EV) Traction Motors Company Market Share Analysis, 2024
13.3. Competitive Benchmarking, By Operating Parameters
13.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)

14. Impact of Escalating Geopolitical Tensions on Global Electric Vehicle (EV) Traction Motors Market

15. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)

15.1. ABB Ltd
15.2. Parker Hannifin Corp
15.3. Siemens AG
15.4. AB SKF
15.5. General Electric Company
15.6. ZF Friedrichshafen AG
15.7. Kirloskar Electric Company Ltd
15.8. Valeo
15.9. CG Power and Industrial Solutions Ltd
15.10. Continental Engineering Services
15.11. Hitachi Ltd
15.12. Toshiba Corporation
15.13. Nidec Corporation
15.14. Other Prominent Players

16. Key Strategic Recommendations

17. Research Methodology

17.1. Qualitative Research
- 17.1.1. Primary & Secondary Research
17.2. Quantitative Research
17.3. Market Breakdown & Data Triangulation
- 17.3.1. Secondary Research
- 17.3.2. Primary Research
17.4. Breakdown of Primary Research Respondents, By Region
17.5. Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable