Electric Vehicle (Ev) Traction Motor Market Size to grow by USD 2713.4 million between 2024-2028

The Electric Vehicle (Ev) Traction Motor Market is segmented by Application (Railways, Electric vehicle, and Others), Power Rating (Below 200 kW, 200 to 400 kW, and Above 400 kW), and Geography (APAC, Europe, North America, South America, and Middle East and Africa). As per the Global Forecast research report 2024-2028 published by Technavio, the market size is estimated to grow by USD 2713.4 million, at a CAGR of 8.12% during the forecast period. There are several companies that are contributing to the market as per this report. Rapid development of luxury EVs .

By Application, the Railways segment is projected to dominate the market size in 2024

In the realm of electrified railways, traction motors play a pivotal role due to their ability to deliver high torque and effective speed control. Three primary types of traction motors are utilized in this sector: DC, AC, and synchronous. DC traction motors, characterized by their series-wound configuration, enable speed regulation through the manipulation of series resistance. Historically, resistance switching was an manual driver responsibility; however, advancements have integrated automated relay systems. DC traction motors offer additional utility in train windshield wiper systems.

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By Power Rating, Below 200 kW segment is expected to hold the largest market size for the year 2024

In the electric vehicle (EV) market, traction motors with power ratings below 200 kW are predominantly utilized in micro, mild hybrid vehicles, and luxury EVs. These motors play a pivotal role in start-stop functions, providing turbo boost for sudden acceleration, and other vehicle applications. Notably, vehicles equipped with dual-motor hybrid powertrains often incorporate a small power-rated traction motor at the rear-wheel drive or as a secondary motor for turbo boost. For instance, Nidec, a leading motor manufacturer, introduced two new traction motor systems in February 2020: a 200-kW model for the D and E vehicle segments and a 50-kW model for the A segment. Both systems are derived from Nidec's 150 kW E-Axle technology.

Why is APAC forecasted to hold the largest regional market size in 2024?

The Electric Vehicle (EV) traction motor market is experiencing significant growth due to the increasing adoption of electric vehicles (EVs) worldwide. Traction motors are a crucial component of EVs, converting electrical energy into mechanical force to propel the vehicle. Market expansion is driven by government incentives, advancements in battery technology, and rising consumer awareness of environmental sustainability. Companies are investing heavily in research and development to improve motor efficiency and reduce costs, positioning themselves for long-term success in this burgeoning market.

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Research Analysis Overview

The Electric Vehicle (EV) Traction Motor Market is experiencing significant growth due to various factors, including the push towards reducing hydrocarbon imports, metro projects, and railway electrification. The shift from conventional vehicles to electric vehicles (EVs) is gaining momentum due to concerns over air pollution caused by fossil fuel-powered vehicles. Established electric vehicle development centers and automobile OEMs are investing heavily in battery technology, material science, and nanotechnology to improve battery performance and reduce costs. Governments are offering subsidies, licenses, and tax incentives to encourage EV adoption. Emission norms and environmental regulations are also driving the demand for EV traction motors. The market for EV traction motors includes battery electric vehicles (BEVs) and hybrid electric vehicles (HEVs). Manufacturing facilities for EV traction motors require significant labor and resources, making it a capital-intensive industry. The market is expected to grow further as more countries announce plans to phase out fossil fuel vehicles and invest in rail infrastructure. The future of EV traction motors looks promising, with advancements in battery technology and the increasing availability of charging infrastructure. However, challenges such as material sourcing and manufacturing costs remain, making it essential for manufacturers to stay innovative and competitive.

Market Research Overview

The global Electric Vehicle (EV) Traction Motor Market is a segment of the larger industrial machinery and supplies and components market. This market encompasses businesses involved in the manufacturing of machinery and components, including presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio, the market size for industrial machinery and supplies and components is determined by the consolidated revenue generated by manufacturers supplying equipment for industrial applications. Factors driving growth in this market include expanding industrial output in process and discrete industries, particularly in developing countries, leading to increased demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages. - The Electric Vehicle (Ev) Traction Motor Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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