Automotive Traction Motor Market worth $18.4 billion by 2027
CHICAGO, Oct. 17, 2022 -- Automotive Traction Motor Market is projected to grow by CAGR 22.8%, from USD 6.5 billion in 2022 to USD 18.4 billion by 2027, over the forecast period, according to a new report by MarketsandMarkets™.
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Asia pacific is expected to be the largest Automotive Traction Motor Market in the forecast
Countries such as China, Japan, India, and South Korea are considered under Asia Pacific for market analysis. In April 2020, BYD Co., Ltd. (BYD) and Toyota Motor Corporation (Toyota) announced the registration of a new company under a Joint Venture agreement. The name of the new company is BYD TOYOTA EV TECHNOLOGY CO., LTD. (BTET). The business activities of the new company will comprise the design and development of battery electric vehicles (BEVs) and related parts, including motors. In December 2021, Nidec Corporation (Japan) set the groundwork for its new factory in Novi Sad, Serbia. Nidec Electric Motor Serbia LLC will operate the facility, which will manufacture and sell automotive motors and related items. The construction of the factory, with a total size of 59,760 square meters, is expected to be completed in early 2023. China is expected to be a potential market for automotive traction motors. Asia Pacific is not only home to top market players, such as BYD, but also many OEMs, such as SAIC Motor, Dongfeng, FAW, and Geely, dominating the global EV market. Japan also plays a vital role in motor technology in Asia Pacific. With advancements in technologies such as BEVs and PHEVs, the Japanese Automotive Traction Motor Market is expected to grow at a faster pace.
Europe is expected to be the fastest-growing market during the forecast
Countries such as France, Germany, Spain, the UK, and Italy are considered in Europe for market analysis. The region has major manufacturers such as Renault, Audi, BMW, Mercedes, and others. The governing bodies of various countries in Europe are subsidizing electric vehicles. The intense focus on imposing stringent environmental regulations encourages market players to emission free vehicles and set up facilities wherein various critical vehicle parts are tested, which will further drive the growth of the market for traction motors.
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The 200-400 kW segment is expected to be the fastest growing during the forecast period
Traction motors with a power output of 200–400 kW are particularly installed in medium to heavy commercial vehicles. These motors have a high starting torque and overload capacity. As these motors are widely used in commercial vehicles such as trucks, vans, and buses, their demand is expected to increase in several countries across the Middle East, North America, and Asia Pacific, which are witnessing significant investments in EV projects. In May 2021, the Guangzhou Public Transportation Group teamed up with King Long to test new energy buses on several bus lines. The wide array of applications employing these traction motors is one of the major factors driving this segment. Skoda and Toshiba are some of the manufacturers of traction motors with a power output of 200–400 kW.
Key Market Players
The major players in Automotive Traction Motor Market include BorgWarner Inc. (US), Schaeffler Group (Germany), Nidec Corporation (Japan), Robert Bosch GmbH (Germany), and ZF Friedrichshafen AG (Germany).
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