BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global automotive traction motor market size at USD 6.8 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global automotive traction motor market size to grow at a robust CAGR of 22.85% reaching a value of USD 28.4 billion by 2029. Major growth factors of global automotive traction motor market include increasing adoption and awareness about the benefits of electric vehicles, rising manufacturing capacity for high-performance and mid-ranged vehicles/motors, and growing government supportive policies to launch battery and electric-powered cars in developing and developed countries. Technology advancements in electric vehicles have a direct positive impact on the market for traction motors. The automobile traction motor is replacing traditional steam and diesel engines because of its high performance, modest maintenance, better reliability, and uncomplicated design, which is predicted to boost market expansion. Also, the availability of electronic brakes has lowered the cost of brake shoes, rails, and tire types, resulting in less wear and strain on the vehicles. Likewise, rising demand for the product in electric trains, trolleybuses, tramcars, and electric vehicles is expected to fuel the expansion of global automotive traction motor market. However, limited availability of supporting infrastructure is anticipated to restrain the overall market expansion.
Global Automotive Traction Motor Market – Overview
A traction motor is a type of electric motor that uses electricity to turn the wheels of a vehicle. Automotive traction motors convert electrical energy to mechanical energy and are used to propel metros, railroads, trams, and other purposes. They are widely used in industries such as chemical and petrochemical, oil and gas, energy and power, automotive, food and drinks, and healthcare. Because automobile traction motors consume less power than traditional engines, industries are increasingly shifting away from traditional engines. The automotive traction motor market is expected to grow due to the electric motor's excellent performance, simple design, better reliability, and low maintenance. In addition, increased production of high-performance motors around the world is propelling the market forward.
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Impact of COVID-19 on Global Automotive Traction Motor Market
The COVID-19 pandemic severely affected the automotive sector. Due to the worldwide lockdown, most production facilities and sites were closed. Furthermore, the raw material supply chain was severely disrupted due to a labor shortage. However, the automotive traction motor market is predicted to increase rapidly during the forecast period due to rising demand for EV and battery-powered vehicles.
Global Automotive Traction Motor Market – By Vehicle
By vehicle, global automotive traction motor market is segmented into Passenger Cars, Trucks, Buses, Pickup Trucks, and Vans. The buses segment held the highest market share in 2022 due to rising demand for emission-free public transportation. The growing demand for electric buses promotes the demand for automotive traction motors. Increased need for greater torque and power supply in motors, which are required for quick start, powerful acceleration, and high climbing angle in cars and buses, is predicted to drive market expansion during the forecast period.
Competitive Landscape
Major players operating in global automotive traction motor market 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, and Robert Bosch Gmbh. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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