DUBLIN--(BUSINESS WIRE)--The "Global Automotive Traction Motor Market by Motor Type (PMSM, DC Brushless, AC Induction), Type (AC, DC), EV Type (BEV, HEV, PHEV), Power Output (less than 200 KW, 200-400 KW, above 400 KW), Vehicle Type (PC, CV), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global automotive traction motor market is projected to grow at a CAGR of 33.7% from USD 4.1 billion in 2021 to USD 17.3 billion by 2026. Factors such as supporting government policies launch of new EV models, and advanced motor designs will drive the automotive traction motor market.
The electric vehicle industry has rapidly evolved with ongoing developments in design, features, engineering, and electric motor technologies. With the increasing stringency of government mandates regarding emissions caused by vehicles, the automotive industry is focusing on efficiency, emission-free propulsion, and innovative technologies. The high predicted growth of electric vehicles due to government mandates and global presence of major OEMs and Tier I suppliers is expected to drive the market.
The commercial vehicles segment is expected to be the fastest segment in the forecast
Commercial vehicles require higher power traction motors as compared to passenger cars due to the requirement of high starting torque and overload capacity. The rising demand for and subsequent increase in the sale of commercial vehicles, impositions of stringent emission regulations with increased set limits in fuel efficiency regulations by different governments, and safety regulations have together shifted the focus of OEMs toward reducing carbon emissions from commercial vehicles. The government parameters regarding regulations for carbon emissions vary according to vehicle type and region.
North America is projected to be the largest automotive traction motor market for commercial vehicles. This can be attributed to the growing popularity of pickup trucks in the region among OEMs such as Ford, Chrysler, and General Motors. Traction motor manufacturers in the region are also increasing their investments in this segment to add more fuel-efficient features. For instance, in October 2019, Eaton Corporation PLC announced the plan to launch a transmission system for heavy-duty electric commercial vehicles. The transmission will be 4-speed and based on efficient lay shaft architecture of Automated Manual Transmission (AMT) designed specifically for commercial EVs. All these factors are expected to fuel the demand for traction motors in North America.
200-400 kW is expected to be the fastest power output segment in 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. 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.
- Increased Demand for High-Performance Motors
- Rising Demand for Electric Vehicles
- Advancements in Electrical Drives for Traction Systems
- Limited Availability and Price Volatility of Materials Used in Production
- Limited EV Charging Infrastructure
- Implementation of Stringent Emission Norms & Environmental Regulations
- Unstable Prices of Fossil Fuels
- Overheating of Traction Motors
- Reduced Subsidies for EVs
- Borgwarner Inc.
- BYD Co. Ltd.
- Continental AG
- Denso Corporation
- Eaton Corporation plc
- Jing-Jin Electric
- Johnson Electric Holdings Limited
- Magna International
- Mahle Group
- Mitsuba Corporation
- Nidec Corporation
- Robert Bosch GmbH
- Schaeffler Group
- Shanghai Edrive Co. Ltd.
- Shenzhen Inovance Technology Co. Ltd.
- Shenzhen Megmeet Electric Co. Ltd.
- Shuanglin Group
- Tesla Inc.
- United Automotive Electronics Co. Ltd. (UAES)
- Valeo S.A.
- ZF Friedrichshafen AG
- Zhejiang Founder Motor Co. Ltd.
- Zhongshan Broad-Ocean Motor Co. Ltd.
- Zhuhai Enpower Electric Co. Ltd.
- Zhuzhou CRRC Times Electric Co. Ltd.
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