The global traction motor market is primarily driven by strict emission-control laws aimed at ensuring environmental sustainability. The increasing demand for electric vehicles (EVs) has also been a significant factor in the industry's growth. Despite the challenges posed by the COVID-19 pandemic on the automotive industry, the outlook for electric vehicle sales remains positive. The traction motor market is expected to witness substantial growth as the shift towards electrification gains momentum, and manufacturers focus on developing advanced and efficient traction motor solutions. The growing EV market and environmental concerns continue to fuel the traction motor market's expansion.
According to Data Bridge Market Research, the Global Traction Motor Market was growing at a value of 12.23 billion in 2021 and is expected to reach the value of USD 20.24 billion by 2029, at a CAGR of 6.50% during the forecast period of 2022-2029.
“Increasing vehicle electrification facilitates market growth”
The increasing vehicle electrification serves as a major driver for the global traction motor market. As the automotive industry shifts towards electric and Hybrid Vehicles, the demand for traction motors has witnessed significant growth. These motors are essential components in electric drivetrains, providing the necessary torque and power for vehicle propulsion. With governments and consumers increasingly prioritizing sustainable and eco-friendly transportation solutions, the adoption of electric vehicles is expected to surge, further propelling the demand for traction motors worldwide. Advancements in motor technology and improved efficiency are also contributing factors driving the global traction motor market forward.
What restraints the growth of the global traction motor market?
“Increasing number of operational issues”
The increasing number of operational issues serves as a restraint for the global traction motor market. These issues may include motor malfunctions, overheating, wear and tear, and reduced performance over time. As traction motors are critical components in electric and hybrid vehicles, any operational problem can lead to reduced efficiency and reliability. Manufacturers and users face challenges in maintaining and resolving these issues, impacting the overall market growth. To ensure sustainable and widespread adoption of electric mobility, addressing and mitigating operational issues in traction motors are essential for market success.
Segmentation: Global Traction Motor Market
The traction motor market is segmented on the basis of type, vehicle type, application, and end user.
- On the basis of type, the traction motor market is segmented into A.C. induction motor, permanent magnet motor, others.
- On the basis of vehicle type, the traction motor market is segmented into passenger cars, commercial vehicles, and others.
- On the basis of application, the traction motor market is segmented into transportation, industrial machinery and equipment, and others.
- On the basis of end user, the traction motor market is segmented into hybrid vehicles, compact construction equipment, escalators, elevators, and others.
Regional Insights: Asia-Pacific dominates the Global Traction Motor Market
The Asia-Pacific region's dominance in the electric traction motors market is driven by the growing global concern about carbon emissions and the push toward adopting cleaner and more sustainable transportation solutions. As countries in the region strive to reduce their carbon footprint, the demand for electric vehicles and related technologies, including electric traction motors, has surged.
Europe has a sizable market for electric traction motors due to the presence of numerous key players and high overall investments in electric mobility. The region's commitment to advancing electric vehicle technology and infrastructure has created a conducive environment for the growth of the electric traction motors market, contributing to its competitiveness on a global scale.
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Recent Developments in Global Traction Motor Market
- In July 2021, Mercedes-Benz announced its acquisition of YASA Motors Ltd., a renowned pioneer in next-generation electric drive technology. The agreement established YASA as a wholly-owned subsidiary of Mercedes-Benz, focused on developing high-performance e-motors. This strategic move strengthens Mercedes-Benz's position in the electric vehicle market and allows them to leverage YASA's expertise in electric drive technology to enhance their lineup of electric vehicles.
- In December 2020, Parker-Hannifin introduced the GVM310, a 310 mm frame high-power, permanent magnet A.C. motor. This new addition expanded the company's existing Global Vehicle Motor (GVM) family of electric and hybrid electric vehicles for both on-road and off-road applications. The GVM310 motor reflects Parker-Hannifin's commitment to innovation and further contributes to their portfolio of cutting-edge electric mobility solutions.
The Prominent Key Players Operating in the Global Traction Motor Market Include:
- Saft (France)
- SAMSUNG SDI CO.,LTD. (South Korea)
- Lithium Energy Japan (Japan)
- Tianjin Lishen Battery Co., Ltd. (China)
- Shenzhen A&S Power Technology Co., Ltd. (China)
- LITHIUMWERKS (Europe)
- GlobTek, Inc. (U.S.)
- BYD Company Ltd (China)
- Panasonic Corporation (Japan)
- L.G. Chem (South Korea)
- VARTA Microbattery GmbH (Germany)
- Dalian CBAK Power Battery Co., Ltd (China)
- TOSHIBA CORPORATION (Japan)
- CALB USA Inc. (U.S.)
- Shenzhen BAK Technology Co., Ltd. (China)
- Contemporary Amperex Technology Co., Limited (China)
- A123 Systems LLC (U.S.)
- Amperex Technology Limited (China)
- XALT Energy (Switzerland)
- Leclanche SA (Switzerland)
- MicroStep, spol. s r.o. (Germany)
Above are the key players covered in the report, to know about more and exhaustive list of global traction motor market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Traction Motor Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
