Automotive Traction Motor - Global Market Outlook (2020-2028)
According to Stratistics MRC, the Global Automotive Traction Motor Market is accounted for $2.98 billion in 2020 and is expected to reach $26.50 billion by 2028 growing at a CAGR of 31.4% during the forecast period. Rising demand for electric vehicles and advancements in electrical drives for traction systems are the major factors propelling the market growth. However, the development of substitutes is hampering the market growth.
An automotive traction motor is generally used in electric vehicles and full hybrid vehicles for the propulsion of the vehicle on pure electric power. The traction motor is considered the heart of electric and hybrid vehicles. An automotive traction motor can also act as a generator; however, in motor mode, it converts electric energy from the battery into mechanical energy, and in generator mode, it converts mechanical energy into electrical energy such that the kinetic energy released during deceleration of the vehicle is converted into electrical energy and is utilized to charge the battery.
Based on the operating current, the alternating current (AC) operated traction motor segment is estimated to have a lucrative growth during the forecast period. It is generally utilized in locomotives and is generally not employed in automobiles due to its fixed speed characteristics; however, an AC-operated motor has a simple construction and requires less maintenance and requires less maintenance.
By geography, the Asia Pacific is going to have a lucrative growth during the forecast period due to the rising population has led to a significant increase in demand for transportation connectivity. An all-around effort by the governments of various countries within the region to reduce greenhouse gases and the strong emphasis on reducing carbon emissions has led to a tremendous focus on manufacturing electric vehicles in the region.
Some of the key players profiled in the Automotive Traction Motor Market include Zhongshan Broad-Ocean Motor Co., Ltd. BYD Company, MAHLE GmbH, Valeo, Tesla Inc., Shenzhen Megmeet, MITSUBA Corporation, Denso, Robert Bosch, Nidec Corporation, and Shenzhen Inovance Tech, Zhejiang Founder Motor Co., Ltd, Magna International, Johnson Electric, Eaton Corporation, Schaeffler Group, Continental AG, ZF Friedrichshafen AG, and BorgWarner.
Operating Currents Covered:
• Direct Current (DC) Operated Traction Motor
• Alternating Current (AC) Operated Traction Motor
Power Outputs Covered:
• Less Than 200 KW
• 200-400 KW
• Above 400 KW
Vehicle Types Covered:
• Passenger Vehicles (PVs)
• Commercial Vehicles (CVs)
Electric Vehicle (EV) Types Covered:
• Battery Electric Vehicle (BEV)
• Hybrid Electric Vehicle (HEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
Motor Types Covered:
• Permanent Magnet Synchronous Motors (PMSM)
• Alternating Current (AC) Induction Motors
• Direct Current (DC) Brushless
Connection Types Covered:
• Series Connection
• Parallel Connection
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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- Market share assessments for the regional and country-level segments
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- Covers Market data for the years 2019, 2020, 2021, 2025, and 2028
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