Global EV Motor Core Market, By Type (AC and DC), By Powder Rating (Below 200 kW, 200-400 kW, and Above 400 kW) Growth, Future Prospects & Competitive Analysis, 2016 – 2030

Key Highlights of the report

How are the major segments performing in the Electric Vehicle Traction Motor Core market?

• In 2022, the AC segment accounted for the highest share of the market as it is widely used in electric vehicles for their propulsion.
• In 2022, the 200-400 kW segment was expected to hold a prominent share of the global electric vehicle traction motor core market. The growing adoption of electric buses and trucks, predominantly for public transportation and freight services, drives this segment’s growth.

Which region dominated the Electric Vehicle Traction Motor Core market?

In 2022, the Asia-Pacific market was anticipated to hold a prominent share. In addition to reducing pollution from road transport vehicles, China intends to decrease its dependence on hydrocarbon imports while supporting industrial development. Due to the increased growth in the global electric vehicle market, India, Japan, and South Korea also plan to expand their electric vehicle markets to combat growing carbon emissions. As a result of the measures above, the region is expected to dominate the electric traction motor market during the forecast period.

How is US Market Performing in the Electric Vehicle Traction Motor Core market?

In 2022, the North American region was anticipated to hold a prominent share of the global electric vehicle traction motor core market. As electric car manufacturers become more established in the US, the market will likely grow over the forecast period due to the rising BEV demand. It is estimated that the U.S. government will convert 50% of all new light trucks and passenger cars to electric vehicles by 2050. Individual states have set more ambitious goals..

How is the economy impacting the global Electric Vehicle Traction Motor Core growth?

At least in the short term, the Russian-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. Several countries have been sanctioned due to the war between these two countries, commodity prices have surged, and supply chains have been disrupted, causing inflation in goods and services and affecting many markets around the world. A sharp economic decline was witnessed in developing countries due to low consumer demand and higher prices for essential commodities. The adoption of EV traction motors also declined significantly.

What is the competitive environment of the Electric Vehicle Traction Motor Core market?

The competitive environment of the electric vehicle traction motor core industry provides information on total economic profit made by suppliers and businesses, sales and revenues generated in this sector, global electric vehicle traction motor core market share, business organisation summary, introduction of new products, and opportunities for the industrial electric vehicle traction motor core market. For instance, in June 2021, as part of the acquisition, Mercedes-Benz acquired YASA Motors Ltd., a pioneer in next-generation electric drives. Under the terms of the agreement, YASA will operate as a wholly-owned subsidiary of Mercedes-Benz building high-performance electric motors. Furthermore, in December 2020, a new high-power, permanent magnet AC motor was launched by Parker Hannifin’s GVM310 product line. This product is an addition to the company’s existing Global Vehicle Motor (GVM) family of commercial and hybrid electric motors.

Executive Summary

What are the key trends in the Electric Vehicle Traction Motor Core market?

In the electric vehicle traction motor market, technology advancement is gaining popularity. To strengthen their position in the market, many companies developing new products or technologies are developing new products or technologies. For instance, Nidec developed in August 2021 an EV traction motor system called E-Axle, which incorporates three components: an inverter, a motor, and a reducer, that can be mounted in a vehicle. The drive shaft attached to the tires generates rotor torque that moves the vehicle as it is powered by electricity. Nidec implemented a new cassette inserter method and a new cooling mechanism to achieve high productivity and wire-winding performance.

How are Manufacturers Teaming Up with Stakeholders in the Electric Vehicle Traction Motor Core Market?

With many market players and increasing EV demand, the global market is highly competitive. Market players are investing in the R&D of their product offerings to maintain their market leadership. The most prominent manufacturers of electric traction motors are introducing new products for electric and hybrid vehicles and acquiring small and medium-sized companies outright and partially. Several companies are acquiring stakes in automobile companies and partnering with them to expand their global presence. The multinational corporation ABB Limited, specializing in power, robotics, automation, and heavy electrical equipment, acquired KEYMILE Group’s communication business unit in 2017. As a result of this acquisition, ABB will be able to broaden its range of communication networks and expand its revenue generation opportunities.

Which are the key investments by the Electric Vehicle Traction Motor Core market players?

Leading players operating in the electric vehicle traction motor core market are focusing on expansion in production capacities for electric vehicle traction motor core. Besides this, companies are focusing on strategic mergers and acquisitions, collaborations, and creating awareness among manufacturers via different associations formed to promote smart practices to gain a competitive edge on their home turf. For instance, in June 2021, Turntide Technologies acquired AVID Technology Limited for an undisclosed amount to decarbonize the transportation industry. By offering an alternative to rare earth magnets in electric vehicles, this acquisition aids Turntide in decarbonizing the transportation industry. AVID Technology Limited is a UK-based manufacturer and producer of electrified powertrain components, traction motors, and systems.

Some major players in the electric vehicle traction motor core market are ABB Limited, Parker-Hannifin Corp., SKF AB., ZF TRW Automotive Holdings Corporation, Robert Bosch GMBH, Valeo SA, Zytek Group Limited., Hitachi, Ltd., Avid Technology Limited, YASA Motors Ltd., and Others.

What are the Major Driving Factors for the Electric Vehicle Traction Motor Core Market?

Market expansion for traction motors will likely be driven by the expanding global demand for electric cars, coupled with massive R&D investments that aim to improve the efficiency and performance of these vehicles. Moreover, imposing regulatory standards by governments from other nations is expected to increase and drive the market, as these traction motors are an integral component of all-electric cars. Furthermore, EV subsidies and improved fuel economy versus conventional vehicles should increase traction motor demand. There is an increasing demand for energy-efficient motors with rising investments in electric vehicles (EVs). Due to their low power consumption and high efficiency, EV traction motors are experiencing an increased demand for EVs.

What are the Major Risks for the Electric Vehicle Traction Motor Core Market?

In electric motors, overheating can weaken the winding insulation, resulting in motor failure. Overheating occurs when a motor is overloaded, has poor power conditions, has highly effective service factors, or turns on and off frequently. There is not enough air around the motor to prevent it from overheating. High-temperature environments also tend to cause electric motors to overheat. Around 30% of motor failures are caused by insulation failure, and approximately 60% are caused by overheating. High temperatures are a major challenge for permanent magnet motors; these motors lose their magnetism.

Which is the key Type in the Electric Vehicle Traction Motor Core market?

The AC segment is expected to hold a prominent share of the global electric vehicle traction motor core market during the forecast period. It is easy to manufacture AC motors because no mechanical contracts are required for their functioning, and they are lighter as compared to DC motors for an equivalent amount of power. By employing modern and advanced electronics, AC units can be meticulously efficient in increasing traction and adhesion. Microprocessors can measure extremely precisely and redevelop the current until it stops.

How is the Electric Vehicle Traction Motor Core market performing in regions?

Europe market is anticipated to witness the fastest growth in the global electric vehicle traction motor core market during the forecast period. In addition to the European Union having set a stern set of emission regulations, the region is increasingly focusing on reducing the number of conventional cars on its roads. With our extensive charging infrastructure networks throughout Europe, this market is experiencing a rapid growth rate. Several traction systems and other component-based technological implementations are always being maintained in the EV segment of manufacturing and operations in the EU nations as Europe engages in enhanced technologies. The European Union has therefore taken an active role in developing EV adoption technologies that would enhance EV adoption throughout its member nations by developing a more effective adoption strategy.

What is the regulatory landscape for the Electric Vehicle Traction Motor Core market?

Due to stringent regulations concerning vehicle emissions, electric drive technology has been developed for passenger and commercial vehicles. Several governments have implemented stringent emission regulations in order to curb global climate change and reduce air pollution, which has compelled automakers to develop alternate propulsion systems for their vehicles.

What is the Market Size of Electric Vehicle Traction Motor Core regarding value?

The global electric vehicle traction motor core market is anticipated to grow at a substantial CAGR of 15.20% in the upcoming years. The global electric vehicle traction motor core industry was estimated to be worth USD 5,519.5 million in 2022 and was expected to be worth USD 14,861.7 million by 2030.

What are the major players planning for the future of the Electric Vehicle Traction Motor Core market?

Growing regional presence and investment in downstream uses are expected to give the company a competitive advantage in the market. For instance, in September 2017, inverters, gearboxes, and e-machines were included in Nidec Corporation’s new traction motor system (E-axle), targeted at electric vehicles and plug-in hybrids. A unique motor cooling system has been developed for the new system, which is less weighty and smaller, thus reducing the overall price of the traction motor.

Segmentation of Global Electric Vehicle Traction Motor Core Market-

Global Electric Vehicle Traction Motor Core Market – By Type

• AC
• DC

Global Electric Vehicle Traction Motor Core Market – By Powder Rating

• Below 200 kW
• 200-400 kW
• Above 400 kW

Global Electric Vehicle Traction Motor Core Market – By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • South-east Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa