Automotive Traction Motor Market Analysis By Type (AC induction motor, permanent magnet motor, and switched reluctance motor), By Vehicle Type (passenger cars, light commercial vehicles, and heavy commercial vehicles), By Application (battery electric vehicle, plug-in hybrid electric vehicle, and hybrid electric vehicle) & Forecast 2024-2035
- PUBLISHED ON
- 4/14/2023
- NO OF PAGES
- 264
- CATEGORY
- Automotive & Transportation
The global automotive traction motor market size was valued at around USD 6.6 billion in 2022 and expected to grow at a CAGR of 22.5% during the forecast period.
Covid-19 Impact:
The global automotive traction motor market has been impacted by the COVID-19 pandemic in several ways. Some of the key impacts are:
Supply chain disruptions: The pandemic has caused disruptions in the global supply chain, leading to delays in the production and delivery of automotive traction motors. This has affected the overall production of electric and hybrid vehicles.
Reduced demand: The economic impact of the pandemic has led to reduced demand for new vehicles, including electric and hybrid vehicles that use traction motors. This has resulted in lower sales and revenues for manufacturers of traction motors.
Shift in consumer behavior: The pandemic has led to a shift in consumer behavior, with many people avoiding public transportation and choosing to buy personal vehicles instead. This has increased the demand for electric and hybrid vehicles, which in turn has positively impacted the automotive traction motor market.
Government stimulus: Many governments around the world have introduced stimulus packages and incentives to promote the adoption of electric and hybrid vehicles. These measures have helped to support the automotive traction motor market during the pandemic.
Investment in research and development: Despite the pandemic, many manufacturers of automotive traction motors have continued to invest in research and development to improve the performance and efficiency of their products. This has led to the development of new and improved traction motors that are more energy-efficient and environmentally friendly.
Overall, while the COVID-19 pandemic has had some negative impacts on the global automotive traction motor market, there have also been some positive impacts, including increased demand for electric and hybrid vehicles and government stimulus measures to support the industry.
Market Dynamics:
Drivers:
Increasing demand for electric and hybrid vehicles: As governments around the world introduce stricter emission regulations, there is a growing demand for electric and hybrid vehicles, which use traction motors. This has led to an increase in the production and sales of traction motors.
Rising fuel prices: With the cost of fossil fuels increasing, there is a growing demand for more fuel-efficient vehicles. Electric and hybrid vehicles, which use traction motors, are considered to be more fuel-efficient than traditional gasoline-powered vehicles.
Advances in battery technology: As battery technology continues to improve, electric and hybrid vehicles are becoming more practical for everyday use. This has led to an increase in the demand for electric and hybrid vehicles, which use traction motors.
Government incentives and regulations: Governments around the world are introducing incentives and regulations to promote the adoption of electric and hybrid vehicles. This has led to an increase in the production and sales of traction motors.
Growing environmental awareness: As more people become aware of the negative impact of fossil fuels on the environment, there is a growing demand for more environmentally friendly vehicles. Electric and hybrid vehicles, which use traction motors, are considered to be more environmentally friendly than traditional gasoline-powered vehicles.
Restraints:
High cost: Electric and hybrid vehicles, which use traction motors, are typically more expensive than traditional gasoline-powered vehicles. This can be a barrier to adoption for some consumers, especially in developing countries where affordability is a major concern.
Limited driving range: While battery technology is improving, electric and hybrid vehicles still have a limited driving range compared to traditional gasoline-powered vehicles. This can make them less practical for long-distance driving and can limit their appeal to some consumers.
Lack of charging infrastructure: The adoption of electric and hybrid vehicles is also limited by the lack of charging infrastructure in many parts of the world. This can make it difficult for drivers to charge their vehicles when they are away from home.
Regional Analysis:
North America: The North American market for automotive traction motors is expected to grow due to increasing demand for electric and hybrid vehicles and the presence of major automotive manufacturers in the region.
Europe: The European market for automotive traction motors is also expected to grow due to strict emission regulations and government incentives to promote the adoption of electric and hybrid vehicles.
Asia Pacific: The Asia Pacific region is expected to be the largest market for automotive traction motors due to the presence of major automotive manufacturers in the region and a growing demand for electric and hybrid vehicles in countries such as China and India.
Latin America: The Latin American market for automotive traction motors is expected to grow due to the increasing demand for electric and hybrid vehicles and government incentives to promote the adoption of these vehicles.
Middle East and Africa: The Middle East and Africa region is expected to see growth in the automotive traction motor market due to the increasing adoption of electric and hybrid vehicles and government initiatives to promote clean energy.
Market Segmentation:
Type: The market can be segmented based on the type of traction motor, including AC induction motor, permanent magnet motor, and switched reluctance motor.
Vehicle Type: The market can be segmented based on the type of vehicle that uses the traction motor, including passenger cars, light commercial vehicles, and heavy commercial vehicles.
Application: The market can be segmented based on the application of the traction motor, including battery electric vehicle, plug-in hybrid electric vehicle, and hybrid electric vehicle.
Region: The market can be segmented based on geography, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Competitive Landscape:
The global automotive traction motor market is highly competitive with several established players as well as new entrants.
Some of the key players in the market include:
Siemens AG
Robert Bosch GmbH
Continental AG
Denso Corporation
ABB Ltd
Magna International Inc.
ZF Friedrichshafen AG
Hitachi Automotive Systems Ltd.
Hyundai Mobis
GKN Driveline
These companies are focusing on strategic partnerships, collaborations, and mergers and acquisitions to expand their market presence and increase their customer base. They are also investing heavily in research and development to develop innovative and efficient traction motor systems that meet the evolving needs of the market.
Overall, the competition landscape of the global automotive traction motor market is highly dynamic, with several players vying for market share. As the demand for electric and hybrid vehicles continues to grow, the competition is expected to intensify further in the coming years.
Historic Year: 2016-2022
Forecast: 2024-2035
Quality Assurance Process
- We Market Research’s Quality Assurance program strives to deliver superior value to our clients.
We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.
Market Research Process
We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.
To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
- Project kickoff meeting with client
- Conduct frequent client communications
- Form project steering committee
- Assign a senior SR executive as QA Executive
- Conduct internal editorial & quality reviews of project deliverables
- Certify project staff in SR methodologies & standards
- Monitor client satisfaction
- Monitor realized value post-project
Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached Straits Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2028.
}})
Select a license type that suits your business needs
US $4250
Only Four Thousand Two Hundred Fifty US dollar
- 1 User access
- 15% Additional Free Customization
- Free Unlimited post-sale support
- 100% Service Guarantee until achievement of ROI
US $5250
Only Five Thousand Two Hundred Fifty US dollar
- 5 Users access
- 25% Additional Free Customization
- Access Report summaries for Free
- Guaranteed service
- Dedicated Account Manager
- Discount of 20% on next purchase
- Get personalized market brief from Lead Author
- Printing of Report permitted
- Discount of 20% on next purchase
- 100% Service Guarantee until achievement of ROI
US $6250
Only Six Thousand Two Hundred Fifty US dollar
- Unlimited User Access
- 30% Additional Free Customization
- Exclusive Previews to latest or upcoming reports
- Discount of 30% on next purchase
- 100% Service Guarantee until achievement of ROI