The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, April 20, 2023 /PRNewswire/ — As per The Business Research Company’s Electric Vehicle Traction Motor Global Market Report 2023, the global electric vehicle traction motor market size will grow from $248 billion in 2022 to $316.1 billion in 2023 at a compound annual growth rate (CAGR) of more than 27%. The electric vehicle traction motor market value is then expected to grow to $793.6 billion in 2027 at a CAGR of more than 25%.
The electric vehicle traction motor market is expected to grow in the forecast period due to an increasing demand for sustainable and energy-efficient motors. Using energy-efficient vehicle traction motors in electric vehicles can result in significant energy savings, which can improve the vehicle’s range and reduce the overall cost of ownership for the consumer. Additionally, these motors produce fewer emissions and have a longer lifespan than traditional internal combustion engines. For example, according to a study by Hoyer Motors, a US-based supplier of electric motors for various land-based industrial and marine applications, by 2030, it is predicted that employing more energy-efficient motors would allow for a reduction in worldwide energy consumption of 300 TWh (Terawatt-hour) annually. Therefore, the rise in demand for energy-efficient motors will propel the electric vehicle traction motor market growth.
Learn More On The Electric Vehicle Traction Motor Market Report – https://www.thebusinessresearchcompany.com/report/electric-vehicle-traction-motor-global-market-report
According to the electric vehicle traction motor market research, with the rise of electric vehicles, there is an increased focus on the sustainability of the entire EV (electric vehicle) supply chain, including the production and disposal of EV traction motors. Manufacturers are exploring ways to improve the sustainability of their motor manufacturing processes, including sustainable methods of sourcing materials and components. For example, in 2021, Bentley Motors, a UK-based designer, manufacturer and marketer of luxury cars and SUVs (Sports Utility Vehicles), launched a three-year research project to transform the sustainability of electric motors. The project will scale up the process of removing magnets from used electronic trash and reusing the magnetic material to create new recyclable magnets that will be used in custom accessory motors.
With companies increasingly focusing on sustainability, rare-earth free motors are gaining popularity in the electric vehicle traction motor market. Rare-earth-free motors are electric motors that do not rely on rare-earth metals for their operation. Rare-earth metals such as neodymium and dysprosium are commonly used to produce permanent magnets, which are a key component of many electric vehicle traction motors. For example, in July 2022, MAHLE, a Germany-based automotive parts manufacturer, launched a high-performance electric vehicle traction motor with a novel cooling technique. The new electric motor will be manufactured without the use of rare earth elements and is extremely clean, light and efficient.
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Asia Pacific was the largest region in the market, accounting for 39.3% of the total electric vehicle traction motor market share in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the electric vehicle traction motor market will be Africa and Eastern Europe. These will be followed by the Middle East and South America.
To capitalize on these high growth regions, The Business Research Company recommends electric vehicle traction motor market manufacturers to focus on enhancing business operations through strategic acquisitions and strengthening business capabilities through the launch of new products.
View More Similar Market Reports:
Electric Vehicle Global Market Report 2023
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