Traction Motor Market Size, Share, and Trends 2024 to 2034

Traction Motor Market (By Type: AC Induction Motor, Permanent Magnet Motor, Other; By Vehicle Type: Passenger car, Commercial vehicle, Others; By End User: Hybrid Vehicles, Compact Construction Equipment, Escalators, Elevators, Other) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032

  • Last Updated : December 2023
  • Report Code : 3588
  • Category : Automotive

The global traction motor market size was estimated at USD 12.79 billion in 2023 and is projected to hit around USD 29.66 billion by 2032, registering a CAGR of 9.80% during the forecast period from 2023 to 2032.

Traction Motor Market Size 2023 To 2032

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Key Takeaways

  • North America contributed more than 45% of revenue share in 2022.
  • Asia-Pacific is estimated to expand the fastest CAGR between 2023 and 2032.
  • By type, the A.C. induction motor segment has held the largest market share of 69% in 2022.
  • By type, the permanent magnet motor segment is anticipated to grow at a remarkable CAGR of 10.4% between 2023 and 2032.
  • By vehicle type, the passenger cars segment generated over 59% of revenue share in 2022.
  • By vehicle type, the commercial vehicles segment is expected to expand at the fastest CAGR over the projected period.
  • By end-user, the hybrid vehicles segment generated over 41% of revenue share in 2022.
  • By end-user, the escalators segment is expected to expand at the fastest CAGR over the projected period.

Traction Motor Market in the U.S. 2023 To 2032

The U.S. traction motor market size was valued at USD 4.02 billion in 2023 and is expected to reach USD 9.17 billion by 2032, growing at a CAGR of 9.60% from 2023 to 2032.

U.S. Traction Motor Market Size 2023 To 2032

North America has held the largest revenue share of 45% in 2022. North America holds a major share in the traction motor market due to several factors, including the robust presence of established automotive and manufacturing industries, high consumer demand for electric vehicles, and supportive government initiatives promoting clean transportation. The region's emphasis on sustainable practices and technological innovation, coupled with increasing investments in charging infrastructure, contributes to the strong foothold of traction motor technologies. Additionally, the presence of key market players and a growing awareness of environmental concerns further propels North America's prominence in the traction motor market.

Traction Motor Market Share, By Region, 2022 (%)

Asia-Pacific is estimated to observe the fastest expansion. Asia-Pacific holds significant growth in the traction motor market due to the region's robust industrial growth, urbanization, and increasing demand for electric vehicles. The automotive industry's rapid shift towards electrification, along with supportive government policies and initiatives promoting clean energy, has propelled the traction motor market in Asia-Pacific. Additionally, the rising investments in transportation infrastructure, including railways and metros, contribute to the region's dominance, making it a key player in the global traction motor market.

Traction Motor Market Overview

A traction motor is an electric motor specially crafted for electric or hybrid vehicles, serving the crucial role of translating electrical energy from the vehicle's power source typically a battery or a combination of a battery and an internal combustion engine into the mechanical force required to propel the wheels. These motors are commonly integrated into electric cars, trains, and buses. They are recognized for their capacity to deliver substantial torque at lower speeds, making them pivotal for efficient vehicle acceleration. In the realm of electric vehicles, traction motors significantly influence energy efficiency, affecting factors like range and overall performance.

Continuous improvements in traction motor technology, with a focus on boosting power density, efficiency, and regenerative braking capabilities, contribute to the ongoing evolution of sustainable and eco-friendly transportation solutions. As the automotive industry transitions towards increased electrification, the role of traction motors in facilitating efficient and environmentally conscious mobility becomes increasingly prominent.

Growth Factors

  • Growing Electric Car Popularity: The increasing preference for electric cars worldwide is a major boost for the traction motor market, especially in the automotive sector.
  • Supportive Government Policies: Governments globally offering incentives and favorable policies are driving the traction motor market, encouraging the adoption of electric and hybrid vehicles.
  • Improved Motor Technology: Ongoing technological enhancements are making traction motors more efficient and high-performing, making them attractive for both manufacturers and consumers.
  • Expanding Electric Public Transport: Investments in projects related to electric buses and trains contribute significantly to the traction motor market's expansion.
  • Focus on Eco-Friendly Solutions: The emphasis on environmentally friendly transportation solutions is a key factor increasing the demand for traction motors in electric and hybrid vehicles.
  • Rise in Urban Living: The increasing trend of urban living is generating higher demand for electric vehicles equipped with traction motors, particularly to address transportation needs in densely populated areas.
  • Strict Emission Standards: Stringent global emission standards are pushing the automotive industry to adopt cleaner technologies, creating a surge in the need for traction motors.
  • Lower Battery Costs: Decreasing costs associated with battery technology are enhancing the overall affordability and attractiveness of electric vehicles, positively impacting the traction motor market.
  • Growing Consumer Awareness: The rising awareness among consumers about the environmental impact of traditional vehicles is promoting the adoption of electric and hybrid vehicles, driving the traction motor market.
  • Advanced Battery Development: Advances in battery technology, especially the creation of high-capacity batteries, are extending the range and performance of electric vehicles, fueling growth in the traction motor market.
  • Effective Industry Collaborations: Collaborative efforts between automotive manufacturers and traction motor suppliers are fostering innovation and the development of cutting-edge technologies in the market.
  • Infrastructure Investment: Investments in charging infrastructure and electric vehicle support systems are creating a conducive environment for the traction motor market's growth.
  • Increased R&D Spending: Growing investments in research and development for electric vehicle technologies are enhancing the capabilities and efficiency of traction motors, supporting market expansion.
  • Global Embrace of Renewable Energy: The worldwide focus on renewable energy sources aligns with the trend towards electrification, positively impacting the traction motor market in various regions.
  • Smart Technology Integration: The incorporation of smart and connected technologies into traction motors is enhancing functionality, safety, and overall market appeal.
  • Diverse Vehicle Applications: Traction motors are not limited to traditional cars; they are now applied in electric bikes, scooters, and other forms of personal electric transportation.
  • Long-Term Cost Benefits: The long-term cost savings associated with electric vehicles, stemming from reduced maintenance and fuel costs, are contributing to sustained growth in the traction motor market.
  • Automotive Industry Shifts: General trends in the automotive industry, including a shift towards electrification, are propelling the widespread adoption of traction motors.
  • Rising Disposable Income: As global disposable income levels increase, consumers are more willing to invest in electric vehicles equipped with advanced traction motor technology.
  • Innovations in Energy Storage: Ongoing advancements in energy storage solutions are complementing traction motor efficiency, fostering innovation and market growth.
  • SAMSUNG SDI CO., LTD. revenue in 2023 (TTM) is $17.02 B. In 2022, the company made a revenue of $15.47 B an increase over 2021 revenue of $11.67 B.

Traction Motor Market Scope

Report Coverage Details
Growth Rate from 2023 to 2032 CAGR of 9.80%
Market Size in 2023 USD 12.79 Billion
Market Size by 2032 USD 29.66 Billion
Largest Market North America
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered By Type, By Vehicle Type, and By End User
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Traction Motor Market Dynamics


Electric vehicle adoption and rising fuel costs

The surge in electric vehicle (EV) adoption and escalating fuel costs are pivotal drivers propelling the traction motor market. With the global shift towards sustainable transportation, the demand for EVs has experienced a substantial upswing. Traction motors play a central role in powering these electric and hybrid vehicles, converting electrical energy into the mechanical force required for movement.

As consumers increasingly prioritize eco-friendly alternatives and governments implement stringent emission regulations, the traction motor market benefits from the heightened interest in EVs as a cleaner and more sustainable mode of transportation. Rising fuel costs further amplify the traction motor market's growth trajectory.

Escalating prices at the pump incentivize consumers to explore electric alternatives, where traction motors are instrumental. Electric vehicles not only offer a greener solution but also present long-term cost savings, making them an economically attractive option. As the cost-effectiveness and environmental benefits of electric mobility become more apparent, the traction motor market is poised to experience continued expansion, driven by the dual forces of heightened EV adoption and the economic considerations associated with rising fuel prices.


Limited charging infrastructure

The limited availability and accessibility of charging infrastructure emerges as a significant constraint restraining the growth of the traction motor market. The expansion of electric vehicle (EV) adoption heavily relies on the development of a robust charging network. The scarcity of charging stations, particularly in certain regions, induces "range anxiety" among consumers, dissuading them from embracing electric vehicles equipped with traction motors.

The insufficient infrastructure not only hampers the convenience of EV use but also curtails the potential market for traction motors, as consumers are hesitant to switch to electric alternatives without the assurance of a reliable and widespread charging network. To unlock the full potential of the traction motor market, concerted efforts are needed to accelerate the deployment of charging infrastructure, addressing the critical barrier that limited charging options pose to the broader acceptance and adoption of electric vehicles and their associated traction motors.


Global electrification initiatives

Global electrification initiatives are creating significant opportunities for the traction motor market by driving a paradigm shift towards sustainable transportation. Governments worldwide are intensifying efforts to reduce carbon emissions, with a strong focus on promoting electric vehicles (EVs) as a key component of their electrification strategies. This presents a substantial growth avenue for the traction motor market, as EVs heavily rely on these motors for efficient electric propulsion.

As nations commit to phasing out traditional combustion engine vehicles, the demand for traction motors is set to surge. Substantial investments in charging infrastructure, coupled with supportive policies and incentives, contribute to a conducive environment for the traction motor market to thrive. The global push towards electrification not only aligns with environmental goals but also positions traction motors as pivotal components in the transformative journey towards cleaner and more sustainable mobility on a global scale.

Type Insights

In 2022, the A.C. induction motor segment had the highest market share of 69% on the basis of the type. The A.C. induction motor segment in the traction motor market refers to motors that operate on alternating current, commonly used in electric and hybrid vehicles for their simplicity and reliability. A significant trend in this segment is the continued enhancement of motor efficiency and control systems.

Manufacturers are focusing on developing advanced technologies to optimize the performance of A.C. induction motors, resulting in improved energy conversion, reduced energy loss, and enhanced overall efficiency, aligning with the broader industry goal of achieving more sustainable and efficient electric propulsion systems.

The permanent magnet motor segment is anticipated to expand at a significant CAGR of 10.4% during the projected period. The permanent magnet motor segment in the traction motor market refers to motors utilizing permanent magnets to generate a magnetic field, enhancing efficiency and power density.

A trend within this segment involves increasing adoption due to the superior performance and compact design, contributing to the overall efficiency of electric vehicles. The demand for permanent magnet traction motors is escalating as manufacturers prioritize these advanced motors for their role in achieving higher energy efficiency and improved driving range, aligning with the growing prominence of electric and hybrid vehicles in the automotive landscape.

Vehicle Type Insights

According to the vehicle type, the passenger cars segment has held a 59% revenue share in 2022. The passenger car segment in the traction motor market refers to electric motors powering vehicles designed for personal transportation. In recent trends, there is a notable surge in the adoption of traction motors in passenger cars, driven by the increasing popularity of electric vehicles (EVs). With advancements in motor technology, passenger EVs are experiencing improved efficiency, extended driving ranges, and enhanced performance. This trend reflects a growing consumer preference for eco-friendly mobility options, contributing to the traction motor market's expansion within the passenger car segment.

The commercial vehicles segment is anticipated to expand fastest over the projected period. The commercial vehicles segment in the traction motor market encompasses electric propulsion systems for buses, trucks, and vans. A growing trend within this segment is the increasing electrification of commercial fleets. As businesses and municipalities prioritize eco-friendly alternatives, the demand for traction motors in electric commercial vehicles is on the rise. This trend is fueled by factors such as reduced operational costs, environmental sustainability goals, and governmental incentives, positioning the commercial vehicle segment as a key driver for traction motor market growth.

End User Insights

According to the end user, the hybrid vehicles segment held a 41% revenue share in 2022. Hybrid vehicles, as an end-user segment in the traction motor market, refer to vehicles that combine an internal combustion engine with an electric propulsion system. In this segment, traction motors play a crucial role in providing electric power for propulsion and supporting functions like regenerative braking. A key trend in the hybrid vehicle segment is the increasing integration of advanced traction motor technologies, enhancing efficiency and contributing to the overall performance of these vehicles as the automotive industry continues to emphasize greener and more sustainable transportation solutions.

The escalators segment is anticipated to expand fastest over the projected period. In the traction motor market, the escalators segment pertains to the use of traction motors in escalator systems. Traction motors play a crucial role in providing the necessary power for smooth and efficient vertical transportation. Trends in this segment include the adoption of energy-efficient and low-maintenance traction motors, aligning with the growing emphasis on sustainability in urban infrastructure. The integration of smart technologies for enhanced escalator performance and reliability is another notable trend, as the market seeks innovations to meet the evolving needs of end-users in public spaces and commercial buildings.

Recent Developments

  • In July 2021, Mercedes-Benz announced its acquisition of YASA Motors Ltd., a leading innovator in next-gen electric drive technology. As part of the agreement, YASA will become a wholly owned subsidiary of Mercedes-Benz, dedicated to the development of high-performance electric motors. This strategic move underscores Mercedes-Benz's commitment to advancing electric mobility and enhancing its electric vehicle offerings.
  • In December 2020, Parker-Hannifin introduced the GVM310, a 310 mm frame high-power permanent magnet A.C. motor. This addition to the Global Vehicle Motor (GVM) family expands Parker-Hannifin's portfolio of electric and hybrid electric motors for both on-road and off-road commercial vehicles. The release emphasizes the company's focus on providing advanced motor solutions to meet the evolving demands of the electric and hybrid vehicle market.

Traction Motor Market Players

  • Siemens AG
  • ABB Ltd.
  • General Electric Company
  • Bosch Limited
  • Nidec Corporation
  • Toshiba Corporation
  • Hitachi, Ltd.
  • Mitsubishi Electric Corporation
  • Rockwell Automation, Inc.
  • Regal Beloit Corporation
  • Schneider Electric SE
  • WEG S.A.
  • Hyundai Rotem Company
  • CRRC Corporation Limited
  • Dana Incorporated

Segments Covered in the Report

By Type

  • AC Induction Motor
  • Permanent Magnet Motor
  • Other

By Vehicle Type

  • Passenger car
  • Commercial vehicle
  • Others

By End User

  • Hybrid Vehicles
  • Compact Construction Equipment
  • Escalators
  • Elevators
  • Other

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

Frequently Asked Questions

The global traction motor market size is expected to increase USD 29.66 billion by 2032 from USD 12.79 billion in 2023.

The global traction motor market will register growth rate of 9.80% between 2023 and 2032.

The major players operating in the traction motor market are Siemens AG, ABB Ltd., General Electric Company, Bosch Limited, Nidec Corporation, Toshiba Corporation, Hitachi, Ltd., Mitsubishi Electric Corporation, Rockwell Automation, Inc., Regal Beloit Corporation, Schneider Electric SE, WEG S.A., Hyundai Rotem Company, CRRC Corporation Limited, Dana Incorporated, and Others.

The driving factors of the traction motor market are the surge in electric vehicle (EV) adoption & escalating fuel costs and improved motor technology.

North America region will lead the global traction motor market during the forecast period 2023 to 2032.

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