Global Electric Vehicle (EV) Traction Motors Market Zooming 4X to Touch USD 29 Billion by 2031

Published | 21 February 2025

Global Electric Vehicle (EV) Traction Motors Market is flourishing because of the rising adoption of electric vehicles (EVs), continuous technological refinement, and expanding EV infrastructure.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Global Electric Vehicle (EV) Traction Motors Market size at USD 7.23 billion in 2024. During the forecast period between 2025 and 2031, BlueWeave expects Global Electric Vehicle (EV) Traction Motors Market size to boom at a robust CAGR of 21.79% reaching a value of USD 28.75 billion by 2031. The EV traction motors market across the regions is propelled by the escalating adoption of EVs, marked by a significant increase in global EV sales to approximately 14 million units in 2023, as reported by the International Energy Agency (IEA). This growth, reflecting a notable rise in EV penetration within the total vehicle market, has intensified competition among manufacturers to innovate and produce high-performance, energy-efficient traction motors. EV traction motors, critical to EV performance, offer instantaneous torque, enhancing acceleration and overall driving dynamics, while their compact and lightweight design contributes to improved energy efficiency and extended driving range. Furthermore, advancements, such as the integration of multiple traction motors for torque vectoring, and ongoing research into rare earth material reduction and axial flux motor designs, are propelling technological progress. Supported by stringent emission regulations and increasing investments in EV infrastructure, Global Electric Vehicle (EV) Traction Motors Market is poised for continued growth, with traction motors playing a pivotal role in the global transition to sustainable electric mobility.

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Impact of Escalating Geopolitical Tensions on Global Electric Vehicle (EV) Traction Motors Market

Intensifying geopolitical tensions could disrupt the growth of Global Electric Vehicle (EV) Traction Motors Market. Trade restrictions, supply chain vulnerabilities, and price volatility in critical raw materials, notably rare earth elements, present challenges to production and cost management. Similarly, disruptions in semiconductor and battery supply chains, influenced by geopolitical instability, may impede market growth. Conversely, heightened concerns regarding energy security could incentivize governments to invest in domestic manufacturing and alternative material sourcing, thereby fostering innovations in traction motor technologies. While geopolitical factors pose risks to established global supply chains, they also serve as a catalyst for the industry to prioritize self-reliance and the development of sustainable, resilient solutions.

Asia Pacific Leads Global Electric Vehicle (EV) Traction Motors Market

Asia Pacific dominates Global Electric Vehicle (EV) Traction Motor Market, driven by region's escalating EV sales, coupled with the implementation of efficacious governmental policies that actively incentivize electrification. As the locus of the world's most extensive EV market, the Asia Pacific region continues to attract prominent global automotive manufacturers, including Volkswagen, BMW, Ford, and General Motors. These companies are strategically engaged in the expansion of local manufacturing operations and the introduction of competitively priced EV models. Furthermore, the region's accelerated urban development, in conjunction with concomitant advancements in infrastructure, encompassing the electrification of railway networks, metropolitan transit systems, and high-speed rail infrastructure, serves to amplify the demand for traction motors. Notably, the People's Republic of China exhibits a leading role in EV adoption, evidenced by substantial capital investments in railway electrification and urban transit infrastructure. Concurrently, India is pursuing a comprehensive transition towards a fully electrified railway network, with a targeted completion date of 2024, while the nations of Japan and the Republic of Korea are concentrating efforts on the augmentation of EV production to effectuate reductions in carbon emissions. These multifarious factors, in aggregate, serve to solidify the APAC region's position as the principal determinant in Global Electric Vehicle (EV) Traction Motor Market.

Competitive Landscape

Major companies in Global Electric Vehicle (EV) Traction Motors Market include ABB Ltd, Parker Hannifin Corp, Siemens AG, AB SKF, General Electric Company, ZF Friedrichshafen AG, Kirloskar Electric Company Ltd, Valeo, CG Power and Industrial Solutions Ltd, Continental Engineering Services, Hitachi Ltd, Toshiba Corporation, and Nidec Corporation. The presence of high number of companies intensify the market competition, as they compete to gain a significant market share. These companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches to further enhance their market share.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and Global Electric Vehicle (EV) Traction Motors Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Electric Vehicle (EV) Traction Motors Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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