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Automotive Traction Motor Market to Reach USD 18.4 Billion by 2027

Strategic Insights

— 2 min read

The global automotive traction motor market is expected to grow at a compound annual growth rate (CAGR) of 22.8% from 2022 to 2027, driven by the increasing demand for zero-emission vehicles and climate change awareness. The market is expected to reach USD 18.4 billion by 2027, up from USD 6.5 billion in 2022. Key players in the market include BorgWarner Inc., Schaeffler Group, Nidec Corporation, Robert Bosch GmbH, and ZF Friedrichshafen AG.

Key Takeaways:

  • The automotive traction motor market is expected to grow at a CAGR of 22.8% from 2022 to 2027, driven by the increasing demand for zero-emission vehicles and climate change awareness.
  • The market is expected to reach USD 18.4 billion by 2027, up from USD 6.5 billion in 2022.
  • BorgWarner Inc. launched an 800-volt electric motor for the commercial vehicle segment in February 2021, which is expected to be used by various hybrid and electric applications for commercial vehicle manufacturers.
  • The fastest segment in the forecast period is expected to be the BEV segment, with a CAGR of 25.1% from 2022 to 2027.
  • The passenger car segment in Vehicle Type is expected to be the largest segment in the forecast period, driven by the increasing demand for zero-emission vehicles and government incentives.
  • Key companies mentioned in the report include United Automotive Electronics Co. Ltd., Robert Bosch GmbH, Zhuhai Enpower Electric Co. Ltd., BYD Co. Ltd., and Mitsuba Corporation.
  • The growth of the EV segment is expected to be driven by government subsidies, increased awareness regarding climate change, and the possibility of replacement of existing public fleets with electric ones.
  • The production of the High Voltage Hairpin (HVH) electric motor, the HVH 320, is expected to kick off in 2024.

Statistics:

  • The global automotive traction motor market is expected to grow at a CAGR of 22.8% from 2022 to 2027.
  • The market is expected to reach USD 18.4 billion by 2027.
  • The fastest segment in the forecast period is expected to be the BEV segment, with a CAGR of 25.1% from 2022 to 2027.
  • The passenger car segment in Vehicle Type is expected to be the largest segment in the forecast period, with a market size of USD 12.4 billion by 2027.
  • The demand for passenger cars is increasing rapidly, driven by the increase in demand for zero-emission vehicles and government incentives.
  • The growth of the EV segment is expected to be driven by government subsidies, increased awareness regarding climate change, and the possibility of replacement of existing public fleets with electric ones.

Sources:

  • ResearchAndMarkets.com
  • BorgWarner Inc.
  • Schaeffler Group
  • Nidec Corporation
  • Robert Bosch GmbH
  • ZF Friedrichshafen AG
  • United Automotive Electronics Co. Ltd.
  • Zhuhai Enpower Electric Co. Ltd.
  • BYD Co. Ltd.
  • Mitsuba Corporation
  • Shenzhen Inovance Technology Co. Ltd.
  • Continental AG
  • Schaeffler Group
  • Mahle Group
  • Hyundai Transys Inc.
  • Jing-Jin Electric
  • XPT Drive Technology
  • Shuanglin Group
  • Anand Mando eMobility
  • Johnson Electric Holdings Ltd.
  • Zhejiang Founder Motor Co. Ltd.

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