Austin, Aug. 04, 2025 (GLOBE NEWSWIRE) -- Electric Vehicle Traction Motor Market Size & Growth Insights:
According to the SNS Insider,“The Electric Vehicle Traction Motors Market size was valued at USD 11.30 Billion in 2024 and is projected to reach USD 109.23 Billion by 2032, growing at a CAGR of 32.79% during 2025-2032.”
Electric Vehicle Traction Motors Market to Witness Robust Growth Driven by EV Adoption and Technological Advancements
The Electric Vehicle (EV) Traction Motors Market is witnessing robust growth, fueled by the accelerating shift toward electric mobility, stringent emission regulations, and rising demand for energy-efficient drivetrains. Traction motors—crucial for vehicle power, range, and efficiency—are increasingly prioritized by automakers adopting technologies like permanent magnet synchronous and induction motors to enhance performance and reduce operational costs. Valued at USD 11.30 billion in 2024, the market is projected to reach USD 109.23 billion by 2032, expanding at a CAGR of 32.79% during 2025–2032. Growth is supported by advancements in motor design, favorable regulatory policies, and increasing deployment across passenger and commercial vehicle segments.
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Leading Market Players with their Product Listed in this Report are:
- ABB
- Parker Hannifin Corp
- AB SKF
- ZF Friedrichshafen AG
- Robert Bosch GmbH
- Valeo
- Continental Engineering Services
- Hitachi Ltd.
- Turntide
- YASA Limited
- NIDEC Corporation
Electric Vehicle Traction Motor Market Report Scope:
| Report Attributes | Details |
| Market Size in 2024 | USD 11.30 Billion |
| Market Size by 2032 | USD 109.23 Billion |
| CAGR | CAGR of 32.79% From 2025 to 2032 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segmentation | • By Vehicle Type(Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV)) • By Type of Motor(Permanent Magnet Synchronous Motor (PMSM), Induction Motor (IM), Brushless DC Motor (BLDC), Other Motors) |
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Key Industry Segmentation
By Vehicle Type
In 2024, the Battery Electric Vehicle (BEV) segment dominated the Electric Vehicle Traction Motors Market with a 78% share, driven by the demand for high-performance electric-only propulsion supported by government incentives, stricter emission norms, and advancements in batteries and motors.
The Plug-in Hybrid Electric Vehicle (PHEV) segment is projected to grow at the fastest CAGR of 38.00% from 2025 to 2032, as consumers seek dual power options and extended range, increasing the need for specialized traction motors for varied driving conditions.
By Type of Motor
In 2024, the Permanent Magnet Synchronous Motor (PMSM) segment dominated the Electric Vehicle Traction Motors Market with a 60% share, driven by its high efficiency, torque density, compact size, and smooth torque output—making it the preferred choice for BEVs and PHEVs.
The Brushless DC Motor (BLDC) segment is projected to grow at the fastest CAGR of 36.12% from 2025 to 2032, owing to its cost-effectiveness, low maintenance, precise control, and strong performance across varying speeds, making it ideal for modern EV applications.
Regional Dynamics Shaping the Electric Vehicle Traction Motors Market Growth
In 2024, Asia-Pacific led the Electric Vehicle Traction Motors Market with a 44% revenue share, driven by strong EV sales, advanced manufacturing capabilities, and government support in countries like China, Japan, and South Korea. Robust supply chains and heavy investments in motor innovation positioned the region as a global hub.
North America is projected to witness the fastest growth from 2025 to 2032 with a CAGR of 34.86%, supported by expanding charging infrastructure, federal incentives, and rising domestic motor production. Europe also emerged as a key region, propelled by stringent emissions norms, environmental consciousness, and a surge in EV adoption. Meanwhile, Latin America and the Middle East & Africa are experiencing steady growth, driven by rising demand for electric mobility, infrastructure development, and growing foreign investment in emerging markets.
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Recent Developments:
- In Jan 2025, ABB and Škoda Group have partnered to equip 15 new battery-electric trains for Czech Railways with 195 Pro Series battery packs, marking a key step in sustainable rail transport. The deal includes a 15-year service agreement and supports operations on partially electrified rail networks.
Unique Selling Proposition – Electric Vehicle Traction Motors Market:
- Advanced Thermal Management Integration: Rising adoption of high-efficiency motor cooling technologies ensures consistent performance, even under demanding EV load cycles.
- Decarbonization through Efficiency: High-efficiency motors contribute to substantial carbon emission reductions per kWh, accelerating OEMs’ net-zero transition strategies.
- Quiet & Stable Drive Performance: Ongoing innovations in motor design are reducing noise and vibration levels below 70 dB, enhancing passenger comfort and drivetrain durability.
- Scalable Across EV Architectures: Versatile motor platforms now support multi-segment EV adoption from compact cars to heavy-duty fleets enabling economies of scale and modularity.
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