Automotive Traction Motor Market to Grow at a CAGR of 33.7%

The global Automotive Traction Motor Market is projected to grow at a CAGR of 33.7% from USD 4.1 billion in 2021 to USD 17.3 billion by 2026. Increasing demand for electric vehicles, manufacturing of high-performance motors, and supporting government policies are factors responsible to drive the market.

Traction motors are used in electrically powered rail and road vehicles to convert electrical energy to mechanical energy so that the vehicle is propelled to overcome aerodynamic drag, rolling resistance drag, and kinetic resistance. These motors usually require frequent start/stop, a high rate of acceleration/deceleration, high-torque low-speed hill-climbing, low-torque high-speed cruising, and a very wide speed range of operation. They are extremely energy efficient and have advanced designs. The compact structure of traction motors enables the drive system to be optimized to the available spaces in the vehicle.

The global automotive traction motor market is dominated by major players BorgWarner Inc. (US), Schaeffler Group (Germany), Nidec Corporation (Japan), Robert Bosch GmbH (Germany), and ZF Friedrichshafen AG (Germany).

The PMSM segment in motor type will be leading the automotive traction motor market during the forecast period

PMSMs are similar to DC brushless motors and contain permanent magnets on the rotor. While these motors also have traction characteristics like high power density and high efficiency, they have sinusoidal back EMF. PMSMs are available for higher power ratings and are best suited for high-performance applications like cars and buses. Although PMSM motors are expensive, they are highly energy efficient. Most automotive manufacturers use PMSM motors for hybrid and electric vehicles, including the Toyota Prius, Chevrolet Bolt EV, Ford Focus Electric, Zero Motorcycles S/SR, Nissan Leaf, Honda Accord, and BMW i3.

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Europe is expected to be the fastest-growing market during the forecast

Countries such as Germany, France, Spain, the UK, and Italy are considered under Europe for market analysis. The prominent presence of OEMs such as VDL Groep (Netherlands) and AB Volvo (Sweden) offers opportunities for the growth of the automotive traction motor market in the region. The intense focus of the government on imposing stringent environmental regulations encourages market players to develop advanced vehicles and set up facilities wherein various critical vehicle parts are tested, which will further propel the growth of the market for high-power-output traction motors. For example, in July 2019, ZF Friedrichshafen AG, to expand its expertise in E-Mobility research, inaugurated a new building for R&D, administration, and sales at its divisional headquarters in Schweinfurt, Germany. The new R&D centre has 16 Test Benches and facilities wherein electric and hybrid drives and their components are tested. Similarly, in November 2020, Mahle Group commissioned a test bench for electric drives in Stuttgart, Germany, with an investment of around USD 3.5 million. This equipment is used to develop and test e-axles and e-drive units for a wide range of electric and hybrid vehicles. The test facility includes an e-axle unit that consists of two oppositely mounted load machines equipped with permanent magnet synchronous electric motors.

Italy is expected to be the fastest-growing market for automotive traction motors in Europe. Initiatives undertaken by the Italian government to promote electric vehicles are expected to accelerate the demand for automotive traction motors in the country. According to the EV outlook 2020, an annual publication that identifies and discusses recent developments in electric mobility across the world, Italy has plans to release/sell 6 million electrically powered vehicles by 2030; among these 4 million would be battery electric vehicles (BEVs), which are expected to be introduced by 2030.

The Asia Pacific is expected to be the largest automotive traction motor market in the forecast

Countries such as China, Japan, India, and South Korea are considered under the Asia Pacific for market analysis. China is likely to be the largest contributor to the market in Aisa Pacific, accounting for a share of more than 50% in 2021. The region is the largest market for automotive traction motors and is home to some of the fastest-growing economies in the world. According to a 2018 report by World Economic and Financial Surveys, the growth momentum, particularly in major economies in the Asia Pacific, including China, Japan, and India, remain strong, reflecting fiscal policy stimulus in China and Japan, which, in turn, is benefiting other economies in Asia. The rising population within the region has led to a significant increase in demand for transportation connectivity. An all-around effort by the governments of various countries within the region to reduce greenhouse gases and the strong emphasis on reducing carbon emissions has led to a tremendous focus on manufacturing electric vehicles in the region.

In 2019, BYD launched its K12A, the world's first 27-meter pure electric bus. With a passenger capacity of 250 people, it is the longest pure electric bus in the world and can travel at a maximum speed of 70 km/h. K12A is also the world's first electric bus equipped with a distributed 4 WD system, which can smoothly switch between 2 WD and 4 WD to meet the demands of different terrains while also lowering the vehicle's overall energy consumption.

The Indian government has announced a zero-rated goods and services tax (GST) and the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme run by the Department of Heavy Industries to increase the adoption of electric vehicles. State authorities are rolling out contracts for electrifying the public transport fleet. For example, in 2018, BYD supplied 25 electric buses to the city of Pune and is expected to supply more in other cities.

South Korea and Japan started adopting EVs in the last few years, with the introduction of hybrid vehicles. Denso Corporation announced the opening of its Electrification Innovation Center (EIC) at the Anjo plant in Anjo, Aichi, Japan, in June 2020. The expansion supports the development and production of electrified automotive products, systems, and technologies. The EIC will consist of a product development building, a durability building for reliability testing, and a production plant for quickly ramping up a mass production line.

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Recent Developments:

• In January 2021, BYD Co. Ltd. launched its DM-i super hybrid technology for plug-in hybrid electric vehicles (PHEVs). Vehicles using DM-i are driven by a high-power electric motor wrapped by flat wire. The PHEVs using DM-i technology are less dependent on IC engines for power, hence increasing fuel efficiency.
• In February 2021, Schaeffler Group announced that starting from 2024, it will design and manufacture a hybrid EV drive unit comprising two electric motors and transmission with integrated power electronics. A system power rating of 120 kW will offer high performance with low fuel consumption. This is in line with the recent order for dedicated hybrid drives.
• In August 2020, BorgWarner Inc. announced that it is building a power-packed Integrated Drive Module (IDM) for Ford. The item comes complete with a BorgWarner thermal-management system and gearbox integrated with motor and power electronics. The item enables handling of high torque of up to 4,278 Nm and high input speeds up to 13,800 rpm.
• In November 2020, ZF Friedrichshafen AG introduced a new concept of the “EV Plus” Plug-Hybrid Electric Vehicle (PHEV) that will help in the permanent reduction of CO2 emissions in PHEVs. This would be achieved by plug-in hybrid drive, a mixture of an internal combustion engine and an electric motor. The vehicle drive would be efficient enough to run a PHEV for 100 kilometres in a single charge using efficient motor and regenerative braking. This would reduce the dependence on IC engines in vehicles, thus reducing carbon emissions.
• In March 2019, Nidec Corporation presented a prototype of a traction motor designed to be fitted inside the wheel hubs. The in-wheel motors are incorporated directly into the wheels of the automobile. Benefits of this set-up include higher efficiency because of driving the wheels directly and bypassing the need for conventional power transmission mechanisms. A single in-wheel motor can achieve a power output of over 100 kW motor and is compatible with all the common car layouts, i.e., Rear-WD (wheel drive), Front-WD, and 4-WD.
• In August 2018, Robert Bosch GmbH announced the development of a new electric powertrain for urban vans/trucks named Bosch’s eCityTruck powertrain in two versions, with or without a transmission system. The powertrain integrates the electric motor, the electronics, and the transmission in a single housing, thus reducing the complexity of the electric drive and making the powertrain less expensive and more compact and efficient. The modular axle drive is also suitable for light commercial vehicles.