The global automotive traction motor market is projected to grow by CAGR 22.8% from USD 6.5 billion in 2022 to USD 18.4 billion by 2027. With future growth being forecast for PHEVs and BEVs, major Tier I companies have directed their R&D toward traction motors. For instance, Siemens traction asynchronous motors use copper in the rotor design, which lowers losses due to the metal’s superior conductivity. These lower losses translate into higher energy efficiency and an increased power-to-weight ratio. Nidecs new traction motor system is used in compact cars as well as SUVs and is compatible with AWD vehicles due to an optional clutch mechanism that can be disengaged when only two of the wheels need to be powered. Continental’s 48 V high-power system comprises an electric motor with integrated power electronics and a battery that reduces fuel consumption and CO2 emissions by around 20% compared to similar vehicles fitted with combustion engines.
Players in the market like Nidec Corporation, Rober Bosch GmbH, Continental AG, BorgWarner Inc., and Schaeffler Group manufacture traction motors for cars, buses, and trucks.
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BorgWarner Inc.: The company operates through four major segments: Air Management, e-Propulsion & Drivetrain, Fuel Injection, and Aftermarket. The company invests heavily in R&D and focuses on developing new automotive traction motors and e-axle setups with advanced performance characteristics. The company has a diversified portfolio of products, which has helped it reduce business risks. The acquisition of companies like AKASOL in 2022 and Delphi Technologies in 2020 has strengthened its position in the market.
BYD Co., Ltd.: BYD Co., Ltd. is a Chinese automobile and ancillary business founded in 1995 in Shenzen, China. The company is involved in the manufacture and sale of new energy automobiles, traditional fuel vehicles, and their affiliated components. Its auto products include various internal combustion (IC), hybrid, and battery-electric passenger vehicles; commercial vehicles that cover ten market segments: buses, coaches, and taxis; logistics, construction, and sanitation vehicles; and vehicles for warehousing, port, airport, and mining operations. In FY2021, the Automobiles and Related Products segment reported a revenue of USD 16.9 billion, which translate into 51.9% of the company’s overall revenue.
Automotive Traction Motor Market by Motor Type (PMSM, AC Induction), Type (AC, DC), EV Type (BEV, HEV, PHEV), Power Output (less than 200 KW, 200-400 KW, and above 400 KW), Vehicle Type (PC, Pick-up Trucks, Trucks, Buses & Vans) & Region - Global Forecast to 2027
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