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.
With the increasing stringency of government mandates regarding emissions caused by vehicles, the automotive industry focuses on efficiency, emission-free propulsion, and innovative technologies. With the increasing adoption of electric vehicles and improved motor ranges, the automotive traction motor market is expected to boost in the coming years.
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).
In the automotive traction motor market, by type, the AC segment is expected to capture the largest market share during the forecast period. The AC segment is estimated to account for a share of 91.6% of the automotive traction motor market in 2021. The demand for AC traction motors is high as compared to DC traction motors as they are simple to construct, do not require any additional mechanical contacts such as brushes to work, and are lighter than DC traction motors for equivalent power. AC electric traction motors are of two types, namely, AC induction motors (asynchronous motors) and AC permanent magnet motors (AC synchronous motors). These motors are widely used in electric vehicles and industrial machinery for their propulsion. These motors offer higher start-up torque; they are more efficient and less expensive to manufacture. Therefore, the demand for AC traction motors is likely to increase in the market during the forecast period.
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The Asia Pacific is the largest market for electric passenger cars, especially due to the dominance of China in the production of electric motors. Markets in South Korea, India, and Japan are also growing due to the policies and mandates instituted by their respective governments to reduce emission levels and increase the use of green technology and clean energy. Many governments in the region are planning to replace their existing public fleets with electric vehicles in the future. The rapid growth of the logistics segment is also fueling the demand for electric commercial vehicles, which consequently boosts the demand for automotive traction motors.
Also, many traction motor manufacturers, such as BorgWarner, Magna, Bosch, Continental, and Eaton, are planning their organic and inorganic investments in the Asia Pacific, which provides lucrative growth opportunities for the market. For instance, in April 2019, at the Shanghai International Automobile Industry Exhibition, Eaton Corporation plc announced that it would introduce technologies from its e-Mobility business in China. Eaton had been engaged in developing e-Mobility solutions, including onboard chargers, inverters, converters, power distribution units, fuses, and transmissions for BEV, PHEV, and EV manufacturers, including Wanxiang and Zhongtong. E-Mobility developments also focus on improving transmission systems, which helps reduce the motor size and its cost to a great extent. In July 2019, Continental AG announced the opening of its new powertrain plant in Wuhu, China. Production resumed from July 2019 with the manufacturing of drivetrain products, as well as sensors and actuators for internal combustion engines and new energy vehicles/NEVs (NEV is the Chinese term for electric vehicles).
Europe is estimated to account for a share of 23.0% of the global automotive traction motor market, in terms of value, in 2021 and is expected to witness a CAGR of 39.5% in the said market during the forecast period. The growth of the automotive traction motor market in the region largely depends on government incentives and funds because electric vehicles are highly expensive at present.
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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.
In the automotive traction motor market, by EV type, the BEV segment is projected to lead during the forecast period. BEVs are one of the fastest-growing segments of the EV market. These vehicles primarily use lithium-ion batteries for power storage. The emphasis of governments and institutions on clean-energy transport is driving the demand for BEVs. The structure of these vehicles is simple and does not require complex systems to run them. These vehicles have a better running range over a single charge and are approximately the same as the range offered by ICEs with a single full-tank refill. BEVs also have the ability to handle fast and rapid charging. They even can re-charge an EV up to 80% in intervals in 20-30 minutes.
Recent Developments:
1 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.
2. 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.
3. In August 2020, BorgWarner Inc. announced that it is building a power-packed Integrated Drive Module (iDM) for Ford. The iDM comes complete with a BorgWarner thermal-management system and gearbox integrated with motor and power electronics. The iDM enables handling of high torque of up to 4,278 Nm and high input speeds up to 13,800 rpm.
4. In November 2020, ZF Friedrichshafen AG introduced a new concept of “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 internal combustion engine and 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.
5. 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.
6. 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.
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