Top 10 Companies in Electric Vehicle Traction Motors Market

The Electric Vehicle Traction Motors Market is expected to reach $173 billion, at a CAGR of 25.5% during the forecast period 2024–2031. The growth of the global electric vehicle traction motors market is driven by factors such as stringent emission regulations driving the manufacture and sales of hybrid and electric vehicles, the increasing demand for high-performance motors, and favorable government policies and subsidies. Furthermore, the increasing demand for electric vehicles is expected to offer growth opportunities for the stakeholders in this market.

However, the high costs and scarcity of raw materials are expected to restrain the growth of this market. The higher prices of electric vehicles compared to ICE vehicles and motor failure due to overheating can hinder the growth of this market.

This study broadly segments the electric vehicle traction motors market based on type, power output, propulsion type, application, and geography. The study also evaluates industry competitors and analyses the country and regional-level markets.

Here are the top 10 companies operating in the Electric Vehicle Traction Motors Market

ABB Ltd.

Founded in 1988 and headquartered in Zürich, Switzerland, ABB Ltd provides electrification and automation technologies and solutions. The company operates through four business segments: Electrification, Motion, Process Automation, and Robotics & Discrete Automation. ABB offers electric motors for trains, buses, and industrial vehicles that are used in mining, construction, materials handling, and marine and public transportation. The company’s motor offers configurable lengths, windings, and voltages to improve motor performance. ABB provides traction motors for heavy electric vehicles with a wide range of motor series such as AMXE132, AMXE160, AMXE200, and AMXE250.

The company has a strong geographical presence across Europe, the Americas, Asia, the Middle East, and Africa through its subsidiaries and strong distribution network. Some of its subsidiaries, ABB Group Holdings Pty. Ltd. (Australia), ABB Electrical Machines Ltd. (China), ABB SAS (France), ABB Stotz-Kontakt GmbH (Germany), ABB E-mobility B.V. (Netherlands), ABB Business Services Sp. z o.o. (Poland), and ABB Pte. Ltd. (Singapore).

Nidec Corporation

Founded in 1973 and headquartered in Kyoto, Japan, Nidec Corporation is a leading multinational company specializing in developing, manufacturing, and distributing electric motors and related components. The company’s products are integral to various industries, including automotive, industrial automation, home appliances, and information technology.

Nidec Corporation is known for its innovation and commitment to providing energy-efficient solutions, contributing to the advancement of electric and hybrid vehicles, robotics, and renewable energy systems. With a strong emphasis on research and development, Nidec continues to expand its global footprint while focusing on sustainability and cutting-edge technologies.

With its subsidiaries and a strong distribution network, the company has a presence across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Some of its subsidiaries are Nidec Sankyo (Japan), SCD Co., Ltd. (South Korea), Nidec America Corporation (U.S.), Nidec Machinery Co., Ltd. (Thailand), and LuzCom Inc. (Japan).

Amtek, Inc.

Founded in 1930 and headquartered in Berwyn, Pennsylvania, AMETEK has established itself as a diversified company with a broad portfolio of products and solutions serving various industries. It is a prominent American global manufacturer of electronic instruments and electromechanical devices. The company operates through two major segments: Electronic Instruments Group (EIG) and Electromechanical Group (EMG).

The Electronic Instruments Group (EIG) produces advanced instruments used for testing, measuring, and monitoring in industries such as aerospace, energy, electronics, and materials analysis. These instruments encompass various applications, including precision calibration, analytical spectroscopy, thermal management, and more. The Electromechanical Group (EMG) also focuses on manufacturing specialized motors, pumps, and other electromechanical devices used in diverse sectors such as aerospace, defense, medical equipment, and automation. These components are essential for powering and controlling various mechanical systems and processes.

PARKER-HANNIFIN CORP

Founded in 1917 and headquartered in Ohio, U.S., Parker-Hannifin Corporation provides precision-engineered solutions for various mobile, industrial, and aerospace markets. The company operates through two business segments: Diversified Industrial and Aerospace Systems. The company offers a unique range of electric vehicle motors for various mobile applications.

Parker provides various products, such as PMAC motors and electro-hydraulic pump systems. The company’s global vehicle motor has several applications, such as traction applications, generators, and electro-hydraulic pumps for high-power cylinders. Parker provides vehicle motors with high efficiency, high power density, and operating voltage available from 24 to 800 VDC.

ZF Friedrichshafen AG

Founded in 1915 and headquartered in Friedrichshafen, Germany, ZF Friedrichshafen AG is a global technology company. The company provides mobility systems for passenger cars, commercial vehicles, and industrial technology. The company offers comprehensive product and software solutions for established vehicle manufacturers and newly emerging transport and mobility service providers. ZF electric motors are based on a modular system with a common electromagnetic design for the stator, an ASM, PSM, or SESM design for the rotor, power classes from 75 kW to 550 kW, and for 400 and 800-volt architectures.

With its strong distribution network, the company has a strong geographical presence across Europe, North America, Asia-Pacific, South America, and Africa. Some of its subsidiaries are ZF Automotive Germany GmbH (Germany), TRW Australia Pty Ltd. (Australia), TRW Automotive (LV) Corp. (U.S.), and WABCO Asia Private Ltd. (Singapore).

Meticulous Research in its latest publication on Electric Vehicle Traction Motors Market has predicted the growth of 25.5% during the forecast year 2024-2031.

Zytek Automotive Ltd. (A Subsidiary of CONTINENTAL AG)

Founded in 1981 and headquartered in Staffordshire, U.K., Zytek Automotive Ltd is a fully owned subsidiary of Continental AG. Zytek designs, manufactures, and services various engine management systems for Formula 1, endurance racing, and other premium motorsports. The company’s focus has expanded to include electric and hybrid vehicles and racing systems comprising chassis, engines, electronics, and shifting assistance systems.

Zytek offers a diverse range of electric motors, power converters, and various vehicle electrification products. The company also offers engineering support for motorsport projects, including manufacturing, track testing, support, and servicing.

YASA Limited (A Subsidiary of Mercedes-Benz Group AG)

Founded in 2009 and headquartered in Oxford, U.K., YASA Limited is a leading company in the design and development of eMotors. The company’s axial flux electric motors and controllers provide the greatest efficiencies and the highest power and torque density. In 2018, YASA officially opened its 100,000 unit per annum e-motor serial production facility in Kidlington near Oxford, UK.

YASA became a wholly owned subsidiary of Mercedes-Benz in 2021, with a remit to develop electric motors for Mercedes-Benz’s AMG.EA electric-only platform.

Valeo

Founded in 1923 and headquartered in Oxford, U.K., Valeo is a technology company that designs and manufactures automobile components and solutions for smart mobility, focusing on intuitive driving and reducing CO2 emissions. The company offers a complete range of solutions for all electrification levels, from low voltage 48V to high voltage. With standard and modular platforms, Valeo supports the electrification of mobility for cars and bikes, two- and three-wheelers, or light 4-wheelers.

The company operates in the market through four segments: Comfort & Driving Assistance Systems, Powertrain Systems, Thermal Systems, and Visibility Systems. The Powertrain Systems segment focuses on developing comprehensive, integrated electric powertrain solutions for all vehicle categories, from small urban cars to premium sedans, and technologies to make internal combustion engines cleaner.

Toshiba International Corporation

Established in 1967 and headquartered in Houston, Texas, TIC serves as the North American arm of Toshiba’s industrial and infrastructure businesses. Toshiba International Corporation (TIC) is the American subsidiary of Toshiba Corporation, a Japanese corporation known for its diverse range of products and services, including electronics, industrial machinery, and energy solutions.

TIC specializes in providing a wide array of products and services related to industrial motors, power electronics, and energy systems. The company offers industrial motors, adjustable speed drives, uninterruptible power systems (UPS), and power generation solutions. These products find applications in industries such as oil and gas, mining, manufacturing, utilities, and commercial facilities. One of TIC’s significant focuses is on energy efficiency and sustainability. The company’s technologies aim to enhance the efficiency of industrial processes and contribute to reducing energy consumption and environmental impact.

Weg Equipamentos Elétricos S.A.

WEG S.A. is a Brazilian multinational company specializing in manufacturing electric motors, generators, transformers, and other electrical equipment. Established in 1961 in Jaraguá do Sul, Brazil, WEG has grown into one of the world’s largest manufacturers of industrial electric equipment, with a significant global presence.

The company operates across various business segments, including motors, energy, automation, and coatings. In motors, WEG produces a wide range of electric motors, including induction motors, synchronous motors, and variable speed drives. These motors are utilized in industries such as manufacturing, mining, oil and gas, and more. In addition, it offers solutions for power generation, transmission, and distribution. These solutions include generators, transformers, and substations used in power plants, utilities, and renewable energy projects.

With its subsidiaries and a strong distribution network, the company has a presence across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Some of its subsidiaries are WEG Electric Corp. (U.S.), VOLTRAN S.A. de C.V. (Mexico), and Weg Drives & Controls Automação Ltda. (Brazil).

Other Key Players include Jing-Jin Electric Technologies Co., Ltd., Equipmake Holdings PLC, Traktionssysteme Austria GmbH, Electrodrive Powertrain Solutions Pvt. Ltd., and Hitachi Astemo, Ltd.

Authoritative Research on the Electric Vehicle Traction Motors Market – Global Opportunity Analysis and Industry Forecast (2024-2031)

Need more information? Meticulous Research®’s new report covers each of these companies in much more detail, providing analysis on the following:

• Recent financial performance
• Key products
• Significant company strategies
• Partnerships and acquisitions

The Comprehensive report provides global market size estimates, market share analysis, revenue numbers, and coverage of key issues and trends.