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AUTOMOTIVE TRACTION MOTOR CORE MARKET REPORT OVERVIEW
The global automotive traction motor core market size was USD 317.4 million in 2019 and the market is projected to touch USD 1159.5 million by 2026, exhibiting a CAGR of 21.8% during the forecast period.
The traction motor within a vehicle plays a pivotal role in facilitating the vehicle's forward motion. Specifically designed for application in electric, hybrid, and battery-powered vehicles, these motors are integral to the vehicle's electrical transmission system. At the heart of these motors lies the automotive traction motor core, a critical component tasked with converting electrical energy into the mechanical force that propels electric vehicles forward. Comprising stator and rotor elements, the motor core stands as a fundamental determinant of the efficiency of electric motors utilized in automotive contexts.
In automotive applications, precision is paramount, and thus, motor cores for electric vehicles are crafted with meticulous attention to detail, employing advanced interlock technologies to ensure optimal performance. Through this intricate construction, the motor core optimizes the conversion process, ensuring that the electrical energy harvested from the vehicle's power source is effectively translated into the mechanical power necessary for propulsion. Consequently, the efficiency and reliability of electric vehicles heavily rely on the design and functionality of their traction motor cores, underscoring the significance of this component in shaping the future of automotive propulsion technology.
COVID-19 Impact: Pandemic hampered the market significantly as most manufacturing facilities and sites were shut down due to lockdowns
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
The automotive sector experienced significant disruptions amid the pandemic, with widespread closures of manufacturing facilities and sites globally. Lockdown measures imposed worldwide led to the cessation of operations in many instances, severely impacting production and supply chains. The pandemic-induced shutdowns halted the regular functioning of automotive plants, causing widespread delays and challenges for the industry. These unprecedented circumstances presented formidable obstacles, hindering the automotive sector's ability to operate efficiently and maintain productivity. The pervasive effects of the pandemic underscored the vulnerability of the automotive industry to external shocks and emphasized the importance of resilience in navigating such crises.
LATEST TRENDS
"Increased consumer demand for advanced safety and convenience features to drive the market"
The automotive market is currently witnessing a notable surge in market growth, primarily driven by increased consumer demand for advanced safety and convenience features. This heightened demand is evident in the growing adoption of sophisticated vehicle functionalities such as power steering systems, climate control systems, and anti-lock braking systems. Furthermore, the widespread integration of motors across various automotive applications is playing a significant role in driving the expansion of the automotive motor market. Particularly in developed nations, there is a discernible rise in the preference for upgraded vehicle comfort, safety, and convenience amenities. These in-demand features encompass a wide array of advancements, including steering-mounted controls, heads-up displays, advanced infotainment systems, gesture control systems, telematics, and central controllers. Such features are highly valued for their ability to enhance luxury, safety, and security attributes within vehicles.
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AUTOMOTIVE TRACTION MOTOR CORE MARKET SEGMENTATION
- By Type
Based on type the global market can be categorized into Permanent Magnet Motor Cores and AC Induction Motor Cores.
Permanent Magnet Motor Cores: Permanent Magnet Motor Cores use a magnet made of a permanent material, such as neodymium, to generate the magnetic field needed for motor operation. They are widely used in various fields, including electric vehicles (EVs) and hybrid electric vehicles (HEVs). They are used in applications such as EV and HEV motor cores, improving the efficiency and performance of electric vehicles. Permanent Magnet Motor Cores are expected to continue their dominance in the market due to their high efficiency and reliability.
AC Induction Motor Cores: AC Induction Motor Cores use electromagnetic induction to create the necessary magnetic field for motor operation. They are also used in various applications, including electric vehicles and hybrid electric vehicles. Although they have a smaller market share compared to Permanent Magnet Motor Cores, they still play a crucial role in the automotive traction motor core market. AC Induction Motor Cores are used in applications such as alternating current (AC) motors and brushless direct current (BLDC) motors for household appliances. The market for AC Induction Motor Cores is expected to grow as the demand for electric vehicles and hybrid electric vehicles increases.
- By Application
Based on application the global market can be categorized into HEV and EV.
HEV: Hybrid Electric Vehicle (HEV) leads the Automotive Traction Motor Core market, converting electric energy for propulsion, supplementing internal combustion engines, and aiding in energy regeneration. Growing demand, driven by electric vehicle adoption and government support, fuels advancements in materials and technology, enhancing HEV performance and efficiency.
EV: Electric Vehicle (EV) adoption rises, propelled by supportive government policies. EV Traction Motor Cores convert electrical energy into mechanical force, vital for EV movement. The NEV Traction Motor Core market, encompassing EV cores, anticipates substantial growth. Both Permanent Magnet and AC Induction Motor Cores are pivotal for EV traction, addressing diverse industry needs.
DRIVING FACTORS
"Rising demand and awareness regarding the advantages of electric vehicles to boost the market"
Increasing interest and recognition of the benefits associated with electric vehicles are driving a surge in the global automotive traction motor core market growth. This heightened awareness is prompting more consumers to seek out electric vehicles due to their numerous advantages. As understanding grows regarding the positive impacts on the environment, reduced reliance on fossil fuels, and potential cost savings in the long run, the appeal of electric vehicles continues to rise. Additionally, advancements in technology, such as improved battery efficiency and expanding charging infrastructure, are further bolstering the attractiveness of electric vehicles to a broader audience. This increasing demand reflects a shifting mindset towards sustainable transportation solutions and a recognition of the role electric vehicles can play in mitigating environmental concerns and fostering a more sustainable future.
"Increasing manufacturing capacity for high-performance and mid-ranged vehicles/motors to expand the market"
Another driving factor of the automotive traction motor core market is expanding production capabilities to meet the rising demand for both high-performance and mid-range vehicles and motors. This increase in manufacturing capacity reflects the industry's response to shifting consumer preferences and market dynamics. Companies are investing in enhancing their production facilities to accommodate the production of a wider range of vehicles and motors, catering to varying customer needs and preferences. The focus on scalability and flexibility in manufacturing processes allows for the efficient production of both high-end and mid-range vehicles, ensuring that companies can meet the diverse demands of the market. This strategic approach aligns to maximize market share and capitalize on opportunities presented by evolving consumer trends and technological advancements in the automotive sector.
RESTRAINING FACTORS
"Limited availability of supporting infrastructure for EVs hinders the market"
The constrained accessibility of supportive infrastructure for electric vehicles (EVs) represents a significant hindrance to the widespread adoption of the automotive traction motor core market. This limitation in infrastructure serves as a restraining factor for the advancement and utilization of traction motor cores within the automotive market. The insufficiency of charging stations and related facilities poses challenges for EV owners, impacting their confidence in adopting electric vehicles equipped with traction motor cores. This bottleneck in infrastructure development restricts the seamless integration of traction motor cores into the market, despite their potential benefits. Addressing this constraint requires substantial investments and concerted efforts to expand and enhance the EV charging infrastructure network. By bolstering the supporting infrastructure, the automotive market can alleviate this restraining factor and facilitate the broader adoption of the technology, thus accelerating the transition towards sustainable mobility solutions.
AUTOMOTIVE TRACTION MOTOR CORE MARKET REGIONAL INSIGHTS
The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.
"Europe leads the market with pioneering manufacturing capabilities"
Europe stands out as the primary hub for both the production of traction motors and the automobile industry, holding the leading position as the top regional segment within the global automotive traction motor core market share. Renowned for hosting some of the globe's largest automobile manufacturing companies, particularly in the realm of automotive traction motors, Europe solidifies its dominance in this sector. The region's prominence stems from its established infrastructure, technological prowess, and skilled workforce, all contributing to its status as a pivotal player in automotive manufacturing. Europe's strategic location, coupled with its commitment to innovation and sustainability, further strengthens its position as a key driver of traction motor production within the automotive industry. Consequently, Europe continues to lead the way in shaping the trajectory of automotive traction motor manufacturing on a scale.
KEY INDUSTRY PLAYERS
"Key industry players prioritize risk mitigation for market success"
Key industry players within the automotive market are examining production methods, significant challenges, and strategies to reduce development risks concerning the automotive traction motor core. This involves a comprehensive evaluation of manufacturing procedures to optimize efficiency and maintain high-quality standards while identifying critical obstacles encountered in the process. Key issues such as disruptions in the supply chain, technological limitations, and regulatory compliance are being carefully assessed to proactively address potential risks. These industry leaders are implementing solutions such as diversifying supplier networks, investing in advanced technologies, and closely monitoring regulatory changes to mitigate risks associated with the development of the automotive traction motor core. By taking a proactive approach to evaluate production processes and deploy targeted solutions, these key players aim to enhance operational resilience and sustain competitiveness in the automotive sector. This strategic initiative ensures continuous improvement and long-term success amidst evolving market dynamics.
List of Market Players Profiled
- Kienle Spiess (Germany)
- Yutaka Giken (Japan)
- Mitsui High-tec (Japan)
- Toyota Boshoku Corporation (Japan)
- Kuroda Precision (Japan)
- Shiri Electromechanical Technology (China)
- Suzhou Fine-stamping (China)
- Foshan AOYA Mechanical (China)
- POSCO (South Korea)
- Tempel Steel Co (U.S.)
INDUSTRIAL DEVELOPMENT
September 2023: POSCO International has clinched a deal to furnish 3.5 million traction motor cores for Hyundai Motor Group's EVs. The agreement entails supplying front-wheel and rear-wheel drive cores to Hyundai's new American plant and domestic facilities. With each core priced at 250,000 won (USD 188), the deal amounts to approximately 900 billion won (USD 677.6 million), marking a significant expansion in POSCO's reach.
REPORT COVERAGE
The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.
The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 317.4 Million in 2019 |
Market Size Value By |
US$ 1159.5 Million by 2026 |
Growth Rate |
CAGR of 21.8% from 2019 to 2026 |
Forecast Period |
2019-2026 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the automotive traction motor core market expected to touch by 2026?
The global automotive traction motor core market is expected to reach USD 1159.5 million by 2026.
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What CAGR is the automotive traction motor core market expected to exhibit by 2026?
The automotive traction motor core market is expected to exhibit a CAGR of 21.8% by 2026.
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Which are the driving factors of the automotive traction motor core market?
Rising demand and awareness regarding the advantages of electric vehicles, and increasing manufacturing capacity for high-performance and mid-ranged vehicles/motors are some of the driving factors of the Automotive Traction Motor Core market.
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What are the key automotive traction motor core market segments?
The key Automotive Traction Motor Core market segmentation that you should be aware of, which include, Based on type the automotive traction motor core market is classified as Permanent Magnet Motor Cores and AC Induction Motor Cores. Based on application the automotive traction motor core market is classified as HEV and EV.