ELECTRIC TRACTION MOTOR MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In May 2024, Schneider Electric SE, a global leader in digital transformation of energy management and automation, announced a collaboration with Prodrive Technologies, a company specializing in high-tech electronics and software solutions. This partnership aims to develop advanced electric traction motors designed to enhance efficiency and performance in electric vehicles. By integrating smart technologies into these traction motors, the collaboration seeks to meet the growing demand for sustainable transportation solutions.
• In September 2023, Siemens Mobility launched its latest generation of high-performance traction motors designed for electric and hybrid rail vehicles. The new motors offer increased power density, improved efficiency, and enhanced reliability compared to previous models. These are well-suited for applications such as high-speed trains, metro systems, and light rail vehicles.
• In August 2023, BorgWarner, a leading automotive supplier, announced the launch of its new compact traction motor. This permanent magnet synchronous motor (PMSM) is optimized for electric vehicles, providing high power density and efficiency in a lightweight package. The motor's advanced design enables seamless integration into a wide range of EV platforms, contributing to improved driving range and performance.
• In July 2023, Dana Incorporated introduced its comprehensive range of electrified drivetrain solutions, including traction motors, inverters, and gearboxes. These products are engineered to meet the growing demand for efficient and reliable electric propulsion systems in both on-road and off-highway vehicles. Dana's offerings cater to various applications, from passenger cars to commercial trucks and construction equipment.
• In July 2021, Mercedes-Benz AG, a prominent global automotive manufacturer, announced its acquisition of YASA Motors Ltd., a pioneer in next-generation electric drive technology based in the U.K. Under the terms of the agreement, YASA will operate as a wholly-owned subsidiary of Mercedes-Benz, focusing on the development of ultra-high-performance e-motors while retaining its brand, team, and facilities.