Global Electric Vehicle Traction Motor Market size was valued at US$ XX Mn in 2019 and expected to reach US$ XX Mn by 2019 at a CAGR of 36% during the forecast period.
The Global Electric Vehicle Traction Motor market report is a comprehensive analysis of the industry, market, and key players. The report has covered the market by demand and supply-side by segments. The Global Electric Vehicle Traction Motor report also provides trends by market segments, technology, and investment with a competitive landscape.
Global Electric Vehicle Traction Motor Market
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Global Electric Vehicle Traction Motor Market Overview:
Traction motors converts electrical energy from batteries of the electrical vehicle to mechanical energy in a way that vehicle can overcome aerodynamic drag, kinetic resistance due to friction between the road surface and car body, friction due to wind speed on the vehicles and other factors. Moreover, traction motors increase motor efficiency by reducing the cooling time of the motor and also aids in vehicle movement. Increasing customer preferences towards electric vehicles and joining ventures of government and electric car manufacturers are the factors driving the electric vehicle traction motor market.
Traction motors are also used for two-wheeler electric vehicles including scooter, motorbikes, and heavy electrical commercial vehicles including trucks, utility vehicles, and others owing to low cost and high reliability of the system. Rising need for integration of motor technology to cope up with the demand for pollution control is the key factor expected to create opportunities in the automotive vehicle traction motor market.
Global Electric Vehicle Traction Motor Market Dynamics:
Growing adoption of systems conjugated with mechanical equipment and the rise in industrialization are the basic factors attributing growth in the electric vehicle traction motor market. Furthermore, increasing penetration of electrical motors and electrical system in the manufacturing sector in the emerging economies across the globe are the factors attributing growth benefits to the market.
Rising fuel prices and increasing government investments in the electrical vehicles market are the factors boosting the market growth during the forecasting period. Increasing transportation charges amid Covid pandemic and increasing fuel consumption in ordinary vehicles are the factors restraining the market growth.
Furthermore, the establishment of stringent norms regarding pollution control and environmental hazards posed by diesel and petrol combustion vehicles are the expected challenges posed in near future for the emerging players in the electric vehicle traction motor market.
Electric vehicle traction motor market segmentation:
Based on vehicle type, the electric vehicle traction motor market is segmented as battery-operated electrical vehicle and plug-in type battery operated vehicle. Battery operated vehicle is the dominating segment in the market with a revenue share of approximately 3 billion USD in the year 2019. Factors attributing to the market growth are the increasing adoption of battery-operated automotive components and their growing use in electric cars. According to National Renewable Energy Association, electric-operated vehicles are growing with a revenue share of approximately 5% per year owing to government standards regarding increasing investment in renewable energy sources.
Based on motor type, the market is segregated into induction motors and AC motors. Induction motors are the dominating segment in the market with a revenue share of approximately 5.2 billion USD in the year 2019. Factors considered to drive the market growth of the segment are the high efficiency of induction motors and increasing electrification in the powertrain mechanism of vehicles. According to the Department of Energy (USA), owing to factors including curbing the carbon dioxide emissions and increasing the efficiency of electrical engines and transmission systems, induction motors are experiencing a surge in the market demand.
Based on the sales channel, the market is bifurcated into OEM and Aftermarket. OEM is the dominating segment in the electric vehicle traction motor market. The revenue share of the OEM segment is recorded at approximately 4 billion USD in the year 2019 owing to the increasing equipment manufacturing requirement of electric cars and increasing infrastructure development in the automotive sector.
Global Electric Vehicle Traction Motor Market 1
Electric cars forecast for EV traction motors market landscape:
Electric cars are more economical and efficient than any other vehicle. Electric cars have almost negligible fuel consumption and very low emission. Owing to the above parameters, electric cars are the best application for implementing government norms. Electric cars are easily adaptable to system changes and IoT-enabled devices are more prone to adaptability for future changes.
According to Tesla, electric cars manufacturing company, electric cars revenue was accounted for approximately 20 billion USD in the year 2019 and expected to reach approximately 45 billion USD in the next 5 years owing to surge in electric cars demand in the market. Traction motors are most predominate parts in the electric cars owing to mergers in power electronics industry and automotive manufacturers across the globe.
Global Electric Vehicle Traction Motor Market Regional Insights:
The Asia Pacific is the dominating as well as fastest-growing region in the market with 40% of total revenue share in the Electric Vehicle Traction Motor market registering approximately 20% CAGR in the year 2019. Factors attributing to market growth in the region are the highly developed electric cars manufacturing sector. Moreover, increasing disposable income of consumers in the region are the factors expected to drive the market growth during the forecast period. China is the dominating country in the region owing to 55% market share of China in the automotive manufacturing sector. Increasing use of electric cars and increasing fuel prices across the region are the key supporting factors considered to drive the market growth.
Indian subcontinent holds the 24% share in the market owing to increasing mergers between government and electric cars manufacturing companies including Tesla, Tata, and others. Tesla has recently invested 5 billion USD in Indian automotive infrastructure owing to untapped Asia Pacific market for the electric vehicles and thereby traction motors market.
North America is the second dominating region in the Electric Vehicle Traction Motor market with approximately 28% market share. Factors attributing growth in the market are well-developed production infrastructure in the region and the increasing focus of key players on automation and mass production in the region. The USA accounts for approximately 49% market share in the region.
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The objective of the report is to present a comprehensive analysis of the Global Electric Vehicle Traction Motor Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the Global Electric Vehicle Traction Motor Market dynamics, structure by analyzing the market segments and project the Global Electric Vehicle Traction Motor Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Type portfolio, growth strategies, and regional presence in the Global Electric Vehicle Traction Motor Market make the report investor’s guide
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Global ELECTRIC VEHICLE TRACTION MOTOR Market, by Region
• North America
o CIS Countries
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
• Middle East and Africa
o South Africa
o GCC Countries
o Rest of ME&A
• South America
o Rest of South America
Global ELECTRIC VEHICLE TRACTION MOTOR Market Key Players
• Robert Bosch GmbH
• SKF AB
• ABB Ltd.
• YASA Motors Ltd.
• Parker Hannifin Corporation
• LG Electronics
• Continental AG
• Nidec Corporation
• BorgWarner Inc.
• Delphi Automotive PLC
• TATA Motors
• Valeo SA
• ZF TRW Automotive Holdings Corporation
• Avid Technology Ltd.
This Report Is Submitted By : Maximize Market Research Company
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