Electric Vehicle (EV) Traction Motor Market: Forecasted Growth to Reach USD 64.00 Billion by 2030, At a CAGR of 42%
The expanding presence of many manufacturing facilities across Asia Pacific region can be attributed to market expansion. The government’s initiatives, like tax relief and discounts, to encourage people to buy electric vehicles, which is propelling the EV traction motor market.
Newark, Oct. 18, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 1.92 Billion in 2020 Electric Vehicle (EV) traction motor market will reach USD 64.00 Billion by 2030. Traction motors are used in electric multiple units (EVMUs) and other electric vehicles such as electric milk floats, roller coasters, elevators, trolleybuses, and conveyors, as well as vehicles with electrical transmission systems (electric hybrid vehicles, diesel-electric locomotives), and battery electric vehicles.
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Key Insight of the Electric Vehicle (EV) Traction Motor Market
Asia Pacific emerged as the most significant market, with a 35.7% market revenue share in 2020.
Asia Pacific dominated the market, with a market share of around 35.7% in 2020. The rise can be attributed to the growing presence of several manufacturing businesses around the region. China has many large-scale manufacturing units due to the low labour cost and ease of getting raw materials.
The battery electric vehicles (BEV) segment dominated the market, with a market share of around 64.5% in 2020.
In 2020, the battery electric vehicles (BEV) segment led the market, accounting for about 64.5% of the market. A battery electric vehicle (BEV) is a fully electric vehicle that runs on chemical energy stored in rechargeable battery packs. The BEV segment is expected to lead the electric vehicle traction motor market throughout the forecast period due to a shift in customer perspective towards zero-emission vehicles.
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Driver: The general public’s preference for emission-free vehicles is growing
The general public’s growing preference for emission-free automobiles has increased hybrid electric vehicle (HEVs) sales. Like a hybrid electric vehicle, an electric vehicle’s traction motor is a critical component of both EVs and HEVs. As a result, increasing HEV output is projected to benefit the market. Governing authorities have implemented several regulatory standards to prevent air pollution caused by toxic petrol emissions from vehicles. They also help ensure environmental sustainability, a major driver of demand for electric vehicles and parts. Furthermore, the government is launching multiple programmes, such as tax breaks and discounts, to encourage people to purchase electric vehicles, boosting the EV traction motor market.
Restraint: High prices
Electric vehicles are likely to be expensive because they are a new technology. The fact that most low-income consumers cannot afford electric vehicles is projected to hamper the growth of the electric vehicle traction motor market. Furthermore, the technology for charging the batteries in these vehicles is not market-ready. Many countries lack electric vehicle charging infrastructure, projected to be the most significant problem for the electric vehicle traction motor market over the forecast period.
Opportunity: Technological Advancements
Electric vehicle traction motors are typically quieter and faster than traditional motors. Furthermore, unlike conventional vehicles, electric vehicles do not require a multi-speed transmission since electric motors have a better torque-speed connection than reciprocating engines and can deliver maximum torque even at low speeds. Furthermore, scientific advances in sectors such as material science and nanotechnology seek to reduce traction motors’ weight and cost while improving their life and operation, making EVs cheaper.
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Some of the major players operating in the Electric Vehicle (EV) traction motor market are:
• ABB Limited
• Nidec Corporation
• Parker-Hannifin Corp.
• Robert Bosch GMBH
• SKF AB
• ZF TRW Automotive Holdings Corporation
Key Segments cover in the market:
By Vehicle Type:
• Plug-in Hybrid Electric Vehicle (PHEV)
• Battery Electric Vehicles (BEV)
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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