Electric Vehicle Traction Motor Market is anticipated to expand at a compound annual growth rate (CAGR) of 39.4%. One of the most important parts of an electric car is the traction motor, which transforms electrical energy from the battery into mechanical energy to move the wheels. One of the main features that sets electric cars apart from conventional cars with internal combustion engines is this motor.
Vehicles with traction motors are only battery-powered and hybrid (BEVs). The world’s automotive industry has quickly come to recognize BEVs and HEVs for their nearly zero emissions and exceptional fuel efficiency at ever-lower costs. Many automakers are now developing state-of-the-art HEV and EV designs all over the world. In order to provide users with optimal fuel economy and range, it is imperative to mitigate electrical and magnetic losses.
Market Dynamics
The market is growing because of rising energy-efficient motor adoption and greater investments in electric vehicles. The traction motors’ low power consumption and excellent efficiency are driving up EV sales. The demand for EVs is further fuelled by strict environmental rules and emission limitations to protect environmental sustainability, which presents ideal conditions for market expansion.
The demand for emission-free automobiles is on the rise, leading to a worldwide surge in the sales of hybrid electric vehicles, or HEVs. Consequently, the increasing manufacturing of HEVs would benefit the market. Additionally, the government is pushing the market for EV traction motors by enacting a few programs including tax breaks and rebates to increase EV sales.
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Competitive Landscape:
There are many competitors in the highly competitive and fragmented global market for electric vehicle traction motors. To hold onto their market position and increase their geographic reach, these companies are always concentrating on developing new products, forming alliances, working together, and engaging in mergers and acquisitions.
Important Factors encouraging the Market’s Growth
- Government subsidies and strict pollution regulations have been major motivators for the adoption of electric vehicles. To encourage EVs, governments at all levels offer financial incentives, tax breaks, and subsidies. This has raised consumer demand for EVs and, in turn, increased demand for EV traction motors.
- Concerns over air pollution and climate change are becoming more pressing, which has raised the focus on environmentally friendly transportation options. Because traction motor-powered EVs emit no tailpipe emissions, they are a desirable choice for people who care about the environment. This growing emphasis on environmental sustainability has increased demand for EV traction motors.
- Due to developments in EV traction motor technology, consumers can now afford and utilize electric vehicles more conveniently thanks to increased power density, lower costs, and more efficiency. These developments have improved EVs’ overall performance and expanded their appeal to a wider variety of customers.
- Electric vehicles are now more economically competitive when compared to conventional internal combustion engine vehicles due to the declining cost of lithium-ion batteries, which are crucial parts of EVs. EV adoption rates rise and the need for EV traction motors rises as battery costs continue to drop, making EVs more accessible.
Electric Vehicle Traction Motor Market:- Segmental Analysis
By Propulsion Type
Hybrid Electric Vehicles
Pure Hybrid Electric Vehicles
Plug-In Hybrid Electric Vehicles
Battery Electric Vehicles
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By Application
Passenger Vehicles
E-Scooters & Bikes
Heavy Commercial Vehicles
By Power Output
Less Than 100 kW
100 kW to 250 kW
More Than 250 kW
Key Companies
ABB Limited
AVL List GmbH
BorgWarner Inc.
Continental AG
Dana Incorporated
GKN Automotive Limited
Hitachi Automotive Systems
Mitsubishi Electric Corporation
Nidec Corporation
Parker-Hannifin Corp.
Robert Bosch GMBH
SiCepower
Siemens AG
SKF AB
Yaskawa Electric Corporation
ZF TRW Automotive Holdings Corporation
BYD Company Limited
Others
By Type
Permanent Magnet Synchronous Motors
DC Brushed Motors
DC Brushless Motors
Out-Runner BLDC Motors
In-Runner BLDC Motors
Induction Motors
Switched Reluctance Motors
Wound Rotor Synchronous Motors
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