Global Electric Vehicle (EV) Traction Motor Market Size Worth USD 23486.5 Million, by 2028 at 25.1% CAGR – EV Traction Motor Report by Vantage Market Research

WASHINGTON, July 20, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global EV Traction Motor Market finds that the increasing adoption and sales of electric vehicles are expediting market growth. In addition, rising government initiatives and an increase in demand for high-performance motors are anticipated to augment the development of the Global EV Traction Motor Market during the forecast period. The Global EV Traction Motor Market revenue is expected to reach a value USD 23486.5 Million in the year 2028.

The Global Market revenue was valued at USD 6,127.4 Million in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 25.1% during the forecast period; states Vantage Market Research, in a report, titled “EV Traction Motor Market Size, Share & Trends Analysis Report by Motor Type (Permanent Magnet Synchronous EV Traction Motors (PSM), Asynchronous EV Traction Motors (ASM), by Voltage Ratings (High Voltage EV Traction Motors, Low Voltage EV Traction Motors), by Vehicle Type (Traction Motors for Electric Vehicles, Traction Motors Plug-in Hybrid Electric Vehicles, Traction Motors Mild Hybrid Vehicles, Traction Motors Full Hybrid Vehicles), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

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Key Insights & Findings from the Report:

• According to our primary respondents’ research, the EV Traction Motor market is predicted to grow at a CAGR of roughly 25.1% during the forecast period.
• The EV Traction Motor market was estimated to be worth roughly USD 6,127.4 Million in 2021 and is expected to reach USD 23486.5 Million by 2028; based on primary research.   
• On the basis of region, Asia Pacific is projected to dominate the worldwide EV Traction Motor market.   
  

Market Dynamics:

Drivers:

Increasing Adoption of Electric Vehicles to Drive the Market Growth

The increasing adoption and sales of electric vehicles are anticipated to augment the growth of the EV Traction Motor Market during the forecast period. This is attributable to the increasing carbon emissions and global warming. According to International Energy Agency (IEA) estimates, electric vehicle (EV) sales doubled from the previous year in 2021, reaching a new high of 6.6 million. In 2021, nearly 10% of global car sales will be electric, almost four times the market share in 2019. This increased the total number of electric vehicles on the world's roads to approximately 16.5 million, more than tripling the number in 2018. Global electric car sales have continued to rise strongly in 2022, with 2 million sold in the first quarter, up by 75% from the same period in 2021. This shows the increasing adoption and sales of electric vehicles around the world. Further, the traction motor is required to have an excellent torque characteristic which influences the vehicle’s performance, be efficient to make the car run long, be compact, quiet, and light, along with superior reliability while the demand for the motors' quality is also increasing rapidly. Thus, as electric vehicle (EVs) use grows, the need for traction motors increases.

Increasing Government Initiatives to Stimulate Market Growth

The increased government initiatives and environmental changes have increased the demand for EV Traction Motor Markets. As the concern about automobile emissions is on the rise, governments worldwide are implementing various programs to reduce them. The imposition of stringent emission regulation standards and monetary support in the form of budgetary allocations and stimuli measures are the impetus to prominent manufacturers. For instance, Canada pushed the federal government's target for 100% zero-emission Leyland DAF Vans (LDV) sales from 2040 to 2035 last year. Furthermore, government spending through purchase subsidies and tax breaks doubled to nearly USD 30 billion. The resulting government share of total spending on electric vehicles remained at 10%, down from around 20% five years ago. The Chinese government has reduced the number of conventional vehicle licenses available to increase EV demand. Also, several regional EV Traction Motor Market manufacturers have established themselves in the Chinese market. BYD Auto Co. Ltd. has the largest market share among them. In October 2021, the company announced a capital raise of up to $1.8 billion, which is expected to improve prospects for EV Traction Motor Market production.

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Segmentation of the Global EV Traction Motor Market:

• Motor Type
  • Permanent Magnet Synchronous EV Traction Motors (PSM)
  • Asynchronous EV Traction Motors (ASM)
• Voltage Ratings
  • High Voltage EV Traction Motors
  • Low Voltage EV Traction Motors
• Vehicle Type
  • Traction Motors for Electric Vehicles
  • Traction Motors Plug-in Hybrid Electric Vehicles
  • Traction Motors Mild Hybrid Vehicles
  • Traction Motors Full Hybrid Vehicles
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
    

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COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments worldwide implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities worldwide were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the automotive industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

1. Impact Assessment of COVID-19 Pandemic
   1. North America
   2. Europe
   3. Asia Pacific
   4. Latin America
   5. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long Term Dynamics
5. Short Term Dynamics

The Report on EV Traction Motor Market Highlights:

• Assessment of the market
• Premium Insights
• Competitive Landscape
• COVID Impact Analysis
• Historic Data, Estimates, and Forecast
• Company Profiles
• Global and Regional Dynamics
  

Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on "EV Traction Motor Market Size, Share & Trends Analysis Report by Motor Type (Permanent Magnet Synchronous EV Traction Motors (PSM), Asynchronous EV Traction Motors (ASM)), by Voltage Ratings (High Voltage EV Traction Motors, Low Voltage EV Traction Motors), by Vehicle Type (Traction Motors for Electric Vehicles, Traction Motors Plug-in Hybrid Electric Vehicles, Traction Motors Mild Hybrid Vehicles, Traction Motors Full Hybrid Vehicles), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".

Regional Analysis:

Asia Pacific Dominated the Global EV Traction Motor Market

Asia Pacific dominated the Global EV Traction Motor Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the increase in investments in electric vehicles and the growing metro rail network in the region. Furthermore, the rising need to reduce carbon emissions is also likely to support the regional growth of the market. Additionally, the rising government policies and subsidies are expected to contribute to the market's growth in this region.

List of Prominent Players in EV Traction Motor Market:

• Zytek Group Limited
• ZF TRW Automotive Holdings Corporation
• YASA Motors Ltd.
• Valeo SA
• SKF AB
• Parker-Hannifin Corp.
• Magnetic System Technology
• Bharat Heavy Electricals Ltd.
• ABB Limited
  

Recent Developments:

May 2022: ABB announced acquiring a controlling stake in Numocity, a leading digital platform for electric vehicle charging in India. ABB will increase its shareholding to a controlling majority of 72% and has the right to become sole owner by 2026.

February 2020: Nidec announced the launch of two new traction motor systems. These are 200 kW Ni200Ex and 50 kW Ni50Ex based on the company’s original 150 kW E-Axle.

Key questions answered in the report:

• Which regional market will show the highest and rapid growth?
• Which are the top five players of the EV Traction Motor Market?
• How will the EV Traction Motor Market change in the upcoming six years?
• Which application and product will take a lion’s share of the EV Traction Motor Market?
• What is the EV Traction Motor market drivers and restrictions?
• What will be the CAGR and size of the EV Traction Motor Market throughout the forecast period?     

This market titled, “EV Traction Motor Market” will cover complete information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

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