Dublin, Nov. 06, 2023 (GLOBE NEWSWIRE) -- The "Global Electric Vehicle Traction Motors Market Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
Global Electric Vehicle Traction Motors Market Shows Impressive Growth Prospects
A comprehensive research report delves into the dynamic landscape of the global electric vehicle traction motors market, shedding light on its evolution, trends, and growth potential. Covering key regions and essential factors impacting the industry, this analysis provides a valuable glimpse into the future of electric vehicle propulsion.
Market Overview
The global electric vehicle traction motors market is poised for significant growth, with a projected value of $137.85 billion by 2030. This lucrative expansion is anticipated to be driven by a remarkable compound annual growth rate (CAGR) of 25.5% from 2023 to 2030. Notably, the volume of traction motors is also expected to experience substantial growth, reaching 412.29 million units by 2030, supported by a CAGR of 20.7% during the same period.
Drivers and Inhibitors of Market Growth
Key factors propelling the market's expansion include stringent emission regulations that are spurring the production and sales of hybrid and electric vehicles. Additionally, the escalating demand for high-performance motors, along with favorable government policies and subsidies, further contribute to the sector's promising outlook.
However, certain challenges loom over the industry, such as the high costs and scarcity of raw materials, which may restrain its growth. Comparatively higher prices of electric vehicles in relation to internal combustion engine (ICE) vehicles, as well as concerns about motor failure due to overheating, are potential hindrances.
Segmentation Analysis
The report segments the electric vehicle traction motors market based on type, power output, propulsion type, application, and geography. Notable findings include:
- Type: Induction motors are expected to register the highest CAGR, as manufacturers invest in research and development to enhance their efficiency and performance. The adoption of advanced motor control algorithms and integrated power electronics further drives the utilization of induction motors in electric vehicles.
- Power Output: Traction motors with less than 100 kW power output are projected to see the highest growth rate. They find extensive application in small vehicles, including mopeds, scooters, and passenger vehicles, driven by the demand for eco-friendly options and stringent carbon emission regulations.
- Propulsion Type: Battery electric vehicles (BEV) are expected to exhibit the highest CAGR, as electric propulsion in BEVs offers several advantages, including zero tailpipe emissions, variable torque and power delivery, high efficiency, and low maintenance.
- Application: The passenger vehicles segment is set to experience the highest CAGR. The growth is attributed to the increasing demand for electric passenger cars, government incentives, rising fuel prices, and the commitment of automotive OEMs to produce electric passenger vehicles.
- Geography: Europe stands out as the region with the highest growth rate, driven by early adoption of electric vehicles and government incentives to support the transition to electric mobility. Several EU markets have witnessed significant growth in battery-electric car registrations.
Key Players
Prominent companies in the global electric vehicle traction motors market include Zytek Group Limited, ZF Friedrichshafen AG, YASA Limited, Valeo, Jing-Jin Electric Technologies Co., Ltd., Parker-Hannifin Corp, ABB Ltd, Equipmake Holdings PLC, Traktionssysteme Austria GmbH, Electrodrive Powertrain Solutions Pvt. Ltd., Nidec Corporation, AMETEK Inc., Toshiba International Corporation, WEG Equipamentos Eletricos S.A., and Hitachi Astemo Ltd.
Key Questions Answered
The research report addresses several essential questions, including:
- High-growth market segments in terms of type, power output, propulsion type, application, and geography.
- Historical market size for electric vehicle traction motors globally.
- Market forecasts and estimates for the period 2023-2030.
- Major drivers, restraints, opportunities, and challenges in the global electric vehicle traction motors market.
- Major players in the market and their market shares.
- The competitive landscape in the global electric vehicle traction motors market.
- Recent developments in the market.
- Strategies adopted by major players.
- Key geographic trends and high-growth countries.
- Local emerging players in the global electric vehicle traction motors market and their competitive strategies.
Conclusion
The global electric vehicle traction motors market is on a trajectory of impressive growth, buoyed by regulatory push for eco-friendly vehicles and increased demand for high-performance electric motors. While challenges like raw material scarcity and high costs persist, the sector's promising outlook is underscored by a robust focus on innovation and collaboration among major industry players.
Key Topics Covered
1. Introduction
1.1. Market Definition & Scope
1.2. Currency & Limitations
2. Research Methodology
2.1. Research Approach
2.2. Process of Data Collection and Validation
2.3. Market Sizing and Forecast
2.4. Assumptions for the Study
3. Executive Summary
3.1. Overview
3.2. Market Analysis, by Type
3.3. Market Analysis, by Power Output
3.4. Market Analysis, by Propulsion Type
3.5. Market Analysis, by Application
3.6. Market Analysis, by Geography
3.7. Competitive Analysis
4. Market Insights
4.1. Overview
4.2. Factors Affecting Market Growth
4.3. Value Chain Analysis
4.4. Porter's Five Forces Analysis
5. Global Electric Vehicle Traction Motors Market Assessment - by Type
5.1. Overview
5.2. Permanent Magnet Synchronous Motors
5.3. DC Brushed Motors
5.4. DC Brushless Motors
5.5. Induction Motors
5.6. Switched Reluctance Motors
5.7. Wound Rotor Synchronous Motors
6. Global Electric Vehicle Traction Motors Market Assessment - by Power Output
6.1. Overview
6.2. Less Than 100 kW
6.3. 100 kW to 250 kW
6.4. More Than 250 kW
7. EV Traction Motors Market Assessment - by Propulsion Type
7.1. Overview
7.2. Hybrid Electric Vehicles
7.3. Battery Electric Vehicles
8. EV Traction Motors Market Assessment - by Application
8.1. Overview
8.2. Passenger Vehicles
8.3. E-Scooters & Bikes
8.4. Heavy Commercial Vehicles
8.5. Light Commercial Vehicles
8.6. Two-Wheelers
9. Electric Vehicle Traction Motors Market Assessment - by Geography
9.1. Overview
9.2. North America
9.3. Europe
9.4. Asia-Pacific
9.5. Latin America
9.6. Middle East & Africa
10. Competition Analysis
10.1. Overview
10.2. Key Growth Strategies
10.3. Competitive Dashboard
10.4. Competitive Benchmarking
10.5. Market Ranking by Key Players
11. Company Profiles
11.1. Zytek Automotive Ltd. (A Subsidiary of Continental AG)
11.2. ZF Friedrichshafen AG
11.3. Yasa Limited (A Subsidiary of Mercedes-Benz Group AG)
11.4. Valeo
11.5. Jing-Jin Electric Technologies Co. Ltd.
11.6. Parker-Hannifin Corporation
11.7. ABB Ltd.
11.8. Equipmake Holdings PLC
11.9. Traktionssysteme Austria GmbH
11.10. Electrodrive Powertrain Solutions Pvt. Ltd.
11.11. Nidec Corporation
11.12. Ametek, Inc.
11.13. Toshiba International Corporation
11.14. Weg Equipamentos Eletricos SA
11.15. Hitachi Astemo, Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/ky19v3
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