Rockville , July 03, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global Electric Vehicle Traction Motor Market is predicted to witness a CAGR of 25% and the market is expected to reach US $ 93.72 Billion by the end of 2033
The main motors used to produce torque and move electric vehicles (EVs) are called traction motors. They are responsible for converting electrical energy from the car's batteries into mechanical power that drives the wheels. Electric drivetrains must include traction motors, which are also crucial to the overall performance of electric cars.
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The need for electric car traction motors is rising as more people choose electric automobiles. Also, major automakers are making large investments in the creation and development of electric vehicles. Companies are expanding their EV portfolios and making significant investments in EV R&D. The market for EV traction motors is growing quickly due to this investment-driven expansion.
Report Attributes | Details |
| Forecast Period | 2023 - 2033 |
| Value Projection (2033) | US$ 93.72 billion |
| Growth Rate (2023-2033) | 25% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 101 Tables |
| No. of Figures | 81 Figures |
Key Companies Profiled In This Report
- Zytek Group Limited
- YASA Motors Ltd
- Valeo SA
- SKF AB
- Parker-Hannifin Corp
- Magnetic System Technology
- ABB Limited
Key Driving Forces Accelerating the Market Growth
- Stringent emission standards and government incentives for EV adoption have been significant driving forces. Governments at various levels provide financial incentives, tax credits, and subsidies to promote EVs, which has increased consumer demand for electric vehicles and, consequently, the demand for EV traction motors.
- Growing concerns about climate change and air pollution have led to increased emphasis on sustainable transportation solutions. EVs, powered by traction motors, produce zero tailpipe emissions, making them an attractive option for environmentally conscious consumers. The demand for EV traction motors has risen as a result of this increased focus on environmental sustainability.
- Advances in EV traction motor technology, such as improved efficiency, higher power density, and reduced costs, have made electric vehicles more practical and affordable for consumers. These advancements have increased the overall performance of EVs, making them more appealing to a broader range of consumers.
- The decreasing cost of lithium-ion batteries, which are essential components of EVs, has made electric vehicles more cost-competitive with traditional internal combustion engine vehicles. As battery costs continue to decline, EVs become more affordable, driving higher adoption rates and increasing the demand for EV traction motors.
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Vital Indicators Shaping The Future Of The Industry
- Governments worldwide are implementing stringent emission standards and promoting the adoption of electric vehicles to reduce greenhouse gas emissions and combat climate change. Regulations such as zero-emission vehicle mandates, tax incentives, and subsidies for EVs are driving the demand for electric vehicle traction motors.
- Ongoing advancements in electric motor technologies are playing a crucial role in shaping the future of the EV traction motor market. Improvements in motor efficiency, power density, and cost reduction are driving the adoption of electric vehicles. Developments in motor designs, materials, and manufacturing processes are enabling the production of more compact, lightweight, and efficient traction motors.
- The global adoption of electric vehicles is rapidly increasing due to growing consumer awareness, declining battery costs, and a broader range of available EV models. The rising sales of electric vehicles directly impact the demand for electric vehicle traction motors. Automakers are expanding their EV portfolios and investing in electric motor manufacturing to meet the increasing demand.
- The cost of electric vehicles plays a significant role in consumer adoption. As the cost of electric vehicles continues to decrease, driven by factors such as declining battery prices and economies of scale, electric vehicles are becoming more affordable and attractive to consumers. The cost competitiveness of electric vehicles directly affects the demand for electric vehicle traction motors.
Challenges Hindering The Market Growth
- Range anxiety, the fear of running out of battery power and being unable to recharge, remains a significant challenge for potential EV buyers. Limited charging infrastructure and concerns about the driving range of electric vehicles compared to traditional gasoline-powered vehicles can deter consumers from adopting EVs, affecting the demand for EV traction motors.
- The availability and accessibility of charging infrastructure are crucial for the widespread adoption of EVs. The current charging infrastructure in North America is not yet fully developed, particularly in certain regions or remote areas. Insufficient charging stations, slow charging speeds, and inconsistent interoperability hinder the growth of the EV traction motor market by limiting the convenience and ease of EV ownership.
How Competition Influences The Market
Key players in the market are focusing on various strategies such as investments, partnerships, acquisitions, and other new product developments to establish a strong market share. Moreover, Intense competition among manufacturers of EV traction motors drives continuous technological advancements and innovation. To gain a competitive edge, companies invest in research and development to improve motor efficiency, power density, and overall performance.
- For instance, NIDEC Corporation introduced two new traction motor systems in February 2020. Besides this, the company had also improved its footprint by opening three new production units in Poland, Mexico, and China.
Key Segments of EV Traction Motor Industry Research Report
- By Motor Type :
- Permanent Magnet Synchronous EV Traction Motors
- Asynchronous EV Traction Motors
- By Voltage Rating :
- High Voltage
- Low Voltage
- By Vehicle Type :
- Electric Vehicles
- Plug-in Hybrid Electric Vehicles
- Mild Hybrid Vehicles
- Full Hybrid Vehicles
- By Region :
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
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