"Rising demand of Electric Vehicles across the World predicted to uplift the Global Electric Vehicle Traction Motor Market"
The global electric vehicle traction motor market was stood at US$ 3.20 Bn in the year 2021 and predicted to reach US$ 76.82 Bn by the year 2030, expanding at a CAGR of 25.0% during the forecast from 2023 to 2030.
The global automotive industry is at the cusp of a major transformation. Rising energy security & environment concerns clubbed with the evolution of future technologies, digitalization, rapid advancement in powertrain electrification, and ever-increasing user expectation have upended the automotive business. Electric Vehicle (EV) is among those automotive inventions that have gained high traction over a minor period. The prime reason accounting for the rapid adoption of EV is its high fuel efficiency with low power consumption. In addition, heavy incentives offered by governing bodies and policies regulating stringent emission norms are the other major factors contributing to its exponential growth. Moreover, EV traction motor is the vital component of EV thus fuelling demand for EV will accelerate the EV traction motor market growth.
Traction motors offer smooth & quiet operation along with faster acceleration that results in better handling & passenger comfort. In addition, they provide higher efficiency and battery recharging capability along with this they are also compatible to work in extreme conditions. Therefore, all these factors in-combination make electric traction motor as the best fit for EVs over traditional Internal Combustion Engines (ICEs).
"Battery Electric Vehicle (BEV) garnered the largest Revenue Share in the Global Electric Vehicle Traction Motor Market in 2018"
In 2021, the Battery Electric Vehicle (BEV) dominated the global electric vehicle traction motor market. Nearly 75% of all the electric vehicles sold in 2019 were BEVs. Prime factor accounting for the significant market share of BEV is its complete dependence on battery along with no Green House Gas (GHG) emitted during operation. Furthermore, increasing research & development on the improvement of battery life has also triggered the BEVs market prominently. A BEV can cover 100-250 Km in one charge and its top-tier models can cover 300-500 Km in one charge. However, it’s charging time is very large of around 36 hours. Nevertheless, recent advancement in ultracapacitor has also replaced the traditional battery in BEVs and improved its charging and discharging time.
"Permanent Magnet Synchronous Motor (PMSM) dominated the Global Electric Vehicle Traction Motors Market in 2018"
Permanent Magnet Synchronous Motor (PMSM) led the global electric vehicle traction motor market in terms of revenue share for the year 2021 and expected to continue its dominance during the forecast period. The escalating growth of the segment is mainly due to its high operating efficiency and power density as compared to other types of traction motors. PMSM is nearly 15% more efficient than an induction motor. In 2021, 93% of the total passenger EVs sold were powered by PMSM and seeks prominent rise year-on-year in its sales percentage.
"The Asia Pacific Acquired Maximum Revenue Share in the Global Electric Vehicle Traction Motor Market in the year 2018"
The Asia Pacific has emerged as a dominating and most lucrative region in the global electric vehicle traction motor market. The region projected to witness a CAGR of around 45% during the forecast period. The prime reason attributed to its dominance is increasing sales of EVs in China, India, and other developing Asian countries. As per a report published by the International Council on Clean Transportation (ICCT) in 2018, China accounted for 50% of the global EV production followed by Europe, the USA, Japan, and South Korea. In addition, China is also a global leader in battery cell production for EVs. In 2017, China’s battery cell production was 11 times greater than the USA production and by 22 times of European production.
Furthermore, China's stringent policies for EVs have also played a significant role in the rise of EV sales in the region. For instance, in 2019, China announced the New Energy Vehicle (NEV) subsidies in its ten cities. Under this policy, the country plans to sell 4.6 Mn EVs by 2020. Similarly, the government of other nations has also mandated stringent regulations to increase the sale of EV as it is more environmentally friendly and also helps in national economic development by increasing per capita disposable income.
Key Players & Competitive Landscape:
"Increasing Partnerships and Collaboration Deals will spur the Competition in the Global Electric Vehicle Traction Motor Market"
The global electric vehicle traction motor market is highly competitive owing to the presence of a significant number of market players along with spurring demand for EVs. Market players believe in research & development of the product offering to retain their market position.
List of Companies Covered:
Key Industry Development:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Electric Vehicle Traction Motor market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Billion |
| Segmentation | |
Electric Vehicle Type
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Motor Type
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Vehicle Type
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Region Segment (2022-2032; US$ Billion)
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Key questions answered in this report
