Dallas, Feb. 16, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global electric vehicle (EV) traction motor market is expected to grow from USD 1.92 Billion in 2020 to USD 64.00 Billion by 2030, at a CAGR of 42% during the forecast period 2021-2030.
The traction motor in electric vehicles converts electrical energy into mechanical energy so that the vehicle can overcome rolling resistance drag, aerodynamic drag, and kinetic resistance. Traction motors are seen to be like industrial motors by researchers and some engineers. On the other hand, traction motors, typically require low-speed hill climbing, rapid acceleration/deceleration, frequent start/stop, high-torque low-torque high-speed cruising, and a wide speed range of operation, whereas industrial motors are typically optimised at rated conditions. Traction motors are so distinct that they deserve to be classified as a separate category. Thus, traction motor requirements differ greatly from those of industrial motors.
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The market is expected to rise due to rising investments in the development of electric vehicles (EVs) and the growing demand for energy-efficient motors. Furthermore, advantages such as increased operational efficiency and lower power usage are expected to drive demand in the coming years. In completely hybrid and battery electric vehicles, traction motors are used (BEVs). BEVs and HEVs are gaining traction in the global automobile market by offering near-zero emissions and excellent fuel efficiency at increasingly affordable rates. Many automakers around the world are working on new HEV and EV designs in the R&D phase Because of their features such as improved fuel efficiency and zero emissions, these traction motors are commonly utilised in BEVs (Battery Electric Vehicles) and HEVs (Hybrid Electric Vehicles). In addition, advantages such as faster acceleration and quieter operation than standard motors are expected to improve traction motor demand. The failure of traction motors due to overheating is one of the issues in their design. To provide consumers with the most range and fuel efficiency, it is also vital to minimize electrical and magnetic losses.
Key players operating in the global electric vehicle (EV) traction motor market are ABB Limited, Nidec Corporation, Parker-Hannifin Corp., Robert Bosch GMBH, SKF AB and ZF TRW Automotive Holdings Corporation among others. To enhance their market position in the global Electric Vehicle (EV) Traction Motor market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
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• The Schaeffler group announced in February 2021 that they will design and produce a hybrid electric vehicle drive unit that will include two electric motors and a transmission unit with integrated power electronics. They will begin development from the year 2024.
The battery electric vehicles (BEV) segment led the market with a market share of 64.5% and a market value of 1.24 billion in 2020.
The vehicle type segment is divided into plug-in hybrid electric vehicle (PHEV), battery electric vehicles (BEV). The battery electric vehicles (BEV) segment led the market with a market share of 64.5% and a market value of 1.24 billion in 2020. This is due to the use of electric motors and motor controllers rather of traditional IC engines, which has increased their demand.
Regional Segment Analysis of the Electric Vehicle (EV) Traction Motor Market
• North America (U.S. Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific region emerged as the largest market for the global electric vehicle (EV) traction motor market with a market share of 35.7% and a market value of around 0.69 billion in 2020. Over the forecast period, rising demand for electric vehicles in majority of the region is expected to propel the region market forward.
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About the report:
The global electric vehicle (EV) traction motor market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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