New York, March 07, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electric Vehicle Traction Motor Global Market Report 2023" - https://www.reportlinker.com/p06325388/?utm_source=GNW
, SERVAX, Equipmake Ltd., and Bharat Heavy Electricals Ltd.
The global electric vehicle market grew from $248.05 billion in 2022 to $316.19 billion in 2023 at a compound annual growth rate (CAGR) of 27.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The electric vehicle market is expected to grow to $793.69 billion in 2027 at a CAGR of 25.9%.
The electric vehicle traction motor market consists of sales of DC motors, brushless DC motors, permanent magnet synchronous motors, three-phase induction motors, and switched reluctance motors.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
An electric vehicle traction motor refers to the motor that turns the wheels of a vehicle.Some vehicles use motor generators for both driving and regeneration.
It is used for converting electrical energy to mechanical energy in a method that propels the vehicle beyond aerodynamic drag, rolling resistance drag, and kinetic resistance is the motor that powers the vehicle’s wheels.
Asia-Pacific was the largest region in the electric vehicle traction motor market in 2022.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in the electric vehicle traction motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main motor types of electric vehicle traction motors are permanent-magnet synchronous EV traction motors (PSM) and asynchronous EV traction motors (ASM).Permanent magnet synchronous EV traction motors have the ability to deliver excellent torque-to-current ratios, power-to-weight ratios, efficiency, and robustness.
PSMs are widely employed in modern variable speed AC drives.The voltage ratings of electric vehicle traction motors include high voltage EV traction motors and low voltage EV traction motors.
The vehicle types that adopt electric vehicle traction motor include electric vehicles, plug-in hybrid electric vehicles, mild hybrid vehicles, and full hybrid vehicles. The various applications of electric vehicle traction motors include railways, electric vehicles, and other applications.
Increased sales of hybrid electric vehicles is expected to propel the growth of the electric vehicle traction motor market.A hybrid electric vehicle is a hybrid vehicle that combines an internal combustion engine and an electric propulsion system.
The rapid growth in sales of hybrod electric vehicles is expcted to boost utilization of traction motors, as they are essential components in hybrid and electric vehicles. For instance, in February 2022, according to U.S. electric vehicle market, 59,664 hybrid vehicles were sold (up 10.2% from February 2021), with 15,763 cars and 43,801 being light trucks. In February, Toyota had a 63.7% share of total hybrid sales. Prius (Prius and Prius C combined) sold 3.9% of hybrid vehicles. Therefore, the growing sales of hybrid electric vehicles is expected to boost demand for electric vehicle traction motors during the forecast period.
Technological advancement is a key trend gaining popularity in the electric vehicle traction motor market.Many companies operating in electric vehicle traction motor are developing new products or new technologies to strengthen their position in electric vehicle traction motor market.
For instance, in August 2021, Nidec developed E-Axle, an EV traction motor system that incorporates three components: a motor, an inverter, and a reducer, and may be mounted in a vehicle, doing everything from generating rotating torque from the drive shaft attached to the tires to move the vehicle when powered by electricity.To achieve high productivity and wire-winding performance, Nidec implemented a new cassette inserter method.
In addition, Nidec’s E-Axle was given a new cooling mechanism.
In June 2021, Turntide Technologies, a US-based company that makes intelligent, sustainable motor systems, acquired AVID Technology Limited for an undisclosed amount.This acquisition aids Turntide’s efforts to decarbonize the transportation industry by providing a high-performance alternative to the usage of rare earth magnets in electric vehicles.
AVID Technology Limited is UK-based producer and manufactures of electrified powertrain component, traction motors and systems.
The countries covered in the electric vehicle traction motor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The electric vehicle traction motors market research report is one of a series of new reports that provides electric vehicle traction motors market statistics, including electric vehicle traction motors industry global market size, regional shares, competitors with a electric vehicle traction motors market share, detailed electric vehicle traction motors market segments, market trends and opportunities, and any further data you may need to thrive in the electric vehicle traction motors industry. This electric vehicle traction motors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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