Global Electric Vehicle Traction Motor Market, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2029
“Global Electric Vehicle Traction Motor Market” is a market research report title, which is in process at MarketResearch.biz. The report includes various data and information on the global electric vehicle traction motor market such as market drivers, restraints, key trends, details of key players, growth opportunities, threats, revenue opportunities, and competitive landscape. In order to ensure the accuracy of research findings and conclusions, extensive primary and secondary research efforts are conducted. Moreover, findings and conclusions of the report will be verified by experts from the industry before we include it in the report. The global electric vehicle traction motor market research report is segmented on the basis of vehicle type, motor type, and regions and countries.
Electric vehicle traction motors utilize electric energy from batteries of vehicles. Traction motors provide enough torque for the propulsion of electric vehicles. Traction motor is an essential component of electric vehicles. A traction motor, which is an electric motor, is used for the propulsion of vehicles such as electric roadway vehicles or locomotives. It always has a straight-line motion.
Increasing demand for energy-efficient motors and growing investments in Electric Vehicles (EVs) are among some of the key factors driving growth of the global electric vehicle traction motor market. Demand for electronic vehicle traction motor has been increasing owing to high efficiency and low power consumption. In addition, demand for electric vehicle traction motor is projected to increase due to stringent emission norms and environmental regulation by governments to safeguard environmental sustainability. Increasing inclination of consumers towards adopting emission-free vehicles has been increasing sales of Hybrid Electric Vehicles (HEVs) around the globe. Moreover, governments are undertaking several initiatives to augment sales of EVs, which is projected to drive growth of the global electric vehicle traction motor market over the forecast period. Traction motors are installed in battery-electric and full hybrid vehicles. Cases of failures of electric vehicle traction motor due to overheating are projected to restrain growth of the global market over the forecast period. However, technological advancements in material science and nanotechnology are expected to create growth opportunities for key players in the market.
Global Electric Vehicle Traction Motor Market Segment Analysis:
By Vehicle Type: Among the vehicle type segments, the battery electric vehicles segment is projected to dominate the global electric traction motor market over the forecast period. This can be attributed to increasing inclination of consumers towards adopting zero-emission vehicles. In addition, technological advancements including long-range batteries, which have fast charging capabilities, are attributed to growth of the battery electric vehicles segment.
By Motor Type: The permanent magnet synchronous motors segment among the motor type segments is expected to continue its dominance in the global electric vehicle traction market. This dominance of the segment is projected to continue over the forecast period.
Global Electric Vehicle Traction Motor Market Regional Analysis:
The Asia Pacific market among the regional markets is expected to dominate the global electric vehicle traction motor market in terms of revenue contribution over the forecast period. This can be attributed to the developments of different manufacturing facilities by key players in the region. North America is projected to contribute second-highest revenue share over the forecast period, which is attributed to the presence of key players of the global market in the region.
Global Electric Vehicle Traction Motor Market Segmentation:
By Vehicle Type:
- Battery Electric Vehicles (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
By Motor Type:
- Permanent Magnet Synchronous Motors (PSM)
- Asynchronous Motors (ASM)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
- BB Limited
- Parker-Hannifin Corp.
- SKF AB, ZF TRW Automotive Holdings Corporation
- Robert Bosch GMBH
- Nidec Corporation
Request for TOC
Request for Customization
Don't just take our word. We are trusted by these great companies!