Global Electric Vehicle Traction Motor Market Will Surpass USD 38 Billion by 2031
The global electric vehicle traction motor market is anticipated to increase to USD 38.2 billion by 2031 from USD 4.1 billion in 2020, with a CAGR forecast of 42%. Traction motor is the most vital component used in electric vehicles (EV) as it aids the movement of the vehicle. The increased adoption of EVs has been a considerable contributor to market growth. Since traction motors are an essential component of electric vehicles, increasing demand for electric vehicles is driving up demand for traction motors. Stringent emission standards and an increase in demand for electric vehicles, combined with substantial incentives offered by regulatory bodies for electric vehicles, are fueling demand for electric vehicles. Rapid expansion of electric vehicle charging infrastructure, reduction in electric vehicle prices due to lower battery prices, availability of ultra-fast chargers, and planned ban on fuel-powered vehicles are driving demand for electric vehicles, which is likely to drive demand for electric vehicle traction motors.
Browse ThinkWise Intelligence's exclusive report, spread through 214 Pages on: GLOBAL ELECTRIC VEHICLE TRACTION MOTOR MARKET, BY VEHICLE TYPE (BEV, PHEV), BY POWER RATING (BELOW 200 KW, 200-400 KW, ABOVE 400 KW) – COMPETITIVE LANDSCAPE & GROWTH POTENTIAL ANALYSIS, 2021-2031
THE BEV ELECTRIC VEHICLE TRACTION MOTOR MARKET IS THE LARGEST TYPE IN THE GLOBAL MARKET
The Electric Vehicle Traction Motor market has been divided into nine segments based on vehicle type: BEV, PHEV. Among these types, BEV held the largest market share in 2020 and is expected to increase considerably during the forecast time frame. This segment's growth is ascribed to the positive change in customer awareness toward zero emission vehicle. Moreover, a battery electric vehicle is a vehicle that is fully electric and is powered by chemical energy contained in rechargeable battery packs. For propulsion, battery electric vehicles use motor controllers and electric motors rather than traditional IC engines.
DURING THE FORECAST PERIOD, THE BELOW 200 KW POWER RATING SEGMENT IS EXPECTED TO REPORT THE HIGHEST CAGR IN THE GLOBAL MARKET
The report divides the electric traction motor market into three categories based on power rating: less than 200 kW, 200-400 kW, and greater than 400 kW. Throughout the forecast time frame, below 200 kW segment is projected to account for the majority of the electric traction motor market by power ratings. The widespread use of motors with power ratings of less than 200 kW in electric vehicles and light rail transit vehicles is expected to grow at a faster pace in the coming years and thereby boosting the segment growth.
ASIA-PACIFIC ELECTRIC VEHICLE TRACTION MOTOR MARKET IS ANTICIPATED TO HOLD THE LARGEST SHARE IN THE GLOBAL MARKET DURING THE FORECAST PERIOD
During the projected period, the Asia-Pacific market is expected to be the largest for Electric Vehicle Traction Motor. The rapid growth of this area can be attributed to the progressively increasing demand for Electric Vehicle Traction Motor. This is attributed to the construction of manufacturing facilities by regional business leaders. Because of the easy availability of raw materials and labor in the region, China has been observed to begin operations of the largest production facilities. The regional market is rapidly expanding due to increased application, technological advances, and increased demand for these films in Asia-Pacific and Europe. In the last decade, the Chinese government invested more than $50 billion to build electric car and component manufacturing plants. Additionally, in order to increase demand for EVs, the Chinese government has also limited the number of licenses required for traditional vehicles.
ABB Limited, Robert Bosch GMBH, SKF AB, CG Power and Industrial Solutions, Parker-Hannifin Corp., ZF TRW Automotive Holdings Corporation, and Nidec Corporation are the world's leading manufacturers of Electric Vehicle Traction Motor.