Report Overview

Global EV Traction Market: Overview

The EV traction motor market is anticipated to be one of the most lucrative markets in the automotive sector and estimated to grow at a significant rate during the forecast period 2019-2025. The EV traction motor is an electric motor used for the propulsion of EVs. It converts electrical energy into motion. These traction motors form a major component in EVs like cars, two-wheelers, light industrial/commercial vehicles, military vehicles, buses, and others. These motors determine the performance and affordability of EVs. 

The market is driven by increasing investments in rolling stock, rising need to minimize carbon emission, increasing demand for higher efficient electric traction motors in electric vehicles. Additionally, increasing government initiatives on electric vehicle adoption, growing demand from the railway sector and the increasing production of electric vehicles, mainly in the Asia Pacific and European region, are the key factors driving the market over the forecast period. Moreover, increasing penetration of conveyors, elevators and other industrial machines at the manufacturing site for easy operation is further fueling the market demand.

Induction/Asynchronous Motor is the leading motor type segment of the global EV traction motor market during the forecast period.

On the basis of motor type, the EV traction motor market has been segmented into Permanent Magnet Synchronous Motor (PMSM), Induction/Asynchronous Motor, Hybrid Motors (HM), and Switched Reluctance Motor (SRM). Induction/Asynchronous Motor is estimated to be the highly preferred motor in the global EV traction motor market. An induction motor/Asynchronous motor is an AC electric motor, the rotor always turns at a lower speed than the field. The induction motors are less expensive, and the small size/weight penalty becomes insignificant as vehicles get larger like trucks and buses. Additionally, the developments in hybrid technology of the combustion engines will integrate traction motors for higher proficiency.  The growing demand for electric vehicles fuels the adoption of traction motors in the global market.

High voltage rating is the dominating segment in the overall global EV traction motor market during the forecast period.

On the basis of the voltage rating, the EV traction motor market has been segmented into Low voltage and High voltage. High voltage leads the global EV traction motor market over the forecast period 2019-2025. Automotive manufacturers are manufacturing and increasing electrification in vehicle powertrains in the form of hybrid electric vehicles and electric vehicles (HEVs/EVs). These vehicles are based on high-voltage battery systems like +400V for EVs and 48Vfor HEVs. In addition to energy-efficiency enhancements, the incorporation of high voltage makes system wiring less complex and lighter.

North America accounts for the largest share of the global EV traction motor market during the forecast period.

On the basis of region, the EV traction motor market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America has the highest demand for EV traction motor. An increasing number of initiatives taken by the governing authorities such as offering subsidies and incentives on purchasing the electric vehicles will fuel the growth of the EV traction motor market in North America. In addition, the Department of energy in the U.S. is also witnessed to guide and encourage the manufacturing companies to produce the EV traction motors attributed to the low cost of the electric vehicles and enhanced power. Asia-Pacific is the fastest growing region owing to the rising demand for electric vehicles in countries such as China and Japan to reduce carbon emission over the forecast period.

Objective of the Study:

·         To analyze and forecast market size of the Global EV traction motor market, in terms of value & volume.

·         To examine the careful market segmentation and forecast the market size, in terms value, on the basis of region by segmenting EV traction motor market into five regions, namely, North America, Europe, Asia Pacific, Middle East and their leading countries.

·         To outline, categorized and forecast the global EV traction motor market on the basis of motor type, voltage rating, and vehicle type.

·         To examine competitive developments like expansions, technological advancement, services, and regulative framework within the global EV traction motor market.

·         To highlight the impact analysis of the factors, affecting the market dynamics such as drivers, restraints, opportunities, and challenges.

·         To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.

Global EV Traction Motor Market Competitive Landscape

Companies like Zhongshan Broad-Ocean Motor Co. Ltd., BorgWarner Inc., Robert Bosch GmbH, Continental AG, Nidec Corporation, LG Electronics, Siemens AG, MEIDENSHA CORPORATION, Jing-Jin Electric Technologies Co. Ltd., Shuanglin Group, Bharat Heavy Electricals Ltd, ABB Limited, Magnetic Systems Technology, Parker-Hannifin Corp., SKF AB, Valeo SA, YASA Motors Ltd., ZF TRW Automotive Holdings Corporation, Zytek Group Limited are the key players in manufacturing EV traction motor globally.

Key Target Audience:

·         Market research and consulting firms

·         Industry associations

·         Raw material suppliers

·         Global EV traction motor manufacturers

·         Research organizations and consulting companies

·         Organizations, associations and alliances related to EV traction motor market

·         Regulatory bodies

Scope of the Report

By Motor Type

·         Permanent Magnet Synchronous Motor (PMSM)

·         Induction/Asynchronous Motor

·         Hybrid Motors

·         Switched Reluctance Motor (SRM)

By Voltage Rating

·         Low

·         High

By Vehicle Type

·         Battery Electric Vehicle

·         Plug-In Electric Vehicle

·         Hybrid Vehicle

In addition, the report provides analysis of the EV traction motor market with respect to the following geographic segments and their high performing regions:

·         North America

·         Europe

·         Asia Pacific (APAC)

·         LATAM

·         MEA

Business Questions answer by the report

·         How will the market drivers, restraints and opportunities affect the market dynamics?

·         What will be the market size in terms of value and volume and market statistics with detailed classification

·         Which segment dominates the market or region and one will be the fastest growing and why?

·         A comprehensive survey of the competitive landscape and the market participant players

·         Analysis of strategy adopted by the key player and their impact on other players.

Customization Scope for the Client

Client satisfaction is our first and last priority. And that’s why BlueWeave Consulting offers customization according to Company’s specific needs. The following customization options are available for the report:

Additional Company Information

·         With five additional company detail analysis.

·         Additional country analysis.

·         Detailed segment analysis.