Electric Vehicle Traction Motor Market Growth is Driven by Rise in the Adoption EVs

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The electric vehicle traction motor market size is expected to reach over US$ 21.8 billion by 2030 from at US$ 2.98 billion in 2020, poised to grow at a CAGR of 42.6% from 2021 to 2030.

What are the Market Growth Factors?

Traction motor is the most vital component used in electric vehicles (EV) as it aids the movement of the vehicle. Rise in the adoption EVs has been a major contributor to the Electric Vehicle Traction Motor market growth.

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Governments of developing and developed countries are taking initiatives for boosting the adoption of electric vehicles, through establishment of various stringent norms and policies regarding carbon emissions, as a result of the growing environmental hazards posed by traditional combustion engine vehicles. Moreover, they are providing subsidies for purchasing battery-operated commercial vehicles, which in turn is motivating people to opt for electric vehicles. Hence, factors such as growing environmental concerns and stringent emission norms along with the rising awareness regarding the advantages of EVs is propelling growth of the EV traction motor market.

Furthermore, the cost of ownership of combustion engine vehicles has witnessed rapid rise as a result of the consistent increase in the prices of petrol and diesel. Growing ownership cost has made fleet owners to switch to battery operated vehicles. Although, lower loading capacity is proving to be a restraint for the higher adoption of EVs, companies are observed to be making huge investments to develop advanced technology for EVs and developing powerful motors and batteries. This is expected to eventually reduce the impact of the aforementioned growth restraints over the forecast period.

Report Coverage

Report Scope Details
Market Size USD 21.8 billion by 2030
Growth Rate CAGR of 42.6% From 2021 to 2030
Base Year 2021
Forecast Period 2021 to 2030
Segments Covered Vehicle type
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Companies Mentioned ABB Limited; Parker-Hannifin Corp.; SKF AB; ZF TRW Automotive Holdings Corporation; Robert Bosch GMBH; and Nidec Corporation.

By Vehicle Type Analysis

A battery electric vehicle is the fully electric powered vehicle that uses chemical energy stored in rechargeable battery packs. Battery electric vehicle uses motor controllers and electric motors instead of conventional IC engines for propulsion. The BEV segment is expected to dominate the electric vehicle traction motor market over the forecast period, owing to positive shift in customer perception toward zero emission vehicle.

Technological advancements, such as long-range batteries with fast charging capabilities are expected to drive the growth of the BEV segment. The market is moving toward a higher battery capacity of over 60kWh to increase the range of EVs to up to 200 miles on a single charge. The increased battery capacity is expected to have a cascading effect on demand for battery electric vehicle which will impact the electric vehicle traction motor market positively. Additionally, greater government interventions also play a crucial role in influencing customers to buy BEV.

By Regional Analysis

Asia Pacific emerged as the largest market for EV traction motor in 2021 and is anticipated to witness fastest growth over the forecast period. This is ascribed to the development of manufacturing facilities by industry leaders in the region. China has been observed to commence operations of the largest production facilities on account of easy availability of raw materials and labor in the country. The Chinese government spent more than $50 billion for establishing electric car and component manufacturing plant in the last decade. The Chinese government has also reduced the licenses available for conventional vehicles to boost the demand for EVs.

North America is expected to witness a substantial CAGR of over 36% over the forecast period. It is also a prominent region in terms of sales of EV traction motors. Higher share of the region can be attributed to the presence of established electric vehicle manufacturers. Europe, on the other hand, held over 22% of the market share in 2020. Ascending demand for BEVs is expected to boost the regional market growth over the forecast period.

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Key Player

 ABB Limited, Parker-Hannifin Corp., SKF AB, ZF TRW Automotive Holdings Corporation, Robert Bosch GMBH, andNidec Corporation.

Market Segmentation

  • By Vehicle Type
    • BEV
    • PHEV
  • Regional
    • North America
      • The U.S.
      • Canada
    • Europe
      • The U.K.
      • Germany
      • France
      • Norway
      • Netherlands
      • Sweden
    • Asia Pacific
      • China
      • India
      • Japan
      • Korea
    • Latin America
      • Brazil
      • Mexico
    • Middle East & Africa

The Electric Vehicle Traction Motor market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Electric Vehicle Traction Motor market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Electric Vehicle Traction Motor market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Electric Vehicle Traction Motor market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Electric Vehicle Traction Motor market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Electric Vehicle Traction Motor capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Electric Vehicle Traction Motor by regions (countries) and application.

Reasons to Purchase this Report: – Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

Chapter 1.  Introduction

1.1.  Research Objective

1.2.  Scope of the Study

1.3.  Definition

Chapter 2.  Research Methodology

2.1.  Research Approach

2.2.  Data Sources

2.3.  Assumptions & Limitations

Chapter 3.  Executive Summary

3.1.  Market Snapshot

Chapter 4.  Market Variables and Scope

4.1.  Introduction

4.2.  Market Classification and Scope

4.3.  Industry Value Chain Analysis

4.3.1.    Raw Material Procurement Analysis

4.3.2.    Sales and Distribution Channel Analysis

4.3.3.    Downstream Buyer Analysis

Chapter 5.  Market Dynamics Analysis and Trends

5.1.  Market Dynamics

5.1.1.    Market Drivers

5.1.2.    Market Restraints

5.1.3.    Market Opportunities

5.2.  Porter’s Five Forces Analysis

5.2.1.    Bargaining power of suppliers

5.2.2.    Bargaining power of buyers

5.2.3.    Threat of substitute

5.2.4.    Threat of new entrants

5.2.5.    Degree of competition

Chapter 6.  Competitive Landscape

6.1.1.    Company Market Share/Positioning Analysis

6.1.2.    Key Strategies Adopted by Players

6.1.3.    Vendor Landscape        List of Suppliers        List of Buyers

Chapter 7.  Global Electric Vehicle Traction Motor Market, By Vehicle Type

7.1.  Electric Vehicle Traction Motor Market, by Vehicle Type, 2021-2030

7.1.1.    BEV        Market Revenue and Forecast (2017-2030)

7.1.2.    PHEV        Market Revenue and Forecast (2017-2030)

Chapter 8.  Global Electric Vehicle Traction Motor Market, Regional Estimates and Trend Forecast

8.1.  North America

8.1.1.    Market Revenue and Forecast, by Vehicle Type (2017-2030)

8.1.2.    U.S.

8.1.3.    Rest of North America        Market Revenue and Forecast, by Vehicle Type (2017-2030)

8.2.  Europe

8.2.1.    Market Revenue and Forecast, by Vehicle Type (2017-2030)

8.2.2.    UK        Market Revenue and Forecast, by Vehicle Type (2017-2030)

8.2.3.    France        Market Revenue and Forecast, by Vehicle Type (2017-2030)

8.2.4.    Rest of Europe        Market Revenue and Forecast, by Vehicle Type (2017-2030)

8.3.  APAC

8.3.1.    Market Revenue and Forecast, by Vehicle Type (2017-2030)

8.3.2.    India        Market Revenue and Forecast, by Vehicle Type (2017-2030)

8.3.3.    China        Market Revenue and Forecast, by Vehicle Type (2017-2030)

8.3.4.    Japan        Market Revenue and Forecast, by Vehicle Type (2017-2030)

8.3.5.    Rest of APAC        Market Revenue and Forecast, by Vehicle Type (2017-2030)

8.4.  MEA

8.4.1.    Market Revenue and Forecast, by Vehicle Type (2017-2030)

8.4.2.    GCC        Market Revenue and Forecast, by Vehicle Type (2017-2030)

8.4.3.    North Africa        Market Revenue and Forecast, by Vehicle Type (2017-2030)

8.4.4.    South Africa        Market Revenue and Forecast, by Vehicle Type (2017-2030)

8.4.5.    Rest of MEA        Market Revenue and Forecast, by Vehicle Type (2017-2030)

8.5.  Latin America

8.5.1.    Market Revenue and Forecast, by Vehicle Type (2017-2030)

8.5.2.    Brazil        Market Revenue and Forecast, by Vehicle Type (2017-2030)

8.5.3.    Rest of LATAM        Market Revenue and Forecast, by Vehicle Type (2017-2030)

Chapter 9.    Company Profiles

9.1.  ABB Limited

9.1.1.    Company Overview

9.1.2.    Product Offerings

9.1.3.    Financial Performance

9.1.4.    Recent Initiatives

9.2.  Parker-Hannifin Corp

9.2.1.    Company Overview

9.2.2.    Product Offerings

9.2.3.    Financial Performance

9.2.4.    Recent Initiatives

9.3.  SKF AB

9.3.1.    Company Overview

9.3.2.    Product Offerings

9.3.3.    Financial Performance

9.3.4.    Recent Initiatives

9.4.  ZF TRW Automotive Holdings Corporation

9.4.1.    Company Overview

9.4.2.    Product Offerings

9.4.3.    Financial Performance

9.4.4.    Recent Initiatives

9.5.  Robert Bosch GMBH

9.5.1.    Company Overview

9.5.2.    Product Offerings

9.5.3.    Financial Performance

9.5.4.    Recent Initiatives

9.6.  andNidec Corporation

9.6.1.    Company Overview

9.6.2.    Product Offerings

9.6.3.    Financial Performance

9.6.4.    Recent Initiatives

Chapter 10.  Research Methodology

10.1.              Primary Research

10.2.              Secondary Research

10.3.              Assumptions

Chapter 11.  Appendix

11.1.              About Us

11.2.              Glossary of Terms

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Steve Robber

My name is Steve Robber, I’m the Owner of Market Stats News. Steve has served in many positions at various organizations for the past seven years. Currently he is an Author at Finance.Yahoo. Contact us for a free news publication, we look forward to speaking with you!

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