Electric Vehicle Traction Motor Market (By Vehicle Type: BEV, PHEV) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 20212030

The global electric vehicle traction motor market size is expected to be worth around US$ 21.8 billion by 2030, according to a new report by Vision Research Reports.

The global electric vehicle traction motor market size was valued at US$ 2.98 billion in 2020 and is anticipated to grow at a CAGR of 42.6% during forecast period 2021 to 2030.

Report Coverage

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 market growth.

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.

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.

Key Player

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

Market Segmentation

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.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Electric Vehicle Traction Motor market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Electric Vehicle Traction Motor market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Electric Vehicle Traction Motor market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Electric Vehicle Traction Motor industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Electric Vehicle Traction Motor market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Electric Vehicle Traction Motor market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Electric Vehicle Traction Motor market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Electric Vehicle Traction Motor market. These factors have benefited the growth of the global market for Electric Vehicle Traction Motor. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Electric Vehicle Traction Motor. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Electric Vehicle Traction Motor are as follows:

• History Year: 2017-2020

• Base Year: 2021

• Forecast Year 2021 to 2030

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.