Increasing government initiatives on electric vehicle adoption, the automobile industry making huge investments to cater to stringent pollution standards, paving an opportunistic way for electric motors industry players. The traction motor increases the efficiency of the motors by reducing the cooling time when the vehicles are operating at a comparatively high temperature. Shifting consumer preference towards solar powered consumer goods has instigated huge potential to the industry size.
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These products have gained traction owing to the provision of the benefits such as production efficiency and low power consumption. U.S. Department of Energy (DOE) is making huge investments for the development of superior efficiency products and promoting solar energy usage. The stringent regulations regarding curbing CO2 emissions will impact industry growth positively. Growing adoption of automation in varied mechanical operations will boost their importance.
Moreover, increasing penetration of conveyors, elevators and other industrial machines at the manufacturing site for easy operation is further fueling the market demand. Increasing adoption of electronic vehicles will continue to impact the adoption of the EV traction motor globally. “Global EV Traction Motor Market, by Motor Type, by Voltage Rating, by Vehicle Type, by Region, Growth Potential, Competitive Market Share and Forecast, 2015-2025” The global EV traction motor market is projected to grow with a significant growth rate during the forecast period 2019-2025.
High voltage rating is the dominating segment in the overall global EV traction motor market during the forecast period.
Energy efficacy has become a key global focus owing to its contribution to reduced greenhouse emissions. High voltage leads the global EV traction motor market over the forecast period 2019-2025. Higher voltages boost efficiency. 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. As for EVs, all entail high voltage to power the motor. Voltage levels of 400 to 800 V or more are needed to generate sufficient power to run the vehicle. 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.
North America has the highest demand for EV traction motor. High acceptance of electric motors in commercial and passenger cars will support the regional growth. 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.
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Global EV Traction 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, Tesla, 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.
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The in-depth analysis of the report provides the growth potential, upcoming trends and statistics of Global EV traction motor Market size & forecast. The report promises to provide state-of-the-art technology of traction motor and industry insights which help decision makers to take sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.