Electric Vehicle Traction Motor Market 2020 | Worldwide Opportunities, Driving Forces, Future Potential 2030
An electric vehicle traction motor utilizes electric energy from the battery of the vehicle, which is installed in an electric vehicle in order to propel it. Traction motors are capable of providing required torque for propulsion of electric vehicles.
Traction motor is a vital component of electric vehicles, thus rising demand for electric vehicles is fueling the demand for electric vehicle traction motors. Stringent emission norms and rise in demand for electric vehicles coupled with heavy incentives provided by governing bodies for electric vehicles are fueling the demand for electric vehicles. Rapid expansion of electric vehicle charging infrastructure, decrease in electric vehicle prices due to reduction in battery prices, availability ultra-fast chargers, and expected ban over fuel powered vehicles are propelling the demand for electric vehicles, which in turn is likely to propel the demand for electric vehicle traction motors.
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Electric vehicles are quiet expensive for consumers across several lower per capita income countries, such as countries from Africa. Consequently, consumers do not prefer electric vehicles. This, in turn, is primarily restraining the global electric vehicle traction motor market.
The global electric vehicle traction motor market can be segmented based on electric vehicle type, motor type, vehicle type, and region. Based on electric vehicle type, the global electric vehicle traction motor market can be classified into four segments. Battery electric vehicles, also known as zero-emission vehicles, are witnessing a surge in demand, which is attributed to government incentives leading to lower cost of battery electric vehicles, stringent emission norms implemented over fuel powered vehicles, and rising awareness among consumers about overall advantages of battery electric vehicles. Moreover, rapid expansion of electric vehicle charging infrastructure is propelling the demand for battery electric vehicles and hence, the battery electric vehicle segment is projected to lead the market during the forecast period.
In terms of motor type, the global electric vehicle traction motor market can be bifurcated into permanent magnet synchronous motors (PSM) and asynchronous motors (ASM). In terms of vehicle type, the global electric vehicle traction motor market can be classified into passenger vehicle and commercial vehicle. Several passenger vehicle manufacturers are manufacturing electric vehicles. Several manufacturers also manufacture commercial electric vehicles, such as trucks manufactured by Tesla. Rising demand for electric vehicles and expected obligations over fuel powered vehicles in the near future are likely to boost the demand for commercial vehicles. The passenger vehicle segment accounted for a major share of the market, in terms of revenue, in 2018.
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In terms of region the global electric vehicle traction motor market can be segmented into five prominent regions. Asia Pacific held a major share of the global market, in terms of revenue, in 2018, which is attributed to boost the demand for electric vehicles across China and Japan. Presence of electric vehicle manufacturers coupled with electric vehicle battery manufacturers, leading to lower cost of electric vehicles, has fueled the demand for electric vehicles across China and Japan. Moreover, other countries in Asia Pacific, such as India, Pacific countries, and those in ASEAN, are rapidly expanding electric vehicle charging infrastructure, in order to increase sales. Consequently, demand for electric vehicles is projected to rise significantly during the forecast period, which in turn is likely to propel the electric vehicle traction motor market. Asia Pacific is followed by Europe and North America, in terms of share of the global market.
Key players operating in the global electric vehicle traction motor market are Zytek Group Limited, Equipmake Ltd., Hitachi Automotive Systems Americas, Inc., SERVAX, AVID Technology Limited, RETORQ Motors Ltd., Copper Rotor Induction Motor, ABB, Robert Bosch GmbH, WEG, and Magnetic Systems Technology.
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