EV Traction Motor Market is projected to be worth USD 177.16 billion by 2033 and is anticipated to surge at a CAGR of 35.56%.
Electric vehicle (EV) traction motors are the principal motors used to generate power and drive electric vehicles. They are in charge of transforming the electrical energy from the car's batteries into the mechanical energy needed to move the wheels. An essential part of electric drivetrains, traction motors contribute significantly to the overall performance of electric vehicles.
Global EV Traction Motor Market Driving Factors and Challenges
Some of the key growth factors include rising investments in electric vehicles (EVs) together with rising demand for energy-efficient motors. There is a rising demand for EVs as a result of the low power consumption and good efficiency of EV traction motors. Furthermore, the demand for EVs is being boosted by strict environmental rules and emission standards designed to protect environmental sustainability, providing good conditions for market expansion.
The general public's growing preference for zero-emission automobiles has increased the sales of hybrid electric vehicles (HEVs) all over the world. The market is anticipated to benefit from the increase in HEV output.
The EV Traction Motor sector is currently dealing with a variety of major challenges. The causes of overheating include overload, poor power conditions, particularly effective service elements, frequent starting and stopping of the motor, and a lack of ventilation around the motor. In hot places, electric motors frequently overheat. Around 30% of all motor failures are due to insulation failure, whereas 60% are due to overheating. The dependability of permanent magnet motors is extremely poor, and these motors lose their magnetic qualities at high temperatures. These motors' capacity for torque is decreased because their permanent magnets demagnetize. Therefore, for this task to be completed, electric motors must operate effectively.
Impact of COVID-19 on Global EV Traction Motor Market
The COVID-19 pandemic has had a significant effect on the market for EV traction motors. Initially, supply chains were interrupted as manufacturing facilities throughout the world temporarily shut down or scaled back operations owing to lockdowns and limits. For electric vehicles, particularly those with electric traction motors, this led to production delays. In the early phases of the epidemic, customer demand for EVs also decreased because of the shaky economy and lower consumer spending.
EV Traction Motor Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; ABB Limited, Parker-Hannifin Corp., SKF AB., ZF TRW Automotive Holdings Corporation, Hitachi, Ltd., Avid Technology Limited, YASA Motors Ltd., and Others, Robert Bosch GMBH, Valeo SA, Zytek Group Limited.
Global EV Traction Motor Market Segmentation:
By Motor Type: Based on the Motor Type, Global EV Traction Motor Market is segmented as; Permanent Magnet Synchronous EV Traction Motors, Asynchronous EV Traction Motors.
By Voltage Rating: Based on the Voltage Rating, Global EV Traction Motor Market is segmented as; High Voltage, Low Voltage.
By Vehicle Type: Based on the Vehicle Type, Global EV Traction Motor Market is segmented as; Electric Vehicles, Plug-in-Hybrid Electric Vehicles, Mild Hybrid Vehicle, Full Hybrid Vehicle.
By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.