EV Traction Motor Market Growth, Size, Trends, Demand, Revenue, Challenges and Future Outlook
EV Traction Motor Market Size- By Motor Type, By Voltage Rating, By Vehicle Type- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Sep-2023 | Report ID: AMIN23141 | Pages: 1 - 215 | Formats*: |
| Category : Automotive & Transportation | |||
EV Traction Motor Market Introduction and Overview
According to SPER Market Research, the Global EV Traction Motor Market is estimated to reach 177.16 USD billion by 2033 with a CAGR of 35.56%.
The report includes an in-depth analysis of the Global EV Traction Motor market, including market size and trends, product mix, distribution channels, and supplier analysis. When an electric vehicle has a traction motor installed, it draws its power from the car's battery to move the vehicle forward. Providing the necessary torque for electric vehicle propulsion is a skill that traction motors are adept at.
- As a crucial part of electric vehicles, traction motors are in high demand, which is being met by an increase in the number of electric cars on the road. The demand for Electric Vehicles is increasing as a result of contentious pollution standards, a rise in the number of Electric Vehicles on the road, and significant financial incentives offered by regulatory authorities.
- NIDEC CORPORATION increased its reach in February 2020 by opening three new manufacturing facilities in China, Poland, and Mexico. These factories would provide electric motors in the millions at considerably lower costs.
- NIDEC Corporation introduced two new traction motor systems in February 2020: the 200 kW Ni200Ex and 50 kW Ni50Ex, which were built on the 150 kW E-Axle.
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Market Opportunities and Challenges
The EV Traction Motor market has a variety of opportunities and challenges. On the opportunity side, the main mechanisms in hybrid and all-electric vehicles for transforming electrical energy into mechanical energy are traction motors. For initial propulsion and to give the vehicle rotational torque, electric traction motors are included in electric vehicles. The need for traction motors has significantly increased as a result of advancements in hybrid vehicle technologies. Electric traction motors, such as permanent magnet synchronous motors, are commonly used in electric vehicles because they are lighter than induction motors and have a more compact design. Another important factor supporting the growth of the market for electric traction motors is increased awareness of the detrimental effects of carbon emissions from moving automobiles.
Overload, poor power conditions, extremely effective service factors, frequent turning on and off of the motor, and a lack of airflow around the motor are all causes of overheating. Electric motors typically overheat in hot regions. Insulation failure accounts for around 30% of all motor failures, whereas overheating accounts for approximately 60%. Permanent magnet motors have significant dependability issues; when exposed to high temperatures, these motors lose their magnetic properties. The permanent magnets in these motors demagnetize, reducing their torque capacity. Electric motors must therefore perform properly in order to complete this duty.
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Market Competitive Landscape
ABB (Switzerland), Mitsubishi (Japan), 15.2. Parker-Hannifin Corp, SKF AB are the market leaders in electric traction motors. To gain a greater share of the electric traction motor market between 2017 and 2021, the firms used growth methods such as contracts and agreements, investments and expansions, partnerships, collaborations, alliances, and joint ventures.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Motor Type, By Voltage Rating, By Vehicle Type |
| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe |
| Companies Covered | 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 |
COVID-19 Impact on Global EV Traction Motor Market
The COVID-19 epidemic has had a wide-ranging impact on the EV Traction Motor Market. Initially, supply chains were disrupted as manufacturing facilities around the world temporarily shut down or scaled back operations owing to lockdowns and limitations. This resulted in production delays for electric vehicles, especially those equipped with electric traction motors. Furthermore, consumer demand for EVs fell in the early stages of the epidemic due to economic uncertainty and lower consumer expenditure.
Key Target Audience
- Automakers and Original Equipment Manufacturers (OEMs)
- Electric Vehicle Component Suppliers
- Investors and Financial Institutions
- Research and Development Organizations
Our in-depth analysis of the EV Traction Motor Market includes the following segments:
| By Motor Type: |
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| By Application: |
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| By Vehicle Type: |
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Key Topics Covered in the Report
- Global EV Traction Motor Market Size (FY’2023-FY’2033)
- Overview of Global EV Traction Motor Market
- Segmentation of Global EV Traction Motor Market By Motor Type (Permanent Magnet Synchronous EV Traction Motors, Asynchronous EV Traction Motors)
- Segmentation of Global EV Traction Motor Market By Voltage Rating (High Voltage, Low Voltage)
- Segmentation of Global EV Traction Motor Market By Vehicle Type (Electric Vehicles, Plug-in-Hybrid Electric Vehicles, Mild Hybrid Vehicle, Full Hybrid Vehicle)
- Statistical Snap of Global EV Traction Motor Market
- Expansion Analysis of Global EV Traction Motor Market
- Problems and Obstacles in Global EV Traction Motor Market
- Competitive Landscape in the Global EV Traction Motor Market
- Impact of COVID-19 and Demonetization on Global EV Traction Motor Market
- Details on Current Investment in Global EV Traction Motor Market
- Competitive Analysis of Global EV Traction Motor Market
- Prominent Players in the Global EV Traction Motor Market
- SWOT Analysis of Global EV Traction Motor Market
- Global EV Traction Motor Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges
4.2. COVID-19 Impacts of the Global EV Traction Motor Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global EV Traction Motor Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global EV Traction Motor Market
7. Global EV Traction Motor Market, By Motor Type (USD Million)
7.1. Global EV Traction Motor Market Value Share and Forecast, By Motor Type, 2023-20337.2. Asynchronous EV Traction Motors7.3. Permanent Magnet Synchronous EV Traction Motors
8. Global EV Traction Motor Market, By Voltage Rating (USD Million)
8.1. Global EV Traction Motor Market Value Share and Forecast, By Voltage Rating, 2023-20338.2. High Voltage8.3. Low Voltage
9. Global EV Traction Motor Market, By Vehicle Type (USD Million)
9.1. Global EV Traction Motor Market Value Share and Forecast, By Vehicle Type, 2023-20339.2. Electric Vehicles9.3. Full Hybrid Vehicle9.4. Mild Hybrid Vehicle9.5. Plug-in-Hybrid Electric Vehicles
10. Global EV Traction Motor Market Forecast, 2019-2033 (USD Million)
10.1. Global EV Traction Motor Market Size and Market Share
11. Global EV Traction Motor Market, By Motor Type, 2019-2033 (USD Million)
11.1. Global EV Traction Motor Market Size and Market Share By Motor Type (2019-2026)11.2. Global EV Traction Motor Market Size and Market Share By Motor Type (2027-2033)
12. Global EV Traction Motor Market, By Voltage Rating, 2019-2033 (USD Million)
12.1. Global EV Traction Motor Market Size and Market Share By Voltage Rating (2019-2026)12.2. Global EV Traction Motor Market Size and Market Share By Voltage Rating (2027-2033)
13. Global EV Traction Motor Market, By Vehicle Type, 2019-2033 (USD Million)
13.1. Global EV Traction Motor Market Size and Market Share By Vehicle Type (2019-2026)13.2. Global EV Traction Motor Market Size and Market Share By Vehicle Type (2027-2033)
14. Global EV Traction Motor Market, By Region, 2019-2033 (USD Million)
14.1. Global EV Traction Motor Market Size and Market Share By Region (2019-2026)14.2. Global EV Traction Motor Market Size and Market Share By Region (2027-2033)14.3. Asia-Pacific
14.3.1. Australia14.3.2. China14.3.3. India14.3.4. Japan14.3.5. South Korea14.3.6. Rest of Asia-Pacific
14.4. Europe
14.4.1. France14.4.2. Germany14.4.3. Italy14.4.4. Spain14.4.5. United Kingdom14.4.6. Rest of Europe
14.5. Middle East and Africa
14.5.1. Kingdom of Saudi Arabia14.5.2. United Arab Emirates14.5.3. Rest of Middle East & Africa
14.6. North America
14.6.1. Canada14.6.2. Mexico14.6.3. United States
14.7. Latin America
14.7.1. Argentina14.7.2. Brazil14.7.3. Rest of Latin America
15. Company Profile
15.1. ABB Limited,
15.1.1. Company details15.1.2. Financial outlook15.1.3. Product summary15.1.4. Recent developments
15.2. Parker-Hannifin Corp
15.2.1. Company details15.2.2. Financial outlook15.2.3. Product summary15.2.4. Recent developments
15.3. SKF AB.,
15.3.1. Company details15.3.2. Financial outlook15.3.3. Product summary15.3.4. Recent developments
15.4. ZF TRW Automotive Holdings Corporation
15.4.1. Company details15.4.2. Financial outlook15.4.3. Product summary15.4.4. Recent developments
15.5. Avid Technology Limited
15.5.1. Company details15.5.2. Financial outlook15.5.3. Product summary15.5.4. Recent developments
15.6. YASA Motors Ltd.
15.6.1. Company details15.6.2. Financial outlook15.6.3. Product summary15.6.4. Recent development
15.7. Others
16. List of Abbreviations
17. Reference Links
18. Conclusion
19. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
EV Traction Motor Market is projected to reach USD 177.16 billion by 2033, growing at a CAGR of 35.56% during the forecast period.
EV Traction Motor Market grew in market size from 2022. The Market is expected to reach USD 177.16 billion by 2033, at a CAGR of 35.56% during the forecast period.
EV Traction Motor Market CAGR of 35.56% during the forecast period.
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EV Traction Motor Market size is USD 177.16 billion from 2023 to 2033.
EV Traction Motor Market Segment is covered By Motor Type, By Voltage Rating, By Vehicle Type
The North America is anticipated to have the highest market share in the EV Traction Motor Market .
The key players in the market include Companies Covered 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.
When an electric vehicle has a traction motor installed, it draws its power from the car's battery to move the vehicle forward. Providing the necessary torque for electric vehicle propulsion is a skill that traction motors are adept at.
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