With the growth in the development of electric vehicles, the demand for EV traction motor is also rising. Moreover, traction motors can be used in both hybrids as well as electric vehicles. Also, with the introduction of stringent regulations on emission across the globe is also driving the demand for electric vehicles, thereby resulting in the growth of EV traction motor market. The government in various countries are also offering incentives and subsidies for electric vehicles such as tax exemptions, tax credits, etc., resulting in the increasing demand for electric vehicles. Hence, increasing demand for electric vehicles will automatically drive the EV traction motor market. Moreover, manufacturers are also focusing on developing advanced traction motors by investing in research and development activities.
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Operating at high temperature, traction motors reduce the need for cooling time, thereby increasing the efficiency of the motor. The automotive industry is moving towards adopting traction motors to achieve power density, efficiency, reliability. Moreover, use of traction motors in electric vehicles also leads to the low maintenance cost. However, increasing cost of metals and shortage of rear-earth metals is hampering the growth of the EV traction motors.
As per the report compiled by Fact.MR, the global EV traction market is likely to witness robust growth, registering 13.5% CAGR during the forecast period 2017-2026. The market is also estimated to bring in US$ 14,924.0 million revenue by the end of 2026. Manufacturers are focusing on investing in the research and development of the advanced EV traction motor based on specific needs. Moreover, increasing adoption of the electric vehicles is also driving the growth of the global EV traction motor market. Below are the few insights on how the global EV traction motor market will perform in the coming years.
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5 Key Insights on Global EV Traction Motor Market
- North America is expected to remain dominant in the global EV traction market during the forecast period 2017-2026. Owing to the initiatives by the government such as providing incentives and subsidies on purchasing an electric vehicle is one of the factors driving the market growth in North America. Moreover, the U.S. Department of Energy is also encouraging and guiding manufacturers to produce traction motors to enhance the power, and reduce the cost of electric vehicles.
- Europe and Asia Pacific Excluding Japan (APEJ) are also expected to witness impressive growth. Netherlands is one of the major countries producing and using electric vehicles. Moreover, countries such as Germany, U.K., and France are also moving towards using electric vehicles. Government and local bodies in India and China are also making efforts to boost the use of electric vehicles.
- Induction/Asynchronous Motors (IM) is expected to be the highly preferred motor in the global EV traction motor market. By the end of 2026, Induction/Asynchronous Motors (IM) is projected to reach nearly US$ 8,200 million revenue.
- High voltage EV traction motor is expected to account for maximum revenue share. High voltage EV traction motor is also estimated to bring in nearly US$ 9,500 million revenue towards 2026 end.
- Mild hybrid vehicles are likely to gain maximum traction in the global EV traction motor market. Mild hybrid vehicles are projected to create an incremental opportunity exceeding US$ 3,700 million between 2017 and 2026.
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The report also offers a detailed profile of some of the leading players in the global market for EV traction motor such as ABB Limited, Bharat Heavy Electricals Ltd., Magnetic Systems Technology, Parker-Hannifin Corp., SKF AB, Valeo SA, YASA Motors Ltd., ZF TRW Automotive Holdings Corporation, and Zytek Group Limited.