Global EV Traction Motor Market Overview:
Traction motors are powered by electricity and generate the power that rotates the wheels of the vehicle. With the help of its turning force produced by traction motors is transmitted to the wheels via the driving gear unit and axle. Traction motors are typically mounted in the electric vehicles where the wheels are housed. Its major features that benefit in the market include its low maintenance, completely sealed structure prevents dust intrusion, reduced number of components for fewer items requiring maintenance and reduced frequency, low noise, and many others. The increasing investment in electric vehicles is driving huge demand for electric vehicle traction motors. Some of the players profiled in the study are ABB (Switzerland), CG Power and Industrial Solutions (India), CRRC (China), GE (United States), Siemens (Germany), BMW (Germany), Tesla (United States), Broad-Ocean (United States), Toshiba (Germany) and Eaton (Ireland).
On the basis of geography, the market of EV Traction Motor has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Power Rating, the sub-segment i.e. Below 200 kW will boost the EV Traction Motor market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution Channel, the sub-segment i.e. Distributors will boost the EV Traction Motor market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Product, the sub-segment i.e. DC Traction Motor will boost the EV Traction Motor market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Growth Drivers
- Enhancement in Inflexibility of Emission Regulations has Pushed OEMs to Manufacture and Sell Electric and Hybrid Vehicles
- Growing Demand for High-Performance Motors
- The Rise in Number of Government Policies and Subsidies
- Development in Investments in the Railway Sector
- Increase Investment in Research and Development
- Required Huge Initial Deployment Cost of Traction Motors for Electric Vehicles
- The Volatility of Raw Material Prices, Especially Copper
- Growing Demand for Electric Vehicles
- Continuous Development in Technology
- High Cost Associated With the Electric Vehicles as Compared to the Internal Combustion Engine (ICE) Vehicles
- Lack of Skilled Professionals
There are various companies are operating in this industry and heavily investing in technology development. There are various market players are entering this industry to capture market growth opportunities. The market leaders are investing in organic and non-organic strategic growth initiatives to become dominant in this industry.
Target Audience:Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, EV Traction Motor Manufacturers, Suppliers, and Distributors, Raw Material Suppliers, Government Regulatory and Research Organizations and End-Use Industries
Major Objectives Focused through this Study To define, describe, and forecast the Global EV Traction Motor market on the basis of product [Hybrid Electric Vehicles (HEV), Battery Electric Vehicles (BEV) and Plug-in Hybrid Electric Vehicle (PHEV)] , application , key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the EV Traction Motor market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the EV Traction Motor industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Available Customization: Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Manufacturers which are also part of the research are Mitsubishi Electric (Japan), Continental AG (Germany) and Jing-Jin Electric Technologies (China).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the EV Traction Motor market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.