According to the latest study by Fact.MR, global demand of EV traction motor is estimated to exceed US$ 6,000 Mn in 2019, up from US$ 5,391.9 Mn in 2018. Sales of electric vehicles and hybrid electric vehicles, upheld by a host of technological features and claims of optimal performance, are likely to boost growth of EV traction motor market in 2019 and beyond. In addition, increasing regulations and norms put in place for effective emission controls are working in favor of hybrid and electric vehicles, paving lucrative avenues for growth of EV traction motor market.
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 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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According to the research study, energy efficacy is emerging as one of the focal points of automakers, on account of its importance in reducing of greenhouse emissions. High voltages provide a healthy boost to the efficiency levels, which is a primary reason for automakers preferring motors of high voltage ratings over the ones with low voltage ratings. Both electric and hybrid electric vehicles are based on high voltage battery systems, which implies that high voltage levels would be required for generation of sufficient power to run the vehicles.
With the growing need for propulsion and regenerative brakes, manufacturers in the automotive industry are shifting their focus on manufacturing electric vehicles. Government in various countries are further offering subsidies and incentives such as tax credits and exemptions to fuel adoption of the electric vehicles. Imposition of regulations regarding the increasing emission of air pollutants and greenhouse gases is further expected to rev up adoption of the electric vehicles in the global market.
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Key Factors Fuelling Growth
- Worldwide sales of electric vehicles are set to hit new records in the forthcoming years. This growth in sales can be attributed to multiple factors, ranging from evolving customer perceptions to tough emission-control regulations. Rising inclination toward electric vehicles will result in higher deployment of EV traction motors, creating revenue-generating opportunities for the key stakeholders in EV traction motor market.
- Governmental initiatives to incentivize customer purchasing electric vehicles, which, in turn, plays a crucial role in influencing customers and growing sales. With the rising allocation of such incentives and subsidiaries by governments across various regions, EV traction motor market is anticipated to witness exponential growth over the assessment period.
- High efficiency and low power consumption are two among of the key selling points of an EV traction motor. Surging demand for cost-effective components with impeccable efficiency is likely to boost visibility of EV traction motors amid the automotive space.
In a bid to comply with ever-evolving performance and efficiency requirements, manufacturers in EV traction motor market are raising their game and investing in R&D to introduce new and unique developments. By focusing on R&D, leading players in EV traction motors market are being able to implement unique technologies, such as advanced power electronics, into their offerings to eliminate the associated drawbacks. Moreover, the EV traction motor industry is extensively focusing on R&D to do away with use of rare-earth metals, which will help in reduction of the cost and complexity of the motors.
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.
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