As the need for regenerative brakes and propulsion in the electric vehicles arises, manufacturers are focusing on developing advanced traction motors. Surge in demand for the electric vehicles in the automotive industry will continue to rev up adoption of EV traction motor significantly. In addition, imposition of government regulations regarding the emission of greenhouse gases and air pollutants is further expected to fuel sales of the electric vehicles globally. Adoption of the EV traction motor will continue to gain momentum with the increase in the electric passenger trains.According to Fact.MR, the global EV traction motor market is expected to represent a value of US$ 14,924 Mn by 2026-end. Demand for the EV traction motors will continue due to increasing investment in research and development.
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Government Regulations to Boost Adoption
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. Increasing adoption of electronic vehicles will continue to impact adoption of the EV traction motor globally. Such factors are expected to impact growth of the global EV traction motor market during the forecast period.
High Demand for Efficient Motors to Fuel Market Growth
The traction motor help in reducing the cooling time when the vehicles are operating at a comparatively high temperature, which increases the efficiency of the motors. Manufacturing companies are increasingly focusing on developing traction motors that are equipped with features such as reliability, enhanced power density and efficiency. Adoption of the EV traction motors further reduces the maintenance cost of the vehicles. Bound to these factors, the global EV traction motor is expected to witness significant growth during the forecast period.
North America to Represent a Dominant Region
Increasing number of initiatives taken by the governing authorities such as offering subsidies and incentives on purchasing the electric vehicles will fuel growth of the EV traction motor market in North America. On the basis of region, North America is expected to remain a leading region in the global EV traction motor market throughout the forecast period. In addition, the Department of energy in the U.S. is also witnessed to guide and encourage the manufacturing companies to produce the EV traction motors attributed to low cost of the electric vehicles and enhanced power.
The EV traction motor market in APEJ (Asia Pacific Excluding Japan) and Europe will also witness robust growth globally. Netherlands among other countries in Europe continues to represent a major producer and user of the electric vehicles. In addition, countries such as France, U.K. and Germany are also witnessed to increasingly adopt electric vehicles in Europe. Further, the local and government bodies in China and India are also taking initiatives to fuel adoption of the electric vehicles in the countries.
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The induction/asynchronous motor will continue to witness high preference in the global market of EV traction motor. On the basis of motor type, the induction/asynchronous segment is expected to account for a value of nearly US$ 8,200 Mn during the forecast period.
Based on voltage rating, the high voltage EV traction motor is projected to generate significant revenues, recording a value of more than US$ 9,500 Mn by 2026-end. By vehicle type, the mild hybrid vehicles is projected to gain significant traction in the global market of EV traction motor. The mild hybrid vehicle type segment is expected to create an incremental opportunity surpassing a value of US$ 3,700 Mn during the forecast period.
Leading market players operating in the global EV traction motor market include Bharat Heavy Electricals Ltd., ABB Limited, Parker-Hannifin Corp., Magnetic Systems Technology, Valeo SA, SKF AB, ZF TRW Automotive Holdings Corporation, Zytek Group Limited and YASA Motors Ltd.
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