EV Traction Motor Market: High Demand for Efficient Motors to Fuel Market Growth

Posted on 2019-04-26 by Mark Hub in Automotive, Industrial // 0 Comments

Rockville, USA, 2019-Apr-26 — /EPR Network/ —The Fact.MR report on EV traction motor market talks offers an in-depth overview of the growth of EV traction motor market along with details of the value and volume projections over the forecast period. The report on EV traction market offers a segmental analysis, wherein all the segments are discussed in detail. Moreover, the report offers a detailed overview of the market dynamics, including trends, drivers, opportunities, and challenges, which are responsible for shaping the 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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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.

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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.

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.

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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