Electric Vehicle Traction Motor Market To Witness Potential Growth Of $19.8 Billion With A Tremendous CAGR Of 41.6% | Grand View Research Inc

Electric Vehicle Traction Motor Market To Witness Potential Growth Of $19.8 Billion With A Tremendous CAGR Of 41.6% | Grand View Research Inc

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According to a report published by Grand View Research, the market is driven due to the factors such as rising demand for high-performance electric vehicle traction motors, supportive government policies, and electric vehicle subsidies, and a rise in railway electrification programs.

The global electric vehicle traction motor market size is expected to reach USD 19.8 billion by 2025, registering a CAGR of 41.6% over the forecast period. The traction motor is the most vital component used in electric vehicles (EV) as it aids the movement of the vehicle. A rise in the adoption of EVs has been a major contributor to market growth.

Governments of developing and developed countries are taking initiatives for boosting the adoption of electric vehicles, through the establishment of various stringent norms and policies regarding carbon emissions, as a result of the growing environmental hazards posed by traditional combustion engine vehicles. Moreover, they are providing subsidies for purchasing battery-operated commercial vehicles, which in turn is motivating people to opt for electric vehicles. Hence, factors such as growing environmental concerns and stringent emission norms along with the rising awareness regarding the advantages of EVs are propelling the growth of the EV traction motor market.

Furthermore, the cost of ownership of combustion engine vehicles has witnessed a rapid rise as a result of the consistent increase in the prices of petrol and diesel. Growing ownership cost has made fleet owners switch to battery-operated vehicles. Although lower loading capacity is proving to be a restraint for the higher adoption of EVs, companies are observed to be making huge investments to develop advanced technology for EVs and developing powerful motors and batteries. This is expected to eventually reduce the impact of the aforementioned growth restraints over the forecast period.

North America electric vehicle traction motor market size, by vehicle type, 2014 - 2025 (USD Million)

Electric Vehicle Traction Motor Market Report Highlights

  1. On the basis of vehicle type, the battery electric vehicle segment is expected to dominate the market during the forecast period owing to the shift in customer consciousness towards the zero-emission vehicle. 

  2. The plug-in hybrid electric vehiclesegment is forecasted to expand at a significant CAGR over the forecast period, due to the reduced risk of vehicle shut down during the commute.

  3. The Asia Pacific is expected to account for the highest market share, followed by North America, by 2025. High adoption of EVs in countries such as China, contributed to the higher share of Asia Pacific.

  4. North America is expected to witness a substantial CAGR of over 35% over the forecast period. It is also a prominent region in terms of sales of EV traction motors.

  5. In May 2020, Geely Automobile’s new all-electric SUV Geometry C is based on Nidec’s mass-produced E-Axle traction motor system that entered production in April 2019. The Nidec’s compact motor is combined with the next generation inverter which directly contributes to the excellent vehicle performance.

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Electric Vehicle Traction Motor Market Segmentation

Grand View Research has segmented the global electric vehicle traction motor market on the basis of vehicle type and region:

Electric Vehicle Traction Motor Vehicle Type Outlook (Revenue, USD Million, 2014 – 2025)

  1. BEV

  2. PHEV

Electric Vehicle Traction Motor Regional Outlook (Revenue, USD Million, 2014 – 2025)

  1. North America

    1. The U.S.

    2. Canada

  2. Europe

    1. The U.K.

    2. Germany

    3. France

    4. Norway

    5. Netherlands

    6. Sweden

  3. Asia Pacific

    1. China

    2. India

    3. Japan

    4. Korea

  4. Latin America

    1. Brazil

    2. Mexico

  5. Middle East & Africa

Key Players in the Electric Vehicle Traction Motor Market

  1. ABB Limited

  2. Parker-Hannifin Corp.

  3. SKF AB.

  4. ZF TRW Automotive Holdings Corporation

  5. Robert Bosch GMBH

  6. Valeo SA

  7. Zytek Group Limited.

  8. Hitachi, Ltd.

  9. Avid Technology Limited

  10. YASA Motors Ltd.

  11. Nidec Corporation

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