Worldwide sales of electric vehicles are set to hit new records in the forthcoming years
ROCKVILLE, MARYLAND, UNITED STATES, September 21, 2021 /EINPresswire.com/ — The Fact.MR survey conducted on the EV Traction Motor market offers insights into key drivers and restraints affecting the market growth. The report highlights compelling insights into automotive radar demand outlook in terms of Range, Sales Channel, Application and Region. The Fact.MR report identifies key opportunities in the global EV traction motor industry and is anticipated to grow at a CAGR of over 13% through 2026.
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.
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Governmental schemes to incentivize and subsidize owners of electric vehicles is a key aspect underpinning growth of EV traction motor market. Most of these incentives and subsidies include tax exemptions, tax credits, concessions, and additional benefits, which play a vital role in exerting positive influence on customer decision-making. The EV traction motor industry is likely to benefit from these incentives with regard to revenue generation, finds the report.
Key Segments of the EV Traction Motors Market
By Motor Type
Permanent Magnet Synchronous Motors (PMSM)
Induction/Asynchronous Motors (IM)
Hybrid Motors (HM)
Switched Reluctance Motor (SRM)
By Voltage Rating
By Vehicle Type
Plug-in Hybrid Electric Vehicles
Mild Hybrid Vehicles
Full Hybrid Vehicles
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Report Benefits & Key Questions Answered
• EV Traction Motor Category and segment level analysis: Fact MR provides a detailed analysis of the factors influencing sales growth across key segments. It highlights key growth drivers and provides useful information for identifying sales prospects at the regional and local level.
• EV Traction Motor Historical volume analysis: The report provides a comparison of EV Traction Motor’s historical sales and projected sales performance for 2017-2026.
• EV Traction Motor Manufacturing trend analysis: The report offers a detailed analysis of manufacturing trends in the EV Traction Motor market. It carefully gauges the impact of changing healthcare needs of key demographics globally
• EV Traction Motor Consumption by demographics: The report investigates consumer behavior affecting EV Traction Motor demand outlook for the assessment period. Effect of their keenness for digital trends on EV Traction Motor market is carefully analyzed
• Post COVID consumer spending on EV Traction Motor: Healthcare industry has been largely influenced by COVID-19 pandemic. The Fact MR Market survey analyzed consumer spending post COVID-19. It assesses how current trends that will influence expenditure on healthcare services, thus affecting EV Traction Motor market growth.
Automakers Prefer EV Traction Motors with High Voltage Ratings
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. Moreover, motors with high voltage ratings have wirings that are relatively uncomplicated and lighter, which continues to be a key benefit for the automakers. The global sales of high voltage EV traction motors are estimated to exceed US$ 3,700 Mn in 2019, estimates the Fact.MR study.
North America Continues to be Most Attractive Market for EV Traction Motor
As per the report, North America continues to be the largest market for EV traction motors, with sales estimated to exceed US$ 1,700 Mn in 2019. Increasing adoption of commercial as well as passenger cars is likely to support growth of North America EV traction motor market. Rising number of promotional initiatives by the governing authorities in this region is supporting adoption of electric and hybrid electric vehicles in this region, creating revenue-generating opportunities for companies operating in the EV traction motor market.
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Manufacturers Focus on Value Proposition via Incorporation of Advanced Technologies
Manufacturers operating in the EV traction motor market, with an aim to edge out the competition, are adopting differential strategies, unveils the report. Leading companies operating in the EV traction motor market are collaborating with leading automakers planning electric vehicle rollouts to amplify their profitability. The EV traction motor industry is also focusing on reliability, which is a key selling point in the automotive space, as a crucial element to build up brand equity and control the warranty costs. Companies are enhancing the versatility of their offerings, which would help the EV traction motors deliver flawless performances under extreme conditions. Key considerations, such as hard-duty cycles, vibration, temperature, and others, are taken into account by the manufacturers to ensure best-quality products.
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