The global electric vehicle traction motor market size is anticipated to value USD 19.8 billion until 2025. It is also expected to register a CAGR of 41.6% over the forecasted years, 2019 to 2025.
The key factors driving this market, according to Million Insights, is the rising demand for EVs across the globe coupled with the huge investments in R&D activities for enhancing efficiency and operational performance of electric vehicles is expected to trigger the market growth of traction motors. These traction motors form an integral part of all-electric vehicles. Further, the imposition of regulatory norms by governments of various countries is projected to upsurge the demand for EVs. Also, subsidies provided for purchasing EVs along with higher fuel efficiency as compared to conventional vehicles is anticipated to boost the demand for traction motors.
The BEV – battery electric vehicle type segment held a dominant share across the global market in 2018 due to their rising demand owing to the usage of electric motors and motor controllers. On the other hand, the PHEV – plugin hybrid electric vehicle segment is projected to witness substantial share across the global market in 2018 owing to the lower risk of vehicle shut down while commuting.
In 2018, Asia Pacific dominated the global market owing to the rising presence of several manufacturing facilities across countries like China and India. While North America is also expected to register substantial share in the global market due to the increasing presence of electric vehicle manufacturers across countries like the US and Canada.
The EV traction motor market includes key players such as SKF AB, Parker-Hannifin Corp., ABB Limited, Robert Bosch GMBH, and YASA Motors Ltd. These players are continuously engaged in developing traction motors with higher operational efficiency and low power consumption.
NB: Photo is representational.