Electric Passenger Car Traction Motor Market Outlook -2027
Traction motor produces resistance between two surfaces with or without using electricity. An electric passenger car traction motor is a vital component which is used for extracting electricity from the battery pack. Traction motor is installed in electric passenger vehicles to provide rotation torque for the movement of the car. Furthermore, stringent emission discharge norms and regulations drives the demand for electric passenger car. Moreover, quick expansion of EV charging structure, decline in EV prices due to government provided subsidies & reduced price of battery, accessibility to ultra-fast chargers, and anticipated restrictions over fuel-powered vehicles further fuel the demand for EVs. Therefore, rise in demand for electric vehicle is expected to drive the market growth for global electric passenger car traction motor.
COVID-19 scenario analysis:
- Electric passenger car is an evolving industry, which has been currently hampered due to the spread of the Corona virus, which in turn have disrupted the production and installation of electric passenger car traction motor across the affected countries.
- Majority of global electric passenger car traction motor manufacturers are facing major issues such as unavailability of workforce and shutdown of all operations due to the government declared lockdown, which further affects the production of the electric vehicles as well.
- An unprecedented global disruption owing to the COVID-19 outbreak is observed in the electric passenger car traction motor market, which in turn has caused an uncertainty toward the demand and supply network for the manufacturers.
- The vendors in electric passenger car traction motor industry across the globe is affected severely due to the restrictions on producers as well as the declared lockdowns which in turn is affecting the global electric passenger car traction motor manufacturers worldwide.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Rise in adoption of electric vehicles, increase in demand for effective power renovation, and non-stable prices of crude oil drive the growth of the global market. However, overheating of EV traction motors and fluctuating prices of input components are expected to hamper the growth of the market. On the contrary, designing better speed estimator creates favorable condition for the adoption of electric vehicles, which provides lucrative opportunity for the market growth.
The global electric passenger car traction motor market trends are as follows:
Rise in adoption of electric vehicles
Adoption of electric passenger car is growing rapidly worldwide. For instance, according to international energy agency (IEA), in 2018, 5.1 million electric cars were operating globally. Furthermore, electric vehicles emit no greenhouse gases and no air pollutants when compared with a petrol or diesel vehicle. Rapid expansion of electric vehicle charging infrastructure, battery technology enhancements, and rise in vehicle emission norms & the subsidies provided by the government drive the adoption of electric vehicles worldwide. Therefore, rise in adoption of electric vehicles is expected to boost the growth of electric passenger car traction motor market.
Overheating of electric passenger vehicle traction motor
Due to the friction generated by the traction motor, a huge amount of electrical overload is caused to the mechanical equipment. Furthermore, excessive heat causes rapid deterioration and failure of the traction motor. For instance, Robert Bosch have qualified almost 60% of passenger vehicle motor and failure are caused by overheating. Therefore, rise in overheating of electric passenger vehicle traction motor is anticipated to hamper the market growth for electric passenger car traction motor market in the near future.
Key benefits of the report:
- This study presents the analytical depiction of the electric passenger car traction motor industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of the electric passenger car traction motor market.
- The current market is quantitatively analyzed to highlight the electric passenger car traction motor market growth scenario.
- We can also determine electric passenger car traction motor will remain a significant revenue shareholder in the global electric passenger car traction motor market through the predictable future.
Questions answered in the global electric passenger car traction motor market research report:
- Which are the leading market players active in electric passenger car traction motor market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Electric Passenger Car Traction Motor Market Report Highlights
By Power Rating
Key Market Players
Remy Group, BorgWarner Inc., ZF Group, Valeo SA., Robert Bosch AG, ABB, Siemens AG, Continental AG, Toshiba Group, Zhongshan Broad-Ocean Motor Co. Ltd.