Electric Vehicle (EV) Traction Motor Market Outlook - 2027
The Electric Vehicles (EV) traction motor is installed in fully-hybrid and Battery Electric Vehicles (BEVs). The BEVs and Hybrid Electric Vehicle (HEVs) are rapidly gaining traction in the global automobile market, owing to zero emissions and high fuel efficiency at increasingly reasonable prices. Attractive operating condition and remarkable features have boosted the EV traction motor demand in the market. Some of its attractive features include high power conversion, high efficiency, quiet operation, the capability to work in adverse conditions, and many others, which are expected to boost the market over the forecast period.
COVID-19 scenario analysis:
- Many manufacturing motor companies are dependent on each other for intermediate products. For instance, China produces 20% critical parts of the global value chain, which has been disturbed due to the lockdown.
- Exchange of resources among two companies in two countries is not possible during the pandemic, which has resulted in huge losses.
- The disrupted supply chain is estimated to take some time to revive once the pandemic is over.
- Businesses are suffering from bankruptcy or entering into a recession period due to the pandemic.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
Rise in demand for electric vehicles & machinery and government initiatives to incentivize costumers are expected to drive the growth of the market. However, rise in price of materials used for production and high investment costs are expected to restrain the growth of the market. Furthermore, increase in R&D is projected to provide lucrative opportunities for the EV traction motor market.
The EV traction motor market trends are as follows:
Rise in demand for electric vehicles and machinery:
Increase in spending on the betterment of automobiles and strict governmental regulation on carbon emission are the prominent factors that fuel the market growth. Volatile fuel price is another factor that increases the demand for electric vehicles, thereby driving the market growth. In addition, increase in demand for conveyors, elevators, and other industrial machines at the manufacturing site for straightforward operation further fuels the market growth.
Government initiatives to incentivize costumers:
Government initiatives play a very crucial role to influence costumers and to increase sales in the market. Rise in allocation of such incentives initiated by governments across various countries is estimated to display a positive impact on the market. Therefore, high efficiency and low power consumption are being highlighted by governments, resulting in more awareness among consumers.
Key benefits of the report:
- This study presents the analytical depiction of the EV traction motor market along with current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the EV traction motor market share.
- The current market is quantitatively analyzed to highlight the EV traction motor market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions answered in the EV traction motor market research report:
- Which are the leading market players active in the EV 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 of the market?
- What are the projections for the future that would help in taking further strategic steps?
Electric Vehicle (EV) Traction Motor Market Report Highlights
| Aspects | Details |
 By Type |
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 By Power |
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 By Application |
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 By Region |
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 Key Market Players | SKF AB, Magnetic Systems Technology, Parker-Hannifin Corp., Valeo SA, ZF TRW Automotive Holdings Corporation, ABB Limited, Zytek Group Limited, Industrial Solutions, Bharat Heavy Electricals Ltd., YASA Motors Ltd., CG Power |
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