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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:
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:
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 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:
Questions answered in the EV traction motor market research report:
Key Market Segments
Key Market Players