North America is Likely to Retain its Position of the Largest Market with Multiple Opportunities for EV Traction Motor Market Players – FactMR Study
Research Reports
Oct 31, 2021
250 Pages EV Traction Motor Market Survey by Fact MR, A Leading Business and Competitive Intelligence Provider
Latest industry analysis by Fact MR, predicts sales of EV Traction Motor to swell at propelled CAGR through 2031, as automotive sales gradually recover across the world. The report is intended at presenting insights into hidden growth opportunities and challenges. It also offers recommendations to help businesses to prep for unforeseen challenges.
The market intelligence study therefore includes demographics analysis so market players can plan their product and marketing strategy. It offers sales outlook in 20+ countries. It identifies the most lucrative segments to assist companies in creating winning strategies for future.
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The report offers actionable and valuable market insights of EV Traction Motor. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of EV Traction Motor Market across various industries and regions.
The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of EV Traction Motor market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of EV Traction Motor
This newly published and insightful report sheds light on Market Insights of EV Traction Motor, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of EV Traction Motor Market.
EV Traction Motor Market- The Competitive Landscape
- In 2019, Advanced Cooling Technologies, Inc. (ACT)- a company offering thermal management solutions, made an announcement of the acquisition of the precision-cooling business of Parker Hannifin Corporation, a leading player in EV traction motor market.
- In 2017, ABB Limited- a MNC operating in the areas of power, robotics, automation technology, and heavy electrical equipment- acquired KEYMILE Group’s mission-critical communication business unit. This acquisition is aimed at expansion of ABB’s communication network’s portfolio. This will also help in extension of revenue-generating opportunities for ABB.
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With the growth in the development of electric vehicles, the demand for EV traction motor is also rising. Moreover, traction motors can be used in both hybrids as well as electric vehicles. Also, with the introduction of stringent regulations on emission across the globe is also driving the demand for electric vehicles, thereby resulting in the growth of EV traction motor market. The government in various countries are also offering incentives and subsidies for electric vehicles such as tax exemptions, tax credits, etc., resulting in the increasing demand for electric vehicles. Hence, increasing demand for electric vehicles will automatically drive the EV traction motor market. Moreover, manufacturers are also focusing on developing advanced traction motors by investing in research and development activities.
Operating at high temperature, traction motors reduce the need for cooling time, thereby increasing the efficiency of the motor. The automotive industry is moving towards adopting traction motors to achieve power density, efficiency, reliability. Moreover, use of traction motors in electric vehicles also leads to the low maintenance cost. However, increasing cost of metals and shortage of rear-earth metals is hampering the growth of the EV traction motors.
As per the report compiled by Fact.MR, the global EV traction market is likely to witness robust growth, registering 13.5% CAGR during the forecast period 2017-2026. The market is also estimated to bring in US$ 14,924.0 million revenue by the end of 2026. Manufacturers are focusing on investing in the research and development of the advanced EV traction motor based on specific needs. Moreover, increasing adoption of the electric vehicles is also driving the growth of the global EV traction motor market. Below are the few insights on how the global EV traction motor market will perform in the coming years.
5 Key Insights on Global EV Traction Motor Market
- North America is expected to remain dominant in the global EV traction market during the forecast period 2017-2026. Owing to the initiatives by the government such as providing incentives and subsidies on purchasing an electric vehicle is one of the factors driving the market growth in North America. Moreover, the U.S. Department of Energy is also encouraging and guiding manufacturers to produce traction motors to enhance the power, and reduce the cost of electric vehicles.
- Europe and Asia Pacific Excluding Japan (APEJ) are also expected to witness impressive growth. Netherlands is one of the major countries producing and using electric vehicles. Moreover, countries such as Germany, U.K., and France are also moving towards using electric vehicles. Government and local bodies in India and China are also making efforts to boost the use of electric vehicles.
- Induction/Asynchronous Motors (IM) is expected to be the highly preferred motor in the global EV traction motor market. By the end of 2026, Induction/Asynchronous Motors (IM) is projected to reach nearly US$ 8,200 million revenue.
- High voltage EV traction motor is expected to account for maximum revenue share. High voltage EV traction motor is also estimated to bring in nearly US$ 9,500 million revenue towards 2026 end.
- Mild hybrid vehicles are likely to gain maximum traction in the global EV traction motor market. Mild hybrid vehicles are projected to create an incremental opportunity exceeding US$ 3,700 million between 2017 and 2026.
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Report Benefits & Key Questions Answered
- EV Traction Motor Company & brand share analysis: The report offers in-depth EV Traction Motor brand share analysis to estimate percentage of the market covered by Tier 1, Tier 2, and Tier 3 companies
- EV Traction Motor Historical volume analysis: The report offers a comparative analysis between historic sales of EV Traction Motor and projected sales performance for 2021-2031
- EV Traction Motor Category & segment level analysis: Fact MR presents a comprehensive analysis of factors enabling sales growth across key segments. It underscores chief growth drivers and offers valuable information to identify sales prospects a local and regional levels
- EV Traction Motor Consumption by demographics: To offer informed recommendation, the report studies behavior and consumption pattern of consumers. The demographics analysis is intended at helping business better understand consumer preference and design their product and market strategies around it
- Post COVID consumer spending on EV Traction Motor: The Fact MR market survey carefully studies consumer spending behavior post COVID-19. It gauges how prevailing trends have influenced their behavior, subsequently impacting their spending power
More Valuable Insights on EV Traction Motor Market
Fact.MR, in its new report, offers an unbiased Market Analysis of EV Traction Motor, Sales and Demand of EV Traction Motor, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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