The global Electric Vehicle Traction Motor Market was valued at USD 4.76 billion in 2022 and expected to grow at a CAGR of 39.4% during the forecast period.
The market for traction motors is expected to grow as a result of the rising global demand for EVs and significant R&D investments targeted at enhancing the effectiveness and operational performance of electric vehicles. These traction motors are a necessary part of fully electric vehicles. Furthermore, it is anticipated that the market will grow and be driven by governments from other countries imposing regulatory norms. Additionally, it is anticipated that increased fuel efficiency compared to conventional vehicles and subsidies for EV purchases will increase demand for traction motors. The market is comprehensively evaluated in the study on the global electric vehicle traction motor market. The research provides a thorough analysis of the market’s key segments, trends, drivers, restraints, competitive environment, and other important elements.
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An electric car An electric car’s installed traction motor propels the vehicle using electric power from the vehicle’s battery. When it comes to supplying the necessary torque for electric vehicle propulsion, traction motors excel.
Competitive Landscape:
The global Electric Vehicle Traction Motor market is highly competitive and fragmented with the presence of several players. These companies are constantly focusing on new product development, partnerships, collaborations, and mergers and acquisitions to maintain their market position and expand their geographical presence.
Some of the key players operating in the Electric Vehicle Traction Motor industry are:
- ABB Limited
- AVL List GmbH
- BorgWarner Inc.
- Continental AG
- Dana Incorporated
- GKN Automotive Limited
- Hitachi Automotive Systems
- Mitsubishi Electric Corporation
- Nidec Corporation
- Parker-Hannifin Corp.
- Robert Bosch GMBH
- SiCepower
- Siemens AG
- SKF AB
- Yaskawa Electric Corporation
- ZF TRW Automotive Holdings Corporation
- BYD Company Limited
- Others
Electric Vehicle Traction Motor Market Segments
By Type
- Permanent Magnet Synchronous Motors
- DC Brushed Motors
- DC Brushless Motors
o Out-Runner BLDC Motors
o In-Runner BLDC Motors
- Induction Motors
- Switched Reluctance Motors
- Wound Rotor Synchronous Motors
By Power Output
- Less Than 100 kW
- 100 kW to 250 kW
- More Than 250 kW
By Propulsion Type
- Hybrid Electric Vehicles
o Pure Hybrid Electric Vehicles
o Plug-In Hybrid Electric Vehicles
- Battery Electric Vehicles
By Application
- Passenger Vehicles
- E-Scooters & Bikes
- Heavy Commercial Vehicles
By Geography
- North America
o U.S.
o Canada
o Mexico
- Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
- Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o ASEAN
o Rest of APAC
- South America
o Brazil
o Argentina
o Colombia
o Rest of South America
- MEA
o South Africa
o Saudi Arabia
Read More: https://wemarketresearch.com/reports/electric-vehicle-traction-motor-market/1283
Since traction motors are a crucial part of electric vehicles, there is a developing market for these vehicles, which in turn helps meet the demand for traction motors. The demand for electric vehicles is increasing as a result of stringent pollution standards, a rise in demand, and significant incentives offered by regulatory authorities for electric vehicles. The desire for electric vehicles is being fueled by the quick development of charging infrastructure, the decline in electric vehicle prices due to the decline in battery prices, the availability of ultra-fast chargers, and the rumored ban on fuel-powered vehicles.
