- EV traction motor registered growth at a CAGR of over 5% during 2012- 2016. The market growth is primarily driven by tough & strict emission-control regulations that have been put into place to safeguard environmental sustainability.
- Sales of induction/asynchronous motors (IM) were valued at US$ 3,004.3 Mn in 2018, and will continue to tread on an ever-increasing path over the forecast period. The rugged physical structure coupled with operational safety makes an induction/asynchronous motor (IM) one of the widely employed EV traction motor types.
- North America is likely to retain its position of the largest market with multiple opportunities for the market players from an investment-making standpoint. Owing to multiple governmental initiatives, such as provisions of incentivizing electric car owners, North America continues to be the most-attractive market. In addition, extended support by the U.S. Department of Energy vis-à-vis production of traction motors for power enhancement and cost reduction of electric vehicles is a key aspect upholding the regional market growth.
- APEJ EV traction motor market is estimated to register fastest growth, with governments of China and India actively promoting the use of plug-in electric vehicles.
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EV Traction Motor Market- Key Factors Fuelling Growth
- Worldwide sales of electric vehicles are set to hit new records in the forthcoming years. This growth in sales can be attributed to multiple factors, ranging from evolving customer perceptions to tough emission-control regulations. Rising inclination toward electric vehicles will result in higher deployment of EV traction motors, creating revenue-generating opportunities for the key stakeholders in EV traction motor market.
- Governmental initiatives to incentivize customer purchasing electric vehicles, which, in turn, plays a crucial role in influencing customers and growing sales. With the rising allocation of such incentives and subsidiaries by governments across various regions, EV traction motor market is anticipated to witness exponential growth over the assessment period.
- High efficiency and low power consumption are two among of the key selling points of an EV traction motor. Surging demand for cost-effective components with impeccable efficiency is likely to boost visibility of EV traction motors amid the automotive space.
- Growing inclination toward emission-free vehicles has resulted in a number of hybrid electric vehicles (HEVs) rolled out by automakers worldwide. With EV traction motor being an integral part, rising production of hybrid electric vehicles (HEVs) will create favorable grounds for growth of EV traction motor market.
What are the Challenges Faced by Key Stakeholders in EV Traction Motor Market?
- Use of rare-earth metals and magnets in the designing process results in higher production costs, which in turn creates significant challenges for the EV traction motor industry. Ensuring unmatched efficiency during the process of energy conversion continues to be one of the biggest challenges in the designing framework of EV traction motors, which results in unnecessary complexity of the motor designs.
- Lack of well-established charging infrastructure and higher costs are creating considerable hindrances in the wide-scale adoption of electric vehicles (EVs). In addition, complexities in the designing and manufacturing paradigms for EVs are likely to place a lot on the shoulders of automakers, thereby creating challenges for them. Such factors are likely to hamper the 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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Manufacturers of EV Traction Motor Focus on R&D to Attain Long-term Profitability
Electric vehicles (EVs) and hybrid electric vehicles (HEVs) are disrupting the automotive space, owing to multiple benefits offered such as optimal fuel efficiency and near-zero emissions at relatively affordable prices. This, in turn, is also providing a significant impetus to the worldwide sales of EV traction motors. Various types of EV traction motors, including permanent magnet synchronous motors (PMSM), induction/asynchronous motors (IM), hybrid motors (HM), and switched reluctance motor, are employed in automobiles based on the automakers’ specifications.
In a bid to comply with ever-evolving performance and efficiency requirements, manufacturers in EV traction motor market are raising their game and investing in R&D to introduce new and unique developments. By focusing on R&D, leading players in EV traction motors market are being able to implement unique technologies, such as advanced power electronics, into their offerings to eliminate the associated drawbacks. Moreover, the EV traction motor industry is extensively focusing on R&D to do away with use of rare-earth metals, which will help in reduction of the cost and complexity of the motors.
EV Traction Motor Market- Research Methodology
The research study on EV traction motor market offers a comprehensive and an all-inclusive analysis of EV traction motor market landscape, which has been diligently compiled using a proven research methodology. The research methodology used during compilation of EV traction motor market report comprises of two phases- primary research and secondary research, which complete the process of compilation of EV traction motor market. The research methodology utilized for compilation of EV traction motor market is a ‘one-of-its-kind’ research methodology that ensures reliability and credibility. Insights and data garnered for EV traction motor market report are also subjected to stages of cross-verification to avoid minor discrepancies.
The primary phase of the research methodology includes interactive sessions with the expert panel and industry participants of EV traction motor market. The secondary phase of the research methodology includes detailed study and analysis of multiple sources, including paid databases, company websites, press releases, and other relevant publications.
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