The global electric vehicle traction motor market size is expected to be worth around US$ 21.8 billion by 2030, according to a new report by Vision Research Reports.
The global electric vehicle traction motor market size was valued at US$ 2.98 billion in 2020 and is anticipated to grow at a CAGR of 42.6% during forecast period 2021 to 2030.
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Report Coverage
| Report Scope | Details |
| Market Size | USD 21.8 billion by 2030 |
| Growth Rate | CAGR of 42.6% From 2021 to 2030 |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Vehicle type |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Mentioned | ABB Limited; Parker-Hannifin Corp.; SKF AB; ZF TRW Automotive Holdings Corporation; Robert Bosch GMBH; and Nidec Corporation. |
Growth Factors
Increasing investments in Electric Vehicle (EVs) along with growing demand for energy-efficient motors are some of the major growth drivers. EV traction motor has low power consumption and high efficiency owing to which it is witnessing an increased demand for EVs. Furthermore, stringent environmental regulation and emission norms to safeguard environmental sustainability are driving the demand for EVs, thereby creating favorable grounds for the market growth.
Governments of developing and developed countries are taking initiatives for boosting the adoption of electric vehicles, through establishment of various stringent norms and policies regarding carbon emissions, as a result of the growing environmental hazards posed by traditional combustion engine vehicles.
By Vehicle Type Analysis
A battery electric vehicle is the fully electric powered vehicle that uses chemical energy stored in rechargeable battery packs. Battery electric vehicle uses motor controllers and electric motors instead of conventional IC engines for propulsion.
Technological advancements, such as long-range batteries with fast charging capabilities are expected to drive the growth of the BEV segment. The market is moving toward a higher battery capacity of over 60kWh to increase the range of EVs to up to 200 miles on a single charge.
By Regional Analysis
Asia Pacific emerged as the largest market for EV traction motor in 2018 and is anticipated to witness fastest growth over the forecast period. This is ascribed to the development of manufacturing facilities by industry leaders in the region.
North America is expected to witness a substantial CAGR of over 35% over the forecast period. It is also a prominent region in terms of sales of EV traction motors.
Key Player
ABB Limited, Parker-Hannifin Corp., SKF AB, ZF TRW Automotive Holdings Corporation, Robert Bosch GMBH, andNidec Corporation.
Market Segmentation
Table Of Contents
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Electric Vehicle Traction Motor Market, By Vehicle Type
7.1. Electric Vehicle Traction Motor Market, by Vehicle Type, 2021-2030
7.1.1. BEV
7.1.1.1. Market Revenue and Forecast (2017-2030)
7.1.2. PHEV
7.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 8. Global Electric Vehicle Traction Motor Market, Regional Estimates and Trend Forecast
8.1. North America
8.1.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
8.1.2. U.S.
8.1.3. Rest of North America
8.1.3.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
8.2. Europe
8.2.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
8.2.2. UK
8.2.2.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
8.2.3. France
8.2.3.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
8.2.4. Rest of Europe
8.2.4.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
8.3. APAC
8.3.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
8.3.2. India
8.3.2.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
8.3.3. China
8.3.3.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
8.3.4. Japan
8.3.4.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
8.3.5. Rest of APAC
8.3.5.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
8.4. MEA
8.4.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
8.4.2. GCC
8.4.2.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
8.4.3. North Africa
8.4.3.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
8.4.4. South Africa
8.4.4.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
8.4.5. Rest of MEA
8.4.5.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
8.5. Latin America
8.5.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
8.5.2. Brazil
8.5.2.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
8.5.3. Rest of LATAM
8.5.3.1. Market Revenue and Forecast, by Vehicle Type (2017-2030)
Chapter 9. Company Profiles
9.1. ABB Limited
9.1.1. Company Overview
9.1.2. Product Offerings
9.1.3. Financial Performance
9.1.4. Recent Initiatives
9.2. Parker-Hannifin Corp
9.2.1. Company Overview
9.2.2. Product Offerings
9.2.3. Financial Performance
9.2.4. Recent Initiatives
9.3. SKF AB
9.3.1. Company Overview
9.3.2. Product Offerings
9.3.3. Financial Performance
9.3.4. Recent Initiatives
9.4. ZF TRW Automotive Holdings Corporation
9.4.1. Company Overview
9.4.2. Product Offerings
9.4.3. Financial Performance
9.4.4. Recent Initiatives
9.5. Robert Bosch GMBH
9.5.1. Company Overview
9.5.2. Product Offerings
9.5.3. Financial Performance
9.5.4. Recent Initiatives
9.6. andNidec Corporation
9.6.1. Company Overview
9.6.2. Product Offerings
9.6.3. Financial Performance
9.6.4. Recent Initiatives
Chapter 10. Research Methodology
10.1. Primary Research
10.2. Secondary Research
10.3. Assumptions
Chapter 11. Appendix
11.1. About Us
11.2. Glossary of Terms
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