FactMR has actively published a new research study titled "EV Traction Motor Market Report Based on Upcoming Trends and Industry Development by 2026 | Key Players are ABB Limited, Bharat Heavy Electricals Ltd., Magnetic Systems Technology, SKF AB, etc." to its broad online database. This assessment works to discourse the major trends, opportunities and drivers motivating the EV Traction Motor Market during the period between *forecast period*. The insights structured for presenting the target market are procured from both primary research and secondary research, and are utilized for validation that is valuable to investors, manufacturers and new entrants. As per research findings, the global EV Traction Motor Market is expected to showcase impressive growth in CAGR during the period until 2026.
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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.
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.
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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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