The global electric vehicle traction motor market size is anticipated to value USD 19.8 billion until 2025. It is also expected to register a CAGR of 41.6% over the forecasted years, 2019 to 2025. The rising demand for EVs across the globe coupled with the huge investments in R&D activities for enhancing efficiency and operational performance of electric vehicles is expected to trigger the market growth of traction motors.
These traction motors form an integral part of all-electric vehicles. Further, the imposition of regulatory norms by governments of various countries is projected to upsurge the demand for EVs. Also, subsidies provided for purchasing EVs along with higher fuel efficiency as compared to conventional vehicles is anticipated to boost the demand for traction motors.
The BEV vehicle type segment held a dominant share across the global market in 2018 due to their rising demand owing to the usage of electric motors and motor controllers. On the other hand, the PHEV segment is projected to witness substantial share across the global market in 2018 owing to the lower risk of vehicle shut down while commuting.
In 2018, Asia Pacific dominated the global market owing to the rising presence of several manufacturing facilities across countries like China and India. While North America is also expected to register substantial share in the global market due to the increasing presence of electric vehicle manufacturers across countries like the U.S. and Canada.
The EV traction motor market includes key players such as SKF AB, Parker-Hannifin Corp., ABB Limited, Robert Bosch GMBH, and YASA Motors Ltd. These players are continuously engaged in developing traction motors with higher operational efficiency and low power consumption.
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Further key findings from the report suggest:
• The PHEV segment is anticipated to register significant growth over the forecasted period, 2019 to 2025.
• The BEV vehicle type segment held largest share across the global market in 2018.
• In 2018, Asia Pacific dominated the global market.
• The key players in this market are SKF AB, Parker-Hannifin Corp., ABB Limited, Robert Bosch GMBH and YASA Motors Ltd.
Million Insights has segmented the global electric vehicle (EV) traction motor market on the basis of vehicle type and region:
Electric Vehicle Traction Motor Vehicle Type Outlook (Revenue, USD Million, 2014 - 2025)
Electric Vehicle Traction Motor Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa