The global electric vehicle traction motor market size is expected to reach USD 19.8 billion by 2025, registering a CAGR of 41.6% over the forecast period, according to a new study by Grand View Research, Inc. Traction motor is the most vital component used in electric vehicles (EV) as it aids the movement of the vehicle. Rise in the adoption EVs has been a major contributor to 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. Moreover, they are providing subsidies for purchasing battery-operated commercial vehicles, which in turn is motivating people to opt for electric vehicles. Hence, factors such as growing environmental concerns and stringent emission norms along with the rising awareness regarding the advantages of EVs is propelling growth of the EV traction motor market.
Furthermore, the cost of ownership of combustion engine vehicles has witnessed rapid rise as a result of the consistent increase in the prices of petrol and diesel. Growing ownership cost has made fleet owners to switch to battery operated vehicles. Although, lower loading capacity is proving to be a restraint for the higher adoption of EVs, companies are observed to be making huge investments to develop advanced technology for EVs and developing powerful motors and batteries. This is expected to eventually reduce the impact of the aforementioned growth restraints over the forecast period.
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Electric Vehicle Traction Motor Market Report Highlights
The BEV segment held a market share of over 50% in 2018, owing to the higher production and availability of fully battery-operated vehicles globally
The PHEV segment is forecasted to expand at a significant CAGR over the forecast period, due to reduced risk of vehicle shut down during the commute
Asia Pacific is expected to account for the highest market share, followed by North America, by 2025. High adoption of EVs in countries such as China, contributed to the higher share of Asia Pacific
Key market players in electric vehicle traction motor market include ABB Limited, Robert Bosch GMBH, ZF TRW Automotive Holdings Corporation, Parker-Hannifin Corp., Avid Technology Limited, and Valeo SA
Electric Vehicle Traction Motor Market Segmentation
Grand View Research has segmented the global electric vehicle 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)
Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.