Press release
Electric Vehicle Traction Motor Market to reach USD 41.93 Bn by 2029, emerging at a CAGR of 29.14 percent and forecast 2023-2029
Electric Vehicle Traction Motor Market
Electric Vehicle Traction Motors play a pivotal role in the electric vehicle industry by converting electrical energy into mechanical power to propel vehicles. The report provides a detailed analysis of this market, including:
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Electric Vehicle Traction Motor Market Research Methodology:
The research conducted for this report employed a combination of primary and secondary data sources to comprehensively examine and validate all factors impacting the market. To ensure robustness, the market size for both top-level markets and sub-segments is adjusted to account for inflation, economic fluctuations, regulatory changes, and other variables affecting market forecasts.
A bottom-up approach, as well as multiple data triangulation methodologies, were employed to estimate market size and forecasts. The percentage splits, market shares, and segment breakdowns were determined based on utilization rates and average sale prices assigned to each segment. Country-wise analyses of the overall market and its sub-segments were driven by the percentage adoption or utilization of the market size within the respective region or country. The identification of major market players was achieved through secondary research, considering indicators such as market revenue, pricing, services offered, advancements, mergers and acquisitions, and collaborations.
What are Electric Vehicle Traction Motor Market Dynamics:
The Electric Vehicle Traction Motor Market is subject to dynamic forces that influence its growth trajectory, encompassing drivers and restraints that guide its development over time. Drivers create opportunities for companies to thrive, while restraints present challenges. The report offers detailed insights into these dynamics, summarized below.
Increasing Adoption of Electric Vehicles: As governments worldwide aim to reduce carbon emissions, consumers are increasingly choosing electric vehicles over traditional gasoline-powered ones. This shift is expected to drive the demand for EV Traction Motors, essential components of electric vehicles.
Technological Advancements: Continuous innovations in EV Traction Motors, resulting in more efficient, lightweight, and compact designs, are boosting market growth. For instance, Hyundai Motor Group recently unveiled a smaller and lighter electric motor with higher power density, further propelling electric vehicle adoption.
Government Initiatives and Subsidies: Governments globally are offering incentives and subsidies to promote electric vehicle adoption. Initiatives like Canada's investment in electric vehicle charging infrastructure and the European Union's emission reduction requirements are driving demand for EV Traction Motors.
Electric Vehicle Traction Motor Market Regional Insights:
The Electric Vehicle Traction Motor Market is regionally segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Key regional insights include:
Asia Pacific: Leading the market due to established automobile manufacturing companies and increasing electric vehicle adoption, particularly in China, Japan, and India.
Europe: Significantly contributing to the market, driven by stringent EU emission regulations, subsidies, and incentives for electric vehicle purchases.
Middle East & Africa and South America: Expected to experience growth, propelled by the increasing demand for electric vehicles and government initiatives, such as tax incentives and subsidies, supporting electric vehicle adoption.
The Electric Vehicle Traction Motor Market is on a rapid growth trajectory, and the comprehensive report provides valuable insights into the factors driving its expansion, challenges to be overcome, and the regional dynamics shaping its future.
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What is Electric Vehicle Traction Motor Market Segmentation:
by Type
• AC Induction Motor
• Permanent Magnet Synchronous Motor (PMSM)
• Brushless DC Motor (BLDC)
by Power Output
• 500 kW
by Vehicle Type
• Battery Electric Vehicles (BEV)
• Hybrid Electric Vehicles (HEV)
• Plug-In Hybrid Electric Vehicles (PHEV).
by Voltage Rating
• High voltage EV Traction motor
• Low voltage EV Traction Motor.
by Sales Channel
• OEM (Original Equipment Manufacturer)
• Aftermarket
by End-Use Industry
• Automotive
• Industrial
• Aerospace
• Others
by Application
• Traction motors
• Starter motors
• Generators
by Cooling Type
• Air-cooled
• Liquid-cooled motors
by Materials
• Copper
• Aluminum
• Others
Due to the increasing e-commerce industry's use of non-cash payment methods globally, which is increasing the transaction application, in the market, the transaction sector is anticipated to have the bigger market size throughout the forecast period.
Online Analytical Processing (OLAP) and Online Transaction Processing (OLTP) are the two categories according to processing type. OLAP systems are anticipated to experience the fastest CAGR growth among them all during the projection period. OLAP systems are frequently used for corporate process management, sales management, forecasting, and corporate Intelligence (BI). Organisations' struggles with massive data are aided by in-memory OLAP solutions.
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Who are Electric Vehicle Traction Motor Market Key Players:
• ABB Ltd. (Switzerland)
• Advanced Motors & Drives (US)
• BOSCH (Germany)
• BorgWarner Inc. (US)
• Continental AG (Germany)
• DENSO Corporation (Japan)
• Emerson Electric Co. (US)
• GKN Automotive Limited (UK)
• Hitachi Automotive Systems, Ltd. (Japan)
• Hyundai Mobis Co., Ltd. (South Korea)
• Jing-Jin Electric Technologies (China)
• Magna International Inc. (Canada)
• Mahindra Electric Mobility Limited (India)
• Mitsubishi Electric Corporation (Japan)
• Nidec Corporation (Japan)
• Parker-Hannifin Corporation (US)
• Regal Beloit Corporation (US)
• Robert Bosch GmbH (Germany)
• Siemens AG (Germany)
• Toshiba Corporation (Japan)
• TTM Technologies, Inc. (US)
• Valeo SA (France)
• WEG S.A. (Brazil)
• YASA Limited (UK)
• ZF Friedrichshafen AG (Germany)
• Hino Motors, Ltd. (Japan)
• TM4 Inc. (Canada)
Table of content for the Electric Vehicle Traction Motor Market includes:
Global Electric Vehicle Traction Motor Market: Research Methodology
Global Electric Vehicle Traction Motor Market: Executive Summary
Market Overview and Definitions
Introduction to the Global Market
Summary
Key Findings
Recommendations for Investors
Recommendations for Market Leaders
Recommendations for New Market Entry
Global Electric Vehicle Traction Motor Market: Competitive Analysis
MMR Competition Matrix
Market Structure by region
Competitive Benchmarking of Key Players
Consolidation in the Market
MandA by region
Key Developments by Companies
Market Drivers
Market Restraints
Market Opportunities
Market Challenges
Market Dynamics
PORTERS Five Forces Analysis
PESTLE
Regulatory Landscape by region
North America
Europe
Asia Pacific
Middle East and Africa
South America
COVID-19 Impact
4.Company Profile: Key players
Company Overview
Financial Overview
Global Presence
Capacity Portfolio
Business Strategy
Recent Developments
Key Offerings:
Past Market Size and Competitive Landscape (2022 to 2029)
Past Pricing and price curve by region (2022 to 2029)
Market Size, Share, Size and Forecast by different segment | 2022-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by growth and trend
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
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