In terms of revenue, the Global EV Traction Motor Market is expected to reach USD 23486.5 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 25.1% from 2022 to 2028.
The growing demand for high-performance motors, the rise in investments, and favorable government policies and subsidies in the automotive sector are expected to drive the EV Traction Motor Market during the forecast period. Also, with governments worldwide applying stringent emission control standards, automotive manufacturers are transitioning towards producing heightened stocks of hybrid, plug-in hybrid, and electric vehicles.
Key Highlights from Report:
- The Permanent Magnet Synchronous EV Traction Motor sub-segment of the Motor Type segment is anticipated to dominate the EV Traction Motor Market. This is the most efficient Motor Type of EV Traction Motor used in the automotive industry. This motor has the lowest emission standards as per government regulations.
- The High Voltage EV Traction Motors sub-segment of the Voltage Rating segment accounted for the largest market share in 2021 for the EV Traction Motor Market. Voltage EV Traction plays a vital role when selecting motors. High Voltage plays a significant role in the smooth functioning of the machines where these motors are used. Thus, this sub-segment is expected to gain massive potential during the forecast period.
- Asia Pacific is the largest regional segment. This boost has increased demand for EV Traction Motor in developed economies such as the U.S. & Canada. This region has an increasing number of manufacturing players.
Increasing spending on improving automobiles and strict governmental regulation on carbon emissions are the prominent factors fuelling the market growth. Furthermore, volatile fuel price is another factor that increases the demand for electric vehicles, thereby driving market growth. In addition, demand for conveyors, elevators, and other industrial machines at the manufacturing site for straightforward operation further fuels the market growth.
Government initiatives play a crucial role in influencing customers and increasing sales in the market. Therefore, the rise in the allocation of such incentives initiated by governments across various countries is estimated to display a positive impact on the market. Thus, high efficiency and low power consumption are being highlighted by governments, resulting in more awareness among consumers.
Asia Pacific is expected to dominate the Global EV Traction Motor Market. The same trend is likely to continue during the 2021 forecast period. An increase in critical players and high investment made by countries such as the U.S. and Germany drives global market demand.