Electric Vehicle Traction Motor Market (EV Traction Motor Market) Report
RA00180
Electric Vehicle Traction Motor Market (EV Traction Motor Market), by Vehicle Type (Battery Electric Vehicles and Plug in Hybrid Electric Vehicle), Regional Outlook (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2019–2026
Update Available On-Demand
Global EV Traction Motor Market Synopsis:
Electric vehicle traction motor market accounted for $1,910.7 million by 2018 and is predicted to generate a revenue of $29,179.3 million by 2026 with a CAGR of 40.6% in the forecast period. Increase in the use of electric vehicles is predicted to be the major driving factor for the growth of theelectric vehicle traction motor market. On the other hand, the lack of rechargeable stations in many countries across the world is a growth-restricting factor for the market. North America is predicted to have the highest growth rate in the forecast period. North America market accounted for $573.2 million in 2018 and is predicted to grow with a CAGR of 42.3% over the forecast period.
Electric vehicle traction motors are the motors that are powered by the electric charge which is the major driving force of the engine.Electric vehicle traction motorengines are mostly used in electrically powered rail vehicles and many other equipment including conveyors, coasters, elevators and other engines where a specific amount of torque is required.
Driving Factors: Rise in the use of electric vehicle is predicted to drive the growth of electric vehicle traction motor market
Increase in the use of electric vehicles is predicted to be the major driving factor for the growth of theelectric vehicle traction motor market. Rise in the investment by major automotive players in electric vehicles across the globe is considered is predicted to boost the market growth. Moreover, the stringent government regulation and rising price of fossil fuels is predicted to drive the growth of the electric vehicle traction motor market.
Market Restrain: Price of electric vehicles is predicted to be the biggest restrain for the growth of theelectric vehicle traction motor market
The electric vehicles prices are quoted high due it being an emerging technology. Most consumers with lower income cannot afford electric vehicles is predicted to hamper the growth of electric vehicle traction motor market .Moreover, the technology related to the charging of the batteries of these vehicles is not up to the mark. Many countries lack rechargeable stations for electric vehicles which is predicted to be the biggest concern for the electric vehicle traction motor market in the forecast period.
Battery electric vehicle segment type is predicted to have the maximum market share in the forecast period. Battery electric vehicle segment type accounted for $1,050.9 million in 2018 and is predicted to grow with a CAGR of 39.6% in the forecast period. Battery electric vehicle is the most used. Due to the above-mentioned reason battery electric vehicle segment is predicted to boost the growth of the market in the forecast period.
North America market is predicted to have the highest growth rate in the forecast period. North America market accounted for $573.2 million in 2018 and is predicted to grow with a CAGR of 42.3% over the forecast period. The North America region market is predicted to grow due to the presence of large number of electric vehicle manufacturer sacross the globe. Moreover the government regulations with respect to vehicular emissions is predicted to drive the growth North America region market in the forecast period. Asia-pacific is projected to have the highest market share in the forecast period. Asia-Pacific market accounted for $726.1 million in 2018 and is predicted to grow with a CAGR of 39.2% in the forecast period. Rising demand for the electric vehicles in most of the region is predicted to drive the growth of the region market over the forecast period.
Key Participants in the Electric Vehicle Traction Motor Market:
The major key plyers in the electric vehicle traction motor market are Magnetic Systems Technology, Robert Bosch GmbH, Copper Rotor Induction Motor, RETORQ Motors Ltd., AVID Technology Limited, SERVAX, Hitachi Automotive Systems Americas, Inc., Equipmake Ltd., and Zytek Group Limited, among others.
Porter’s Five Forces Analysis for Electric Vehicle Traction Motor Market:
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Bargaining Power of Suppliers: The switching cost from one supplier to another is projected to be low .The bargaining power of suppliers is very low.
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Bargaining Power of Consumers: In this market, the concentration of buyers is low as the price of the product is very high. The bargaining power of consumers is Low.
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The threat of New Entrants: Huge initial investments are essential to start a new electric vehicle traction motor. The threat of new entrants is high.
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The threat of Substitutes: This market has numerous alternatives of products ;moreover, technology also offers high switching costs for clients. The threat of substitutes is high.
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Competitive Rivalry in the Market: The electric vehicle traction motor market has only major players to sell their products and it becomes difficult for small and medium enterprises and local manufacturer to get into the market. The competitive rivalry in the industry is high.
| Aspect | Particulars |
| Historical Market Estimations | 2018-2019 |
| Base Year for Market Estimation | 2018 |
| Forecast timeline for Market Projection | 2019-2026 |
| Geographical Scope | North America, Europe, Asia-Pacific, LAMEA |
| Segmentation by Vehicle Type |
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| Key Countries Covered | U.S., Canada, Mexico Germany, France, UK, Italy, Japan, China, India, South Korea, Australia, Latin America, Middle East, Africa |
| Key Companies Profiled |
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Q1. What is the size of electric vehicle traction motor market?
A. The global electric vehicle traction motor market size was over $ 1,910.7 million in 2018 and is predicted to grow with a CAGR of 40.6% over the forecast period.
Q2. Which are the leading companies in the electric vehicle traction motor market?
A. Copper Rotor Induction Motor and RETORQ Motors Ltd.are some of the key players in the global electric vehicle traction motor market.
Q3. Which are the leading companies in the electric vehicle traction motor market?
A. Copper Rotor Induction Motor and RETORQ Motors Ltd.are some of the key players in the global electric vehicle traction motor market.
Q4. Which region possesses greater investment opportunities in the coming future?
A. Asia-Pacific possesses great investment opportunities for the investors to witness the most promising growth in the coming years.
Q5. What is the growth rate of Asia-Pacific?
A. Asia-Pacific Electric vehicle traction motor market is projected to grow at 39.2% CAGR during the forecast period.
Q6. What are the strategies opted by the leading players in this market?
A. Product development is the key strategies opted by the operating companies in this electric vehicle traction motor market.
Q7. Which companies are investing more on R&D practices?
A. RETORQ Motors Ltd.is the company investing more on R&D activities for developing new products and technologies.
1.Research Methodology
1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters
1.4.1.Assumptions
1.4.2.Forecast parameters
1.5.Data sources
1.5.1.Primary
1.5.2.Secondary
2.Executive Summary
2.1.360° summary
2.2.Product trends
3.Market overview
3.1.Market segmentation & definitions
3.2.Key takeaways
3.2.1.Top investment pockets
3.2.2.Top winning strategies
3.3.Porter’s five forces analysis
3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market
3.4.Market dynamics
3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities
3.5.Technology landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Market value chain analysis
3.9.Strategic overview
4.Electric vehicle traction motor market, by product
4.1.Battery Electric Vehicles
4.1.1.Market size and forecast, by region, 2018-2026
4.1.2.Comparative market share analysis, 2018 & 2026
4.2.Plug in Hybrid Electric Vehicle
4.2.1.Market size and forecast, by region, 2018-2026
4.2.2.Comparative market share analysis, 2018 & 2026
5.Electric vehicle traction motor market, by region
5.1.North America
5.1.1.Market size and forecast, by product, 2018-2026
5.1.2.Market size and forecast, by country, 2018-2026
5.1.3.Comparative market share analysis, 2018 & 2026
5.1.4.U.S.
5.1.4.1.Market size and forecast, by product, 2018-2026
5.1.4.2.Comparative market share analysis, 2018 & 2026
5.1.5.Canada
5.1.5.1.Market size and forecast, by product, 2018-2026
5.1.5.2.Comparative market share analysis, 2018 & 2026
5.1.6.Mexico
5.1.6.1.Market size and forecast, by product, 2018-2026
5.1.6.2.Comparative market share analysis, 2018 & 2026
5.2.Europe
5.2.1.Market size and forecast, by product, 2018-2026
5.2.2.Market size and forecast, by country, 2018-2026
5.2.3.Comparative market share analysis, 2018 & 2026
5.2.4.Germany
5.2.4.1.Market size and forecast, by product, 2018-2026
5.2.4.2.Comparative market share analysis, 2018 & 2026
5.2.5.UK
5.2.5.1.Market size and forecast, by product, 2018-2026
5.2.5.2.Comparative market share analysis, 2018 & 2026
5.2.6.France
5.2.6.1.Market size and forecast, by product, 2018-2026
5.2.6.2.Comparative market share analysis, 2018 & 2026
5.2.7.Spain
5.2.7.1.Market size and forecast, by product, 2018-2026
5.2.7.2.Comparative market share analysis, 2018 & 2026
5.2.8.Italy
5.2.8.1.Market size and forecast, by product, 2018-2026
5.2.8.2.Comparative market share analysis, 2018 & 2026
5.2.9.Rest of Europe
5.2.9.1.Market size and forecast, by product, 2018-2026
5.2.9.2.Comparative market share analysis, 2018 & 2026
5.3.Asia Pacific
5.3.1.Market size and forecast, by product, 2018-2026
5.3.2.Market size and forecast, by country, 2018-2026
5.3.3.Comparative market share analysis, 2018 & 2026
5.3.4.China
5.3.4.1.Market size and forecast, by product, 2018-2026
5.3.4.2.Comparative market share analysis, 2018 & 2026
5.3.5.India
5.3.5.1.Market size and forecast, by product, 2018-2026
5.3.5.2.Comparative market share analysis, 2018 & 2026
5.3.6.Australia
5.3.6.1.Market size and forecast, by product, 2018-2026
5.3.6.2.Comparative market share analysis, 2018 & 2026
5.3.7.Rest of Asia Pacific
5.3.7.1.Market size and forecast, by product, 2018-2026
5.3.7.2.Comparative market share analysis, 2018 & 2026
5.4.LAMEA
5.4.1.Market size and forecast, by product, 2018-2026
5.4.2.Market size and forecast, by country, 2018-2026
5.4.3.Comparative market share analysis, 2018 & 2026
5.4.4.Latin America
5.4.4.1.Market size and forecast, by product, 2018-2026
5.4.4.2.Comparative market share analysis, 2018 & 2026
5.4.5.Middle East
5.4.5.1.Market size and forecast, by product, 2018-2026
5.4.5.2.Comparative market share analysis, 2018 & 2026
5.4.6.Africa
5.4.6.1.Market size and forecast, by product, 2018-2026
5.4.6.2.Comparative market share analysis, 2018 & 2026
6.Company profiles
6.1.Magnetic Systems Technology
6.1.1.Business overview
6.1.2.Financial performance
6.1.3.Product portfolio
6.1.4.Recent strategic moves & developments
6.1.5.SWOT analysis
6.2.Robert Bosch GmbH
6.2.1.Business overview
6.2.2.Financial performance
6.2.3.Product portfolio
6.2.4.Recent strategic moves & developments
6.2.5.SWOT analysis
6.3.Copper Rotor Induction Motor
6.3.1.Business overview
6.3.2.Financial performance
6.3.3.Product portfolio
6.3.4.Recent strategic moves & developments
6.3.5.SWOT analysis
6.4.RETORQ Motors Ltd
6.4.1.Business overview
6.4.2.Financial performance
6.4.3.Product portfolio
6.4.4.Recent strategic moves & developments
6.4.5.SWOT analysis
6.5.AVID Technology Limited
6.5.1.Business overview
6.5.2.Financial performance
6.5.3.Product portfolio
6.5.4.Recent strategic moves & developments
6.5.5.SWOT analysis
6.6.Hitachi Automotive Systems Americas, Inc
6.6.1.Business overview
6.6.2.Financial performance
6.6.3.Product portfolio
6.6.4.Recent strategic moves & developments
6.6.5.SWOT analysis
6.7.Equipmake Ltd
6.7.1.Business overview
6.7.2.Financial performance
6.7.3.Product portfolio
6.7.4.Recent strategic moves & developments
6.7.5.SWOT analysis
6.8.Zytek Group
6.8.1.Business overview
6.8.2.Financial performance
6.8.3.Product portfolio
6.8.4.Recent strategic moves & developments
6.8.5.SWOT analysis
The EV (electric vehicle) traction engine transforms electrical energy into mechanical energy to drive the vehicle, roll resistance drag, and curb kinetic resistance. Traction engine refers to an electrical engine type. To make rotational torque on a computer, a traction motor is used. Typically a straight-line move is transformed. In electrically driven rail vehicles, such as multiple electric units and electric locomotives, traction engines are used. They can also be used in electric vehicles like floats, elevators, and conveyors for electric milk-gas-powered cars such as diesel-electric locomotives, hybrid electric vehicles, or electric vehicles powered by batteries.
Benefits
Electric plug-in vehicles are linked, enjoyable, and convenient (also known as electric vehicles). You can also save money and reduce pollution. Electric fueling provides a range of benefits in traditional internal combustion motor vehicles that are not available. As electric motors respond quickly, electric motors are highly responsive and have a strong torque. EVs are also digitally interconnected with a wide range of EV charge stations to power the charger from a smartphone device. Like a smartphone, when you get home, you can plug in your EV and get it ready for use the next morning. As the electric grid is almost available everywhere, there are a number of charging options: at home, on the road, and at work. You may never have to go back to the gas station by paying sometimes!
Opportunities
Asia Pacific was the biggest Electric Vehicle traction motor market in 2018, with the growth projected to increase steadily over the predicted time frame. It is attributable to the construction by business leaders of the area of manufacturing facilities. Because of the easy availability of raw materials and labor in the world, China has been shown to begin operations in the most significant production facilities. In the past decade, the Chinese government has invested more than $50 billion on electric cars and the manufacture of components. In order to raise demand for EVs, the Chinese government has also raised the permits for traditional vehicles.
Recent Developments
Franklin Electric took ownership of Western Hydro Holding Corporation, 2 M Company Inc., and Drillers Service Inc. in 2017. The three ground water distributors represent ground water practitioners in the United States under the name Headwater Firms. On January 3, 2018, Valley Farms Supply, a distributor of groundwaters operating at two sites in the State of Michigan, was announced by the company.
Allied Motion is that in its own countries and through strategic acquisitions and plans to be an international provider of advanced motion control products in its selected segments of the market. Heidrive was purchased by the firm, for US$ 22 million in 2016, by a German engineering group. Allied Motion purchased in January 2018 all assets related to Maval Industries 'original system management company. Rolls
Royce, Siemens, and Airbus have formed a collaboration for a short time flight demonstration, which will represent a significant move forward for commercial aircraft in hybrid-electric propulsion.
The company aims at redesigning electric motor technology for electric vehicles from the ground up. In addition, Siemens has recently partnered with the French multi-country Alstom (including railway traction) to merge its mobility business with Alstom.
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