Growing Number of Companies Investing in the Development of Electric Vehicle Traction Motors Predicted to Boost the Growth of the Electric Vehicle Traction Motor Market.Download Sample Reports Overview
Electric vehicle traction motor market is predicted to generate a revenue of $29,179.3 million by 2026 with a CAGR of 40.6% in the estimated period.
Electric vehicle traction motor is a type of motor powered by electrical force such as batteries. With the help of batteries, the motor creates a forward motion by optimizing the power from the battery. Anelectric vehicle traction motor is used to make torque rotation of machine which increases the horsepower in a straight-line motion.The electric vehicle traction motors are mostly used in electric rail vehicles and other electric locomotives.
Increase in the usage of electric vehicles and massive investment in the technologicaladvancement in the electric vehicle segment is predicted to be the major driving factor for the electric vehicle traction motor market in the estimated period. Increase in electric vehicle charging stations is predicted to decrease the price of electric vehicles along with reduction of battery prices and availability of fast chargingthis is predicted to boost the overall electric vehicle traction motor market growth. Moreover the stringent government regulation related to emission rules is predicted to be one of the major driving factors for the electric vehicle traction motor market.
The price of electric vehicles is very high which is the biggest restraint for growth of the market. As electric vehicles is a new concept in the automotive industry and most of the automotive giants are still in the research stage of electric vehicles, the prices of these vehicles are high as compared to other automotive vehicles which are run on fossil fuels. Moreover, the charging station for the electric vehicles is predicted to hamper the growth of the overall market. Electric vehicles are mostly powered by batterieswhich need to becharged after a specific time as to run the vehicles. The unavailability of the charging stations is predicted to hamper the growth of the market in the estimated period.
Technology advancement in batteries for long run is predicted to create an immense opportunity for the electric vehicle traction motor market. The present batteries are used to mostly run for a specific distance with a shorter range and the advancement in the batteries to run for longer distance is predicted to have a huge scope for the electric vehicle traction motor market in the estimated period.
The battery electric vehicle type segment accounted for $1,050.9 million in 2018 and is predicted to grow by generating a revenue of $15,173.2 million by 2026. The battery electric vehicle type is predicted to grow due battery electric vehicles being used more compared to any other electric vehicles. Due to the abovementioned reason the battery electric vehicle is predicted to boost the growth of the market.
North America accounted for $573.2 million in 2018 and is predicted to grow by generating a revenue of $9,629.2 million by 2026. North America market is predicted to grow due to the rise in the usage of the electric vehicle (EV) and the government initiative for using the electric vehicles as per the emission rules in the specified area vehicle traction motor. Asia-Pacific market accounted for $726.1 million in 2018 and is predicted to grow by generating a revenue of $10,212.8 million by 2026. The Asia-Pacific region market is predicted to grow due to the shift in the manufacturing unit of the major companies in most of the
regions, and government making investment for growing electric metro rail line in the specific area is predicted to boost the overall electric vehicle traction motor market in the estimated period.
The major key plyers in the electric vehicle traction motor market are Zytek Group Limited,Equipmake Ltd.,Hitachi Automotive Systems Americas, Inc., SERVAX,AVID Technology Limited, RETORQ Motors Ltd.,Copper Rotor Induction Motor,Robert Bosch GmbH, and Magnetic Systems Technology, among others.
Porter’s Five Forces Analysis for Electric Vehicle Traction Motor Market:
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.
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.
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.
The threat of Substitutes: This market has numerous alternatives of products;moreover, technology alsooffers high switching costs for clients.The threat of substitutes is high.
Competitive Rivalry in the Market: The electric vehicle traction motor markethas 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.