EV Traction Motor Market Size to Grow USD 96780 Million by 2029 at a CAGR of 40% | Valuates Reports
BANGALORE, India, Jan. 30, 2024 /PRNewswire/ -- EV Traction Motor Market is Segmented by Type (AC Induction Motor, Permanent Magnet Motor), by Application (BEV, PHEV).
The Global EV Traction Motor Market Size is expected to reach USD 96780 Million by 2029, growing at a CAGR of 40.0% from 2023 to 2029.
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Major Factors Driving the Growth of EV Traction Motor Market:
Numerous important reasons are driving the growth of the market for traction motors for electric vehicles (EVs). First, the need for traction motors is fueled by the growing demand for electric cars worldwide, which is a result of environmental consciousness and the need to lower carbon emissions. Adoption of electric propulsion systems is further encouraged by strict global pollution laws. The market is developing as a result of ongoing technological improvements in motor design, falling battery prices, and rising infrastructure investment for charging.
The market for EV traction motors is expanding at an accelerated rate due to factors such as government subsidies, industry player cooperation, shifting customer preferences towards environmentally friendly solutions, and worries about energy independence.
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TRENDS INFLUENCING THE GROWTH OF EV TRACTION MOTOR MARKET:
The global demand for electric cars is the main factor behind the growth of the electric vehicle (EV) traction motor market. Cleaner and more environmentally friendly transport solutions are becoming increasingly popular as public awareness of environmental concerns and the need to cut carbon emissions grows. Both customers and governments are endorsing EVs more and more, and this growth in demand is immediately translating into an expanding market for EV traction motors.
The development of charging infrastructure is intimately linked to the growth of the market for EV traction motors. Companies, investors, and governments are realizing that in order to facilitate the mass adoption of electric cars, a strong charging network is required.
Stricter emission laws are being implemented by governments all over the world to tackle air pollution and climate change. These laws encourage the use of electric cars and foster an atmosphere that is conducive to the growth of the EV traction motor industry. To comply with regulatory agencies' stringent emission criteria, manufacturers must innovate and improve electric propulsion systems, such as traction motors. One of the main factors propelling the market expansion for EV traction motors is the decreasing cost of batteries for electric vehicles. Consumers will find electric vehicles more inexpensive as long as battery prices continue to decline because this lowers the entire cost of constructing these vehicles. The total value proposition of electric vehicles is strengthened by this affordability along with increased battery efficiency, which increases demand for EVs.
Incentives and subsidies are being offered by several governments throughout the globe to encourage the use of electric vehicles. Customers will find electric vehicles more financially appealing as a result of these, which may include tax credits, rebates, and other financial incentives. These kinds of incentives encourage the EV industry, which benefits the EV traction motor business as a whole.
Investing in electric mobility is a response to nations' growing worries about energy independence and their desire to lessen their reliance on fossil fuels. This shift is facilitated by electric cars, which are propelled by EV traction motors and provide a greener and more sustainable option. The EV traction motor market is anticipated to maintain its current development trajectory as countries work towards energy security and sustainability.
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EV TRACTION MOTOR MARKET SHARE ANALYSIS
The top companies in the worldwide EV traction motor market are Broad-Ocean, BYD, and Tesla, among others. About 35% of the worldwide market is occupied by the top 3 competitors.
With over 70% of the worldwide market, North America and Japan are the two largest marketplaces.
With a 75% market share, permanent magnet motors are the most common kind.
The primary application, accounting for over 70% of the share, is BEV.
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Key Companies:
● BMW
● Tesla
● Broad Ocean
● BYD
● Nissan
● Continental AG
● Jing-Jin Electric Technologies
● ZF
● Groupe Renault
● Toyota
● Meidensha
● Bosch
● UAES
● LG
● Dajun Tech
● Siemens AG
● Greatland Electrics
● Hitachi Automotive Systems
● Magna
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
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