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Electric Vehicle Traction Motor Global Market Report 2022

Electric Vehicle Traction Motor Global Market Report 2022

  • September 2022
  • 175 pages
  • ID: 6325388
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the electric vehicle traction motor market are AB SKF, ABB Ltd., Avid Technology Limited, Hitachi Automotive Systems, Ltd., Nidec Corporation, Parker-Hannifin Corporation, Robert Bosch GmbH, Valeo SA, ZF TRW Automotive Holdings Corporation, Zytek Group Limited, Copper Rotor Induction Motor, RETORQ Motors Ltd., SERVAX, Equipmake Ltd., and Bharat Heavy Electricals Ltd.

The global electric vehicle traction motor market is expected to grow from $4.13 billion in 2021 to $6.18 billion in 2022 at a compound annual growth rate (CAGR) of 49.54%. The electric vehicle traction motor market is expected to grow to $27.47 billion in 2026 at a compound annual growth rate (CAGR) of 45.19%.

The electric vehicle traction motor market consists of sales of electric vehicle traction motors by entities (organizations, sole traders, and partnerships) that are used for converting electrical energy to mechanical energy in a method that propels the vehicle beyond aerodynamic drag, rolling resistance drag, and kinetic resistance is the motor that powers the vehicle’s wheels.An electric vehicle traction motor refers to the motor that turns the wheels of a vehicle.

Some vehicles use motor generators for both drive and regeneration.

The main motor types of electric vehicle traction motors are permanent-magnet synchronous EV traction motors (PSM) and asynchronous EV traction motors (ASM).Permanent magnet synchronous EV traction motors have the ability to deliver excellent torque-to-current ratios, power-to-weight ratios, efficiency, and robustness.

PSMs are widely employed in modern variable speed AC drives.The voltage ratings of electric vehicle traction motors include high voltage EV traction motors and low voltage EV traction motors.

The vehicle types that adopt electric vehicle traction motor include electric vehicles, plug-in hybrid electric vehicles, mild hybrid vehicles, and full hybrid vehicles. The various applications of electric vehicle traction motors include railways, electric vehicles, and other applications.

Asia Pacific was the largest region in the electric vehicle traction motor market in 2019.North America is expected to be the fastest-growing region in the forecast period.

The regions covered in the electric vehicle traction motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The electric vehicle traction motors market research report is one of a series of new reports that provides electric vehicle traction motors market statistics, including electric vehicle traction motors industry global market size, regional shares, competitors with a electric vehicle traction motors market share, detailed electric vehicle traction motors market segments, market trends and opportunities, and any further data you may need to thrive in the electric vehicle traction motors industry. This electric vehicle traction motors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Increased sales of hybrid electric vehicles is expected to propel the growth of the electric vehicle traction motor market.A hybrid electric vehicle is a hybrid vehicle that combines an internal combustion engine and an electric propulsion system.

The rapid growth in sales of hybrod electric vehicles is expcted to boost utilization of traction motors, as they are essential components in hybrid and electric vehicles. For instance, in February 2022, according to U.S. electric vehicle market, 59,664 hybrid vehicles were sold (up 10.2% from February 2021), with 15,763 cars and 43,801 being light trucks. In February, Toyota had a 63.7% share of total hybrid sales. Prius (Prius and Prius C combined) sold 3.9% of hybrid vehicles. Therefore, the growing sales of hybrid electric vehicles is expected to boost demand for electric vehicle traction motors during the forecast period.

Technological advancement is a key trend gaining popularity in the electric vehicle traction motor market.Many companies operating in electric vehicle traction motor are developing new products or new technologies to strengthen their position in electric vehicle traction motor market.

For instance, in August 2021, Nidec developed E-Axle, an EV traction motor system that incorporates three components: a motor, an inverter, and a reducer, and may be mounted in a vehicle, doing everything from generating rotating torque from the drive shaft attached to the tires to move the vehicle when powered by electricity.To achieve high productivity and wire-winding performance, Nidec implemented a new cassette inserter method.

In addition, Nidec’s E-Axle was given a new cooling mechanism.

In December 2019, Nidec Corporation, a Japanese manufacturer and distributor of electric motors acquired Roboteq Inc. for an undisclosed amount. With this acquisition, Nidec plans to develop into a single vendor capable of providing complete motor control system support to customers. Roboteq Inc. is a US-based company that offers a wide range of electronic DC motor drives for mobile robots and electric vehicles.

The countries covered in the electric vehicle traction motor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

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