EV Traction Motor Market Trends, Growth Drivers, Key Manufactures, Revenue, Challenges, Opportunities and Forecast 2033: SPER Market Research
The ability to produce friction between two surfaces—either electrically or non-electrically without slipping is referred to as traction. An electric motor called a traction motor is used to provide rotational torque to a machine, generally turning it into a straight line motion. The requirements of low-torque high-speed cruising, high-torque low-speed hill-climbing, a high rate of acceleration/deceleration, and a wide operating speed range place this motor in a special class among industrial motors. In addition to promoting sustainable transportation, electric vehicles further reduce the need for fossil fuels. Among other applications, electric traction motors are found in railroads, trams, metros, EVs, elevators, and conveyors.
According to SPER Market Research, ‘Global EV Traction Motor Market Size- By Motor Type, By Voltage Rating, By Vehicle Type- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global EV Traction Motor Market is estimated to reach 177.16 USD billion by 2033 with a CAGR of 35.56%.
The market for electric traction is expanding more quickly due to rising e-mobility acceptance and growing environmental concern. Growing market share is being driven by increased investments in the railway industry. Subsidies, unstable fossil fuels, advantageous government policies, emission standards, and environmental regulations are some of the other factors driving the market’s growth over the projection period. One of the main factors propelling the electric traction motor market is the growing need for energy-efficient motors. Vehicles with higher energy efficiency require less maintenance and can save energy. A major factor driving the market for electric traction is the rising cost of petroleum. Around the world, sales of hybrid electric cars, or HEVs, have surged as public preference for emission-free automobiles has grown.
The market for electric traction motors is mostly unrestricted. One of the main restrictions in this sector is motor failure. In contrast to other technologies, traction systems require less oil or lubricant. It causes motor overheating and motor failure. An essential component of any technology or device is the motor. The entire demand may be severely hampered by problems with the traction motor. On the other hand, market growth and demand will be significantly impacted by motor failure and overheating. Multiple inconsistencies in the market are caused by low or high raw material price fluctuations. Selecting less expensive raw material substitutes may compromise the electric traction motor’s operation’s dependability and safety. For the leading companies in the business, the cost of raw materials is a significant obstacle.
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The COVID-19 epidemic has had a major effect on the EV traction motor market. At first, lockdowns and restrictions caused manufacturing facilities all over the world to temporarily close or reduce operations, which caused a disruption in supply chains. Production delays for electric cars followed, particularly for those with electric traction motors. In addition, lower consumer spending and economic instability during the early phases of the epidemic decreased demand for EVs among consumers. Due to the lockdown imposed in several nations, both domestic and international transportation has been hindered. This has had a substantial impact on the supply chains of many different businesses worldwide, widening the gap between supply and demand.
North America is one of the top leading markets for EV Traction Motor Market. Some of the key market players are ZF TRW Automotive Holdings Corporation, Hitachi, Ltd., Valeo SA, Avid Technology Limited, ABB Limited and Robert Bosch GMBH.
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EV Traction Motor Market Outlook
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