![]() ![]() ![]() ![]() In 2023, Asia-Pacific is expected to account for the largest share of the global electric vehicle traction motor. The large market share of this segment can be attributed to several factors, including the growing demand to enhance the performance, efficiency, and overall driving experience of passenger vehicles, favorable government policies and subsidies aimed at promoting the adoption of electric passenger cars, rising fuel prices that have encouraged consumers to explore electric options, proactive participation by automotive OEMs in producing electric passenger vehicles, and the increasing need to reduce greenhouse gas emissions and combat air pollution associated with traditional internal combustion engine vehicles.īased on geography, the global electric vehicle traction motor market is segmented into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. In 2023, the passenger vehicles segment is expected to account for the largest share of global electric vehicle traction motor. Furthermore, these motor offer high torque even at low speeds, minimal electrical losses, efficient heat dissipation, and low maintenance costs while ensuring high durability and reliability, contributing to their increased adoption.īased on application, the global electric vehicle traction motor market is segmented into passenger vehicles, e-scooters & bikes, heavy commercial vehicles, light commercial vehicles, and two-wheelers. The large market share of this segment is attributed to their benefits, such as high overload capability, efficiency, and compactness. In 2023, the permanent magnet synchronous motor segment is expected to account for the largest share of the global electric vehicle traction motor market. The study also evaluates industry competitors and analyzes the market at country levels.īased on type, the global electric vehicle traction motor market is segmented into permanent magnet synchronous motor, DC brushed motor, DC brushless motor, induction motor, switched reluctance motor, and wound rotor synchronous motor. Meticulous Researchhas segmented this market based on type, power output, propulsion type, application, and geography for efficient analysis. In addition, the higher prices of electric vehicles compared to ICE vehicles and motor failure due to overheating can hinder the growth of this market. However, the high costs and scarcity of raw materials are expected to restrain the growth of this market. Furthermore, the increasing demand for electric vehicles is expected to offer growth opportunities for the stakeholders in this market. The growth of the global electric vehicle traction motor market is driven by factors such as stringent emission regulations driving the manufacture and sales of hybrid and electric vehicles, the increasing demand for high-performance motor, and favorable government policies and subsidies. By volume, this market is projected to reach 412.29 million units by 2030, at a CAGR of 20.7% from 20232030. Meticulous Researcha leading global market research company, published a research report titled, Electric Vehicle (EV) Traction Motor Marketby Type (PMSM, Induction Motor, BLDC), Power Output (Less than 100 kW, 100 kW to 250 kW, More Than 250kW), Propulsion Type, Application, and Geography - GlobalForecast to 2030.Īccording to this latest publication from Meticulous Research, the global electric vehicletraction motor market is projected to reach $137.85 billion by 2030, at a CAGR of 25.5% from 20232030. ![]()
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