The global electric vehicle traction motor market is expected to grow at a CAGR of 42% during the forecast period. The market is expected to surpass USD 38.2 billion by 2031, from USD 4.1 billion in 2020.

To drive an electric vehicle, an electric vehicle traction motor uses electric energy from the vehicle's battery, which is mounted in the vehicle. Traction motors can provide the torque required for electric vehicle propulsion. With the advancement of electrical drives for traction systems, electrification is being more widely used for a variety of applications and services.

IMPACT OF COVID-19 ON THE GLOBAL ELECTRIC VEHICLE TRACTION MOTOR MARKET

Prominent suppliers in the global Electric Vehicle Traction Motor market include ABB Limited, Robert Bosch GMBH, SKF AB, CG Power and Industrial Solutions, Parker-Hannifin Corp., ZF TRW Automotive Holdings Corporation, and Nidec Corporation. These suppliers manufacture their products across all the regions, including South America, Middle East, and Africa.

In 2020, these companies suspended production in many countries such as U.S., France, Germany, Italy, and Spain in response to decreased demand, supply chain bottlenecks, and to safeguard the safety of their employees during the COVID-19 pandemic. Manufacturing plants around the world were closed, and electric vehicle sales initially took a hit. Despite the fact that COVID-19 caused a worldwide halt in new vehicle production and sales, the effect on electric vehicles was positive. The total number of EVs sold in 2020 exceeded the total number of EVs sold in 2019. Component manufacturing, on the other hand, was negatively impacted. However, the industry began to rebound slowly in the second quarter of the year 2020, with global BEV and PHEV distributions rising 43% year on year. EV sales in the United States improved by just 4%, despite the introduction of the Tesla Model-Y. Japan, Canada, and Australia all saw a drop in EV revenue.

GLOBAL ELECTRIC VEHICLE TRACTION MOTOR MARKET INFOGRAPHICS

Source: ThinkWise Intelligence Analysis

GLOBAL ELECTRIC VEHICLE TRACTION MOTOR MARKET DYNAMICS

MARKET DRIVER: INCREASED DEMAND FOR ENERGY-EFFICIENT MOTORS AND GOVERNMENTAL INITIATIVES

Increasing environmental regulations centered on carbon emissions, as well as increased demands for increased power productivity, have fueled demand for electric traction motors in recent years. In recent times, the unpredictability of raw material prices with electric traction motor has hampered the growth of the electric traction motor industry. During the forecast era, the increased emphasis placed by automakers on the production of electric vehicles would provide enormous opportunities for electric traction motor market players.

In fully hybrid and battery electric vehicles, traction motors are mounted (BEVs). BEVs and HEVs are quickly gaining popularity in the global car industry due to their near-zero-emissions and high fuel performance at relatively affordable prices. The general public's growing preference for zero-emission vehicles has resulted in increased sales of Hybrid Electric Vehicles (HEVs) around the world. The electric vehicle traction motor is a component of both EVs and HEVs. As a result, rising HEV output is expected to have a constructive outcome in the market. Furthermore, the government is launching a number of measures, such as tax breaks and discounts, to increase EV revenues, which is driving the EV traction motor industry. Furthermore, technical advances in areas such as nanotechnology and material science are focusing on lowering the cost and weight of traction motors while improving their life and function, making EVs more affordable.

Government programs to incentivize consumers to purchase electric cars, which, in turn, plays an important role in influencing customers and the sales. With governments across various regions their allocation of such incentives and subsidiaries, the EV traction motor market is expected to expand exponentially over the assessment period. One of the main selling points of an EV traction motor is its high performance and low power consumption. The rising demand for low-cost, high-efficiency components is likely to increase the exposure of EV traction motors in the automotive industry.

MARKET RESTRAINT: HIGH COST AND LOWER LOADING CAPACITY

Electric vehicles are excessively costly for customers in many low-income nations, including those in Africa. As a result, customers do not favor electric cars. As a result, the global electric vehicle traction motor market is primarily constrained. Furthermore, as petrol and diesel prices have steadily risen, the cost of ownership of combustion engine vehicles has skyrocketed. The rising cost of ownership has compelled fleet owners to turn to battery-powered vehicles. Despite the fact that lower loading capacity is a barrier to greater EV adoption, companies are making significant investments in developing advanced EV technology and developing powerful motors and batteries. This is expected to lessen the effect of the previously stated growth constraints over the forecast period.

MARKET OPPORTUNITY: EXECUTION OF STRINGENT EMISSION NORMS & ENVIRONMENTAL REGULATIONS

The strict regulations enacted to curb CO2 emissions are likely to alter the automotive industry in the United States, China, and Japan over the next decade. Consumers are becoming more aware of the environmental impact of vehicular pollution, despite the fact that automotive OEMs are dependent on vehicle electrification. Governments are also taking important steps, such as tax breaks, to encourage the use of electric vehicles. Furthermore, traditional ICEs are likely to be phased out by favor of electric and hybrid powertrains in next 5-10 years.

The growing number of electric vehicles would open up new opportunities for traction motor manufacturers. As a result, the transition to electric vehicles will aid the global automotive traction motor market's growth in the coming years.

MARKET THREAT: CONSUMER AWARENESS

Consumer perception or consumer awareness plays a vital role in attracting new customer and retains an existing customer. Despite the growing range in the auto market with a broader range of electric vehicles, the choice of buying an electric car is limited and is expected to continue over time. So, there should be aware of the company offerings to the customer by means of advertising, social media, or another channel. Studies show that the lack of knowledge associated with the Government scheme, economic benefit, and awareness of the vehicular technology can have a direct impact on the electric vehicle adoption. Furthermore, more charging infrastructure is required for a larger number of electric vehicles and hence, higher demands for electrical energy. Due to the lack of existing charging infrastructure in India, the sale of the electric vehicle is low.

KEY TRENDS IN THE GLOBAL ELECTRIC VEHICLE TRACTION MOTOR MARKET

GLOBAL ELECTRIC VEHICLE TRACTION MOTOR MARKET TRENDS, BY VEHICLE TYPE

"During the forecast period, the Electric Vehicle Traction Motor market for BEV vehicles is expected to dominate the global market."

In 2021, the BEV segment will continue to dominate the Electric Vehicle Traction Motor industry, accounting for 52.3 percent of total market revenue. A battery electric vehicle is a vehicle that is fully electric and is powered by chemical energy contained in rechargeable battery packs. For propulsion, battery electric vehicles use motor controllers and electric motors rather than traditional IC engines. Because of the positive change in consumer attitude toward zero-emission vehicles, the BEV segment is expected to dominate the electric vehicle traction motor market over the forecast period.     

GLOBAL ELECTRIC VEHICLE TRACTION MOTOR MARKET TRENDS, BY REGION

"Asia-Pacific holds the dominant share in the global market."

The Asia-Pacific region was expected to account for the largest share of the Electric Vehicle Traction Motor market in 2020. This is expected to increase demand for electric vehicles in China and Japan. The involvement of electric vehicle manufacturers, as well as battery manufacturers, has increased demand for electric vehicles in China and Japan. Furthermore, In order to boost sales, other Asia Pacific countries, such as India, Pacific countries, and ASEAN members, are rapidly expanding electric vehicle charging infrastructure. As a result, demand for electric vehicles is expected to grow significantly during the forecast period, possibly propelling the electric vehicle traction motor market.

COMPETITIVE LANDSCAPE IN THE GLOBAL ELECTRIC VEHICLE TRACTION MOTOR MARKET

The global Electric Vehicle Traction Motor market is highly diverse and competitive, with many international players and a small number of regional and local players. ABB Limited, Robert Bosch GMBH, SKF AB, CG Power and Industrial Solutions, Parker-Hannifin Corp., ZF TRW Automotive Holdings Corporation, and Nidec Corporation are just a few of the market's major players. The electric vehicle traction motor industry is investing extensively in research and development to minimize the use of rare-earth metals, which will lower the cost and complexity of the motors.

RECENT ADVANCES IN THE GLOBAL ELECTRIC VEHICLE TRACTION MOTOR MARKET

• In February 2021, Schaeffler Group declared that in the beginning in 2024, it plans to build and manufacture a hybrid EV drive unit with two electric motors and a transmission with integrated power electronics. A system power rating of 120 kW can provide high efficiency while consuming little fuel. This is consistent with the recently put order for dedicated hybrid drives.
• In January 2021, BYD Co. Ltd. announced the release of its DM-i super hybrid technology for plug-in hybrid electric vehicles (PHEVs). Vehicles powered by DM-i use a high-power electric motor wrapped in flat wire. PHEVs equipped with DM-i technology are less reliant on IC engines for power, resulting in increased fuel efficiency.
• In 2019, Advanced Cooling Technologies, Inc. (ACT), a provider of thermal management solutions, announced the acquisition of Parker Hannifin Corporation's precision-cooling business. Parker Hannifin Corporation is a market leader in the EV traction motor market.

CHAPTER 1.    INTRODUCTION
1.1.    KEY OBJECTIVES OF THE STUDY
1.2.    MARKET SCOPE & DEFINITION
1.2.1.    MARKET SEGMENTATION
1.3.    REPORT DESCRIPTION
1.4.    LIMITATIONS
1.5.    STAKEHOLDERS FOR PRIMARY INTERVIEWS

CHAPTER 2.    RESEARCH METHODOLOGY
2.1.    DATA EXPLORATION
2.1.1.    PRIMARY DATA
2.1.1.1.    DATA SOURCES
2.1.1.2.    KEY DATA COLLECTED
2.1.2.    SECONDARY DATA
2.1.2.1.    DATA SOURCES
2.1.2.2.    KEY DATA COLLECTED
2.2.    MARKET SIZE ESTIMATION
2.2.1.    TOP-DOWN APPROACH
2.2.2.    BOTTOM-UP APPROACH
2.3.    DATA BREAKDOWN & TRIANGULATION
2.4.    ASSUMPTIONS & FORECAST PARAMETERS

CHAPTER 3.    EXECUTIVE SUMMARY

CHAPTER 4.    THINKWISE INTELLIGENCE EXCLUSIVE INSIGHTS
4.1.    MARKET ATTRACTIVENESS, BY VEHICLE TYPE
4.2.    MARKET ATTRACTIVENESS, BY POWER RATING
4.3.    MARKET ATTRACTIVENESS, BY REGION

CHAPTER 5.    MARKET OVERVIEW
5.1.    INTRODUCTION
5.2.    GROWTH IMPACT FORCES
5.2.1.    DRIVERS
5.2.2.    RESTRAINTS
5.2.3.    OPPORTUNITIES
5.2.4.    THREATS
5.3.    MARKET ECOSYSTEM & VALUE CHAIN
5.3.1.    ECOSYSTEM ANALYSIS
5.3.1.1.    IMPACT OF COVID-19 ON THE MARKET ECOSYSTEM
5.3.2.    VALUE CHAIN ANALYSIS
5.3.2.1.    IMPACT OF COVID-19 ON THE MARKET VALUE CHAIN
5.4.    INNOVATION & SUSTAINABILITY MATRICES
5.4.1.    PATENT MATRIX
5.4.2.    REGULATORY MATRIX
5.5.    PRICE MATRIX
5.5.1.    IMPACT OF COVID-19 ON PRICING
5.5.2.    PRICING ANALYSIS
5.5.2.1.    BY VEHICLE TYPE
5.5.2.2.    BY POWER RATINGS
5.5.2.3.    BY REGION
5.6.    PORTER’S FIVE FORCES ANALYSIS
5.6.1.    BARGAINING POWER OF SUPPLIERS
5.6.2.    BARGAINING POWER OF CONSUMERS
5.6.3.    THREAT OF SUBSTITUTES
5.6.4.    THREAT OF NEW-ENTRANTS
5.6.5.    COMPETITIVE RIVALRY INTENSITY
5.7.    PESTLE ANALYSIS
5.7.1.    POLITICAL
5.7.2.    ECONOMICAL
5.7.3.    SOCIAL
5.7.4.    TECHNOLOGICAL
5.7.5.    ENVIRONMENTAL
5.8.    IMPACT OF COVID-19 ON GLOBAL ELECTRIC VEHICLE TRACTION MARKET
5.8.1.    PRE-COVID MARKET SCENARIO
5.8.2.    POST-COVID MARKET SCENARIO

CHAPTER 6.    GLOBAL ELECTRIC VEHICLE TRACTION MARKET ANALYSIS, BY VEHICLE TYPE
6.1.    INTRODUCTION
6.1.1.    BEV
6.1.2.    PHEV

CHAPTER 7.    GLOBAL ELECTRIC VEHICLE TRACTION MARKET ANALYSIS, BY POWER RATING
7.1.    INTRODUCTION
7.1.1.    BELOW 200 KW
7.1.2.    200-400 KW
7.1.3.    ABOVE 400 KW

CHAPTER 8.    GLOBAL ELECTRIC VEHICLE TRACTION MARKET ANALYSIS, BY REGION
8.1.    INTRODUCTION
8.1.1.    NORTH AMERICA
8.1.1.1.    UNITED STATES (U.S.)
8.1.1.2.    CANADA
8.1.1.3.    MEXICO
8.1.2.    SOUTH AMERICA
8.1.2.1.    ARGENTINA
8.1.2.2.    BRAZIL
8.1.2.3.    COLOMBIA
8.1.2.4.    REST OF SOUTH AMERICA
8.1.3.    EUROPE
8.1.3.1.    GERMANY
8.1.3.2.    FRANCE
8.1.3.3.    UNITED KINGDOM (UK)
8.1.3.4.    RUSSIA
8.1.3.5.    SPAIN
8.1.3.6.    ITALY
8.1.3.7.    SWITZERLAND
8.1.3.8.    REST OF EUROPE
8.1.4.    ASIA-PACIFIC
8.1.4.1.    CHINA
8.1.4.2.    JAPAN
8.1.4.3.    INDIA
8.1.4.4.    SOUTH KOREA
8.1.4.5.    AUSTRALIA
8.1.4.6.    INDONESIA
8.1.4.7.    SINGAPORE
8.1.4.8.    MALAYSIA
8.1.4.9.    REST OF ASIA-PACIFIC
8.1.5.    MIDDLE EAST
8.1.5.1.    EGYPT
8.1.5.2.    KUWAIT
8.1.5.3.    SAUDI ARABIA
8.1.5.4.    UNITED ARAB EMIRATES (UAE)
8.1.5.5.    REST OF MIDDLE EAST
8.1.6.    AFRICA
8.1.6.1.    EGYPT
8.1.6.2.    NIGERIA
8.1.6.3.    SOUTH AFRICA
8.1.6.4.    REST OF AFRICA

CHAPTER 9.    COMPETITIVE LANDSCAPE
9.1.    TOP WINNING STRATEGIES
9.1.1.    BY STRATEGY
9.1.2.    BY REGION
9.1.3.    BY YEAR
9.2.    COMPETITIVE HEATMAP
9.3.    PRODUCT BENCHMARKING
9.4.    STRATEGIC BENCHMARKING
9.4.1.    MERGERS & ACQUISITIONS
9.4.2.    STRATEGIC PARTNERSHIPS & COLLABORATIONS

CHAPTER 10.    PLAYER BENCHMARKING
10.1.    ZYTEK GROUP LIMITED
10.1.1.    BUSINESS OVERVIEW
10.1.2.    PRODUCT OFFERINGS
10.1.3.    FINANCIAL OVERVIEW
10.1.4.    STRATEGIC BENCHMARKING
10.1.5.    SWOT ANALYSIS
10.2.    EQUIPMAKE LTD.
10.2.1.    BUSINESS OVERVIEW
10.2.2.    PRODUCT OFFERINGS
10.2.3.    FINANCIAL OVERVIEW
10.2.4.    STRATEGIC BENCHMARKING
10.2.5.    SWOT ANALYSIS
10.3.    HITACHI AUTOMOTIVE SYSTEMS AMERICAS
10.3.1.    BUSINESS OVERVIEW
10.3.2.    PRODUCT OFFERINGS
10.3.3.    FINANCIAL OVERVIEW
10.3.4.    STRATEGIC BENCHMARKING
10.3.5.    SWOT ANALYSIS
10.4.    SERVAX
10.4.1.    BUSINESS OVERVIEW
10.4.2.    PRODUCT OFFERINGS
10.4.3.    FINANCIAL OVERVIEW
10.4.4.    STRATEGIC BENCHMARKING
10.4.5.    SWOT ANALYSIS
10.5.    AVID TECHNOLOGY LIMITED
10.5.1.    BUSINESS OVERVIEW
10.5.2.    PRODUCT OFFERINGS
10.5.3.    FINANCIAL OVERVIEW
10.5.4.    STRATEGIC BENCHMARKING
10.5.5.    SWOT ANALYSIS
10.6.    RETORQ MOTORS LTD.
10.6.1.    BUSINESS OVERVIEW
10.6.2.    PRODUCT OFFERINGS
10.6.3.    FINANCIAL OVERVIEW
10.6.4.    STRATEGIC BENCHMARKING
10.6.5.    SWOT ANALYSIS
10.7.    COPPER ROTOR INDUCTION MOTOR
10.7.1.    BUSINESS OVERVIEW
10.7.2.    PRODUCT OFFERINGS
10.7.3.    FINANCIAL OVERVIEW
10.7.4.    STRATEGIC BENCHMARKING
10.7.5.    SWOT ANALYSIS
10.8.    ABB
10.8.1.    BUSINESS OVERVIEW
10.8.2.    PRODUCT OFFERINGS
10.8.3.    FINANCIAL OVERVIEW
10.8.4.    STRATEGIC BENCHMARKING
10.8.5.    SWOT ANALYSIS
10.9.    ROBERT BOSCH GMBH
10.9.1.    BUSINESS OVERVIEW
10.9.2.    PRODUCT OFFERINGS
10.9.3.    FINANCIAL OVERVIEW
10.9.4.    STRATEGIC BENCHMARKING
10.9.5.    SWOT ANALYSIS
10.10.    WEG
10.10.1.    BUSINESS OVERVIEW
10.10.2.    PRODUCT OFFERINGS
10.10.3.    FINANCIAL OVERVIEW
10.10.4.    STRATEGIC BENCHMARKING
10.10.5.    SWOT ANALYSIS
10.11.    AVID TECHNOLOGY LIMITED
10.11.1.    BUSINESS OVERVIEW
10.11.2.    PRODUCT OFFERINGS
10.11.3.    FINANCIAL OVERVIEW
10.11.4.    STRATEGIC BENCHMARKING
10.11.5.    SWOT ANALYSIS
10.12.    ROBERT BOSCH GMBH
10.12.1.    BUSINESS OVERVIEW
10.12.2.    PRODUCT OFFERINGS
10.12.3.    FINANCIAL OVERVIEW
10.12.4.    STRATEGIC BENCHMARKING
10.12.5.    SWOT ANALYSIS
10.13.    TRW AUTOMOTIVE HOLDINGS CORPORATION
10.13.1.    BUSINESS OVERVIEW
10.13.2.    PRODUCT OFFERINGS
10.13.3.    FINANCIAL OVERVIEW
10.13.4.    STRATEGIC BENCHMARKING
10.13.5.    SWOT ANALYSIS
10.14.    VALEO SA
10.14.1.    BUSINESS OVERVIEW
10.14.2.    PRODUCT OFFERINGS
10.14.3.    FINANCIAL OVERVIEW
10.14.4.    STRATEGIC BENCHMARKING
10.14.5.    SWOT ANALYSIS

CHAPTER 11.    APPENDIX
11.1.    PREMIUM INSIGHTS FROM INDUSTRY EXPERTS
11.2.    RELATED REPORTS