EV Traction Motor Market Growth 2023, Share, Rising Trends, Key Manufacturers, Revenue, Demand, Challenges and Future Investment Opportunities 2033: SPER Market Research
The primary motors used to generate electricity and drive electric vehicles are EV traction motors. They are in charge of converting the electrical energy stored in the car’s batteries into the mechanical energy required to turn the wheels. Traction motors, a crucial component of electric drivetrains, contribute greatly to the overall performance of electric cars.
According to SPER market research, ‘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 predicted to reach USD 177.16 billion by 2033 with a CAGR of 35.56%.
The market for EV Traction Motor is driven by numerous growth drivers and has specific constraints as it develops. Increased investments in electric vehicles (EVs) and increased demand for energy-efficient motors are two important growth factors. The low power consumption and high efficiency of EV traction motors are driving up demand for EVs. Furthermore, rigorous environmental restrictions and emission limits aimed to promote environmental sustainability are increasing demand for EVs, creating favourable conditions for industry expansion.
The growing consumer preference for zero-emission automobiles has increased global sales of hybrid electric vehicles (HEVs). The market is expected to profit from increased HEV output.
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The EV Traction Motor industry is now facing a number of serious issues. Overload, inadequate power conditions, particularly effective service elements, frequent starting and stopping of the motor, and a lack of airflow surrounding the motor are all reasons of overheating. Electric motors typically overheat in hot environments. Insulation failure accounts for around 30% of all motor failures, while overheating accounts for 60%. Permanent magnet motors are exceedingly unreliable, and they lose their magnetic properties at high temperatures. Because their permanent magnets demagnetize, the torque capacity of these motors is reduced. As a result, electric motors must function properly in order for this operation to be done.
Impact of COVID-19 on Global EV Traction Motor Market
The COVID-19 epidemic has had a huge impact on the EV traction motor market. Supply chains were first disrupted when production facilities throughout the world briefly shut down or scaled back operations due to lockdowns and limitations. This caused production delays for electric vehicles, particularly those equipped with electric traction motors. Customer demand for EVs declined in the early stages of the epidemic due to the weak economy and decreasing consumer expenditure.
EV Traction Motor Market Key Players
Furthermore, North America has been a prominent Centre for electric car production and innovation, driven by the United States and Canada. Significant investments in EV production and technological development have occurred in the region, fueling demand for sophisticated traction motors. Government incentives, tough emission rules, and a growing consumer desire for electric vehicles all contribute to the market’s expansion. Additionally, some of the market key players are ABB Limited, Parker-Hannifin Corp., SKF AB., ZF TRW Automotive Holdings Corporation.
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EV Traction Motor Market Outlook
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