The Global Electric Vehicle (EV) Traction Motor Market is expected to witness a CAGR of 30.9% during the forecast period to reach revenue by 2024
Bangalore, India, July, 27, 2018: With its recently published study “Global Electric Vehicle (EV) Traction Motor Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024”, Infoholic Research forecasts that the global market for EV traction motors will grow significantly in the coming years owing to the government initiatives on electric vehicle adoption, increasing focus on expanding electric vehicle charging infrastructure, and growing preference for electrification of public fleet.
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Electric vehicles are equipped with an electric motor for propulsion of the vehicle. These vehicles can be classified into battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV). BEV is a zero-emission vehicle that purely runs on a battery and electric traction motor without an internal combustion engine (ICE). The battery can be plugged in and recharged from an external energy source. PHEV is equipped with two propulsion modes, i.e., drive motor and internal combustion engine (ICE). When the battery is high, the vehicle runs on the drive motor and when the battery is low, the vehicle runs on ICE. The battery can be either plugged in and recharged from an external power source or can be replaced by the fully charged battery.
The global market, in terms of motor type, is segmented into synchronous motor and induction motor. Based on the motor capacity, the market is segmented into <40 kW, ≥40 kW to <80 kW, and ≥80 kW. By vehicle type, the market is segmented into battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV). The applications covered in the report are electric cars, electric buses, and electric scooters.
The Asia Pacific region is dominating in the global EV traction market followed by Europe. In terms of revenue, Asia Pacific accounted for more than 60% share and is projected to remain dominant during the forecast period. This is mainly due to the expanding electric vehicle charging infrastructure and increasing government initiatives, such as NEV policy in China.
“The permanent magnet synchronous motor is the preferred choice among EV traction motors by OEMs due to its high power density and precision control.” – Delsingh Bright, Sr Research Analyst, Infoholic Research
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Key insights of the report include:
- Market Analysis – By Motor Type
- Synchronous Motor
- Induction Motor
- Market Analysis – By Motor Capacity
- <40 kW
- ≥40 kW to <80 kW
- ≥80 kW
- Market Analysis – By Vehicle Type
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Market Analysis – By Application
- Electric Car
- Electric Bus
- Electric Scooter