Electric Vehicle Traction Motor Global Market Report 2022: Increased Sales of Hybrid Vehicles Bolsters Sector - ResearchAndMarkets.com
Increased sales of hybrid electric vehicles is expected to propel the growth of the electric vehicle traction motor market.
The "Electric Vehicle Traction Motor Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global electric vehicle traction motor market is expected to grow from $4.13 billion in 2021 to $6.18 billion in 2022 at a compound annual growth rate (CAGR) of 49.54%. The electric vehicle traction motor market is expected to grow to $27.47 billion in 2026 at a compound annual growth rate (CAGR) of 45.19%.
Asia Pacific was the largest region in the electric vehicle traction motor market in 2019. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle traction motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Increased sales of hybrid electric vehicles is expected to propel the growth of the electric vehicle traction motor market. A hybrid electric vehicle is a hybrid vehicle that combines an internal combustion engine and an electric propulsion system. The rapid growth in sales of hybrod electric vehicles is expcted to boost utilization of traction motors, as they are essential components in hybrid and electric vehicles.
For instance, in February 2022, according to U.S. electric vehicle market, 59,664 hybrid vehicles were sold (up 10.2% from February 2021), with 15,763 cars and 43,801 being light trucks. In February, Toyota had a 63.7% share of total hybrid sales. Prius (Prius and Prius C combined) sold 3.9% of hybrid vehicles. Therefore, the growing sales of hybrid electric vehicles is expected to boost demand for electric vehicle traction motors during the forecast period.
Technological advancement is a key trend gaining popularity in the electric vehicle traction motor market. Many companies operating in electric vehicle traction motor are developing new products or new technologies to strengthen their position in electric vehicle traction motor market.
For instance, in August 2021, Nidec developed E-Axle, an EV traction motor system that incorporates three components: a motor, an inverter, and a reducer, and may be mounted in a vehicle, doing everything from generating rotating torque from the drive shaft attached to the tires to move the vehicle when powered by electricity. To achieve high productivity and wire-winding performance, Nidec implemented a new cassette inserter method. In addition, Nidec's E-Axle was given a new cooling mechanism.
In December 2019, Nidec Corporation, a Japanese manufacturer and distributor of electric motors acquired Roboteq Inc. for an undisclosed amount. With this acquisition, Nidec plans to develop into a single vendor capable of providing complete motor control system support to customers. Roboteq Inc. is a US-based company that offers a wide range of electronic DC motor drives for mobile robots and electric vehicles.
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Scope
Markets Covered:
1) By Motor Type: Permanent Magnet Synchronous EV Traction Motors (PSM); Asynchronous EV Traction Motors (ASM)
2) By Voltage Ratings: High Voltage EV Traction Motors; Low Voltage EV Traction Motors
3) By Vehicle Type: Electric Vehicles; Plug-in Hybrid Electric Vehicles; Mild Hybrid Vehicles; Full Hybrid Vehicles
4) By Application: Railways; Electric Vehicle; Other Applications
Key Topics Covered:
1. Executive Summary
2. Electric Vehicle Traction Motor Market Characteristics
3. Electric Vehicle Traction Motor Market Trends And Strategies
4. Impact Of COVID-19 On Electric Vehicle Traction Motor
5. Electric Vehicle Traction Motor Market Size And Growth
6. Electric Vehicle Traction Motor Market Segmentation
7. Electric Vehicle Traction Motor Market Regional And Country Analysis
8. Asia-Pacific Electric Vehicle Traction Motor Market
9. China Electric Vehicle Traction Motor Market
10. India Electric Vehicle Traction Motor Market
11. Japan Electric Vehicle Traction Motor Market
12. Australia Electric Vehicle Traction Motor Market
13. Indonesia Electric Vehicle Traction Motor Market
14. South Korea Electric Vehicle Traction Motor Market
15. Western Europe Electric Vehicle Traction Motor Market
16. UK Electric Vehicle Traction Motor Market
17. Germany Electric Vehicle Traction Motor Market
18. France Electric Vehicle Traction Motor Market
19. Eastern Europe Electric Vehicle Traction Motor Market
20. Russia Electric Vehicle Traction Motor Market
21. North America Electric Vehicle Traction Motor Market
22. USA Electric Vehicle Traction Motor Market
23. South America Electric Vehicle Traction Motor Market
24. Brazil Electric Vehicle Traction Motor Market
25. Middle East Electric Vehicle Traction Motor Market
26. Africa Electric Vehicle Traction Motor Market
27. Electric Vehicle Traction Motor Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Electric Vehicle Traction Motor Market
29. Electric Vehicle Traction Motor Market Future Outlook and Potential Analysis
30. Appendix
Companies Mentioned
- AB SKF
- ABB Ltd.
- Avid Technology Limited
- Hitachi Automotive Systems, Ltd.
- Nidec Corporation
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