Factors such as supporting government policies launch of new EV models, and advanced motor designs will drive the automotive traction motor market. The electric vehicle industry has rapidly evolved with ongoing developments in design, features, engineering, and electric motor technologies.
New York, March 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Traction Motor Market by Motor Type, Type, EV Type, Power Output, Vehicle Type & Region - Global Forecast to 2026" - https://www.reportlinker.com/p06039368/?utm_source=GNW
With the increasing stringency of government mandates regarding emissions caused by vehicles, the automotive industry is focusing on efficiency, emission-free propulsion, and innovative technologies.
The high predicted growth of electric vehicles due to government mandates and global presence of major OEMs and Tier I suppliers is expected to drive the market.In 2019, Bosch announced full ownership and control of its EM-motiv electric-motor development joint venture with Daimler to manage the full efficiency profile of electric propulsion, from the battery pack to power electronics and motors.
The company claims an increase of 20% in the range of electric vehicles.
Advanced motor designs, enhanced tolerance levels, and increased usage of superior magnetic materials have led to the need for higher efficiency levels in motors.There is a growing demand for compact and energy-efficient motors.
Electric traction motors are mainly used in electric vehicles. Permanent magnet motors are widely used as traction motors in electric vehicles due to their higher efficiency level, power density, smaller size, and lower weight as compared to induction (asynchronous) motors.
Traction motors also play a significant role in the development of electrified cars and commercial vehicles.The electric propulsion system is an integral part of EVs and HEVs.
Increase in the usage of electric vehicles and massive investment in technological advancements in electric vehicles are major driving factors for the traction motor market. The stringent government regulations related to vehicle emission and support towards component costs are also predicted to be driving factors for the market.
The commercial vehicles segment is expected to be the fastest segment in the forecast.
Commercial vehicles require higher power traction motors as compared to passenger cars due to the requirement of high starting torque and overload capacity.The rising demand for and subsequent increase in the sale of commercial vehicles, impositions of stringent emission regulations with increased set limits in fuel efficiency regulations by different governments, and safety regulations have together shifted the focus of OEMs toward reducing carbon emissions from commercial vehicles.
The government parameters regarding regulations for carbon emissions vary according to vehicle type and region.
North America is projected to be the largest automotive traction motor market for commercial vehicles.This can be attributed to the growing popularity of pickup trucks in the region among OEMs such as Ford, Chrysler, and General Motors.
Traction motor manufacturers in the region are also increasing their investments in this segment to add more fuel-efficient features.For instance, in October 2019, Eaton Corporation PLC announced the plan to launch a transmission system for heavy-duty electric commercial vehicles.
The transmission will be 4-speed and based on efficient lay shaft architecture of Automated Manual Transmission (AMT) designed specifically for commercial EVs. All these factors are expected to fuel the demand for traction motors in North America.
200-400 kW is expected to be the fastest power ouput segment in the forecast period.
Traction motors with a power output of 200–400 kW are particularly installed in medium to heavy commercial vehicles.These motors have a high starting torque and overload capacity.
As these motors are widely used in commercial vehicles such as trucks, vans, and buses, their demand is expected to increase in several countries across the Middle East, North America, and Asia Pacific, which are witnessing significant investments in EV projects.The wide array of applications employing these traction motors is one of the major factors driving this segment.
Skoda and Toshiba are some of the manufacturers of traction motors with a power output of 200–400 kW.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
• By Company Type: Tier I - 59%, Tier II - 7%, and OEMs - 34%
• By Designation: CXOs - 26%, Director Level - 43%, and Others - 31%
• By Region: North America - 29%, Europe - 39%, and Asia Pacific - 35%
The automotive traction motor market is dominated by established players such as BorgWarner Inc. (US), Schaeffler Group (Germany), Nidec Corporation (Japan), Robert Bosch GmbH (Germany), and ZF Friedrichshafen AG (Germany).
Research Coverage:
The study covers the automotive traction motor market size and future growth potential across different segments such as by type, motor type, EV type, vehicle type, power output and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
• The report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall automotive traction motor market and its subsegments.
• This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
• The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p06039368/?utm_source=GNW
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The global automotive traction motor market is projected to grow at a CAGR of 33.7% from USD 4.1 billion in 2021 to USD 17.3 billion by 2026 - Yahoo Finance
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