Electric Vehicle Traction Motor Market was valued at USD 2.63 Billion in 2019 and is projected to reach USD 40.16 Billion by 2027, growing at a CAGR of 40.7 % from 2020 to 2027.

An Electric Vehicle Traction Motor uses electric energy from the battery of the vehicle, which is installed in an Electric Vehicle to propel it. Traction motors are proficient in providing required torque for the propulsion of Electric Vehicles.

The traction motor is an important component of Electric Vehicles, therefore a growing demand for Electric Vehicles is servicing the demand for Electric Vehicle Traction Motors. Acrimonious emission norms and a rise in demand for Electric Vehicles coupled with heavy incentives provided by governing bodies for Electric Vehicles are boosting the demand for Electric Vehicles. The rapid development of Electric Vehicle charging infrastructure, decrease in Electric Vehicle prices owing to the contraction in battery prices, availability ultra-fast chargers and supposed ban over fuel-powered vehicles are driving the demand for Electric Vehicles.

Rising investments in Electric Vehicle (EVs) adjacent to increasing demand for energy-efficient motors are some of the significant growth drivers. EV traction motor has low power consumption and high efficiency owing to which it is beholding an enhanced demand for EVs. Moreover, stringent environmental regulation and emission norms to safeguard environmental sustainability are encouraging the demand for EVs, thereby creating favorable grounds for market growth.

Increasing the inclination of the general population toward emission-free vehicles has led to increased sales of Hybrid Electric Vehicles (HEVs) across the globe. The rising production of HEVs is expected to impact the market positively. Furthermore, the government is undertaking several initiatives, such as tax subsidies and discounts to boost the sales of EVs, which consequently is driving the EV traction motor market.

Many automobile OEMs across the globe are in the R&D phase for the development of new HEV and EV designs. One of the challenges in designing traction motors is their failure owing to overheating. Also, minimizing electrical and magnetic losses is critically important to deliver maximum range and fuel efficiency to consumers. Moreover, during the installation, engineers need to consider structural, thermal, and electromagnetic issues that play a crucial role in vehicle performance, reliability, and cost. However, lack of electric charging stations and less battery power is restricting the market growth.

Some of the major players are ABB Limited, Parker-Hannifin Corp., SKF AB., ZF TRW Automotive Holdings Corporation, Robert Bosch GMBH, Valeo SA, Zytek Group Limited., Hitachi, Ltd., Avid Technology Limited, YASA Motors Ltd., and Others.

-Report by Verified Market Research