Electric Vehicle Traction Motor Industry: Trends, Business Strategies
The global electricvehicle traction motor market size is expected to reach USD 19.8
billion by 2025, registering a CAGR of 41.6% over the forecast period,
according to a new study by Grand View Research, Inc. Traction motor is the
most vital component used in Electric Vehicles (EV) as it aids the movement of
the vehicle. Rise in the adoption EVs has been a major contributor to the
market growth.
Governments of developing and developed
countries are taking initiatives for boosting the adoption of electric
vehicles, through establishment of various stringent norms and policies
regarding carbon emissions, as a result of the growing environmental hazards
posed by traditional combustion engine vehicles. Moreover, they are providing
subsidies for purchasing battery-operated commercial vehicles, which in turn is
motivating people to opt for electric vehicles. Hence, factors such as growing
environmental concerns and stringent emission norms along with the rising
awareness regarding the advantages of EVs is propelling growth of the EV
traction motor market.
Furthermore, the cost of ownership of
combustion engine vehicles has witnessed rapid rise as a result of the
consistent increase in the prices of petrol and diesel. Growing ownership cost
has made fleet owners to switch to battery operated vehicles. Although, lower
loading capacity is proving to be a restraint for the higher adoption of EVs,
companies are observed to be making huge investments to develop advanced
technology for EVs and developing powerful motors and batteries. This is
expected to eventually reduce the impact of the aforementioned growth
restraints over the forecast period.
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Further key
findings from the study suggest:
- The
BEV segment held a market share of over 50% in 2018, owing to the higher
production and availability of fully battery-operated vehicles globally
- The
PHEV segment is forecasted to expand at a significant CAGR over the
forecast period, due to reduced risk of vehicle shut down during the
commute
- Asia
Pacific is expected to account for the highest market share, followed by
North America, by 2025. High adoption of EVs in countries such as China,
contributed to the higher share of Asia Pacific
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