Home / Automotive & Transportation / Electric Vehicle Traction Motor Market By Electric Vehicle Type (Battery Electric Vehicle (BEV), Hybrid & Plug-in Hybrid Electric Vehicle (HEV & PHEV), Fuel Cell, Electric Vehicle (FCEV)), By Motor Type (Permanent Magnet Synchronous Motor (PMSM), Induction/Asynchronous Motor, Switched Reluctance Motor (SRM)), By Vehicle Type (Passenger Vehicle, Commercial Vehicle) - Growth, Share, Opportunities & Competitive Analysis, 2019 -2027

Electric Vehicle Traction Motor Market By Electric Vehicle Type (Battery Electric Vehicle (BEV), Hybrid & Plug-in Hybrid Electric Vehicle (HEV & PHEV), Fuel Cell, Electric Vehicle (FCEV)), By Motor Type (Permanent Magnet Synchronous Motor (PMSM), Induction/Asynchronous Motor, Switched Reluctance Motor (SRM)), By Vehicle Type (Passenger Vehicle, Commercial Vehicle) - Growth, Share, Opportunities & Competitive Analysis, 2019 -2027

Published: Feb 2020 | Report Code: 60203-02-20

Key Market Insights 

"Rising demand of Electric Vehicles across the World predicted to uplift the Global Electric Vehicle Traction Motor Market" 

The global electric vehicle traction motor market was stood at US$ 1.83 Bn in the year 2018 and predicted to reach US$ 43.90 Bn by the year 2027, expanding at a CAGR of 42.6% during the forecast from 2019 to 2027. 

The global automotive industry is at the cusp of major transformation. Rising energy security & environment concerns clubbed with the evolution of future technologies, digitalization, rapid advancement in powertrain electrification, and ever-increasing user expectation have upended the automotive business. Electric Vehicle (EV) is among those automotive inventions that have gained high traction over a minor period. The prime reason accounting for the rapid adoption of EV is its high fuel efficiency with low power consumption. In addition, heavy incentives offered by governing bodies and policies regulating stringent emission norms are the other major factors contributing to its exponential growth. Moreover, EV traction motor is the vital component of EV thus fuelling demand for EV will accelerate the EV traction motor market growth. 

Traction motors offer smooth & quiet operation along with faster acceleration that results in better handling & passenger comfort. In addition, they provide higher efficiency and battery recharging capability along with this they are also compatible to work in extreme conditions. Therefore, all these factors in-combination make electric traction motor as the best fit for EVs over traditional Internal Combustion Engines (ICEs). 

Market Synopsis

Electric Vehicle Traction Motor Market

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Electric Vehicle Type Analysis 

"Battery Electric Vehicle (BEV) garnered the largest Revenue Share in the Global Electric Vehicle Traction Motor Market in 2018"

In 2018, Battery Electric Vehicle (BEV) dominated the global electric vehicle traction motor market. Nearly 75% of all the electric vehicles sold in 2019 were BEVs. Prime factor accounting for the significant market share of BEV is its complete dependence on battery along with no Green House Gas (GHG) emitted during operation. Furthermore, increasing research & development on the improvement of battery life has also triggered the BEVs market prominently. A BEV can cover 100-250 Km in one charge and its top-tier models can cover 300-500 Km in one charge. However, it’s charging time is very large of around 36 hours. Nevertheless, recent advancement in ultracapacitor has also replaced the traditional battery in BEVs and improved its charging and discharging time.

Electric Vehicle Traction Motor Market

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Motor Type Analysis

"Permanent Magnet Synchronous Motor (PMSM) dominated the Global Electric Vehicle Traction Motors Market in 2018"

Permanent Magnet Synchronous Motor (PMSM) led the global electric vehicle traction motor market in terms of revenue share for the year 2018 and expected to continue its dominance during the forecast period. The escalating growth of the segment is mainly due to its high operating efficiency and power density as compared to other types of traction motors. PMSM is nearly 15% more efficient than an induction motor. In 2018, 93% of the total passenger EVs sold were powered by PMSM and seeks prominent rise year-on-year in its sales percentage.

Electric Vehicle Traction Motor Market

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Regional Analysis 

"The Asia Pacific Acquired Maximum Revenue Share in the Global Electric Vehicle Traction Motor Market in the year 2018"

The Asia Pacific has emerged as a dominating and most lucrative region in the global electric vehicle traction motor market. The region projected to witness a CAGR of around 45% during the forecast period. The prime reason attributed to its dominance is increasing sales of EVs in China, India, and other developing Asian countries. As per a report published by the International Council on Clean Transportation (ICCT) in 2018, China accounted for 50% of the global EV production followed by Europe, the USA, Japan, and South Korea. In addition, China is also a global leader in battery cell production for EVs. In 2017, China’s battery cell production was 11 times greater than the USA production and by 22 times of European production. 

Furthermore, China's stringent policies for EVs have also played a significant role in the rise of EV sales in the region. For instance, in 2019, China announced the New Energy Vehicle (NEV) subsidies in its ten cities. Under this policy, the country plans to sell 4.6 Mn EVs by 2020. Similarly, government of other nations have also mandated stringent regulations to increase the sale of EV as it is more environment friendly and also helps in national economic development by increasing per capita disposable income.

Electric Vehicle Traction Motor Market

Key Players & Competitive Landscape: 

"Increasing Partnerships and Collaboration Deals will spur the Competition in the Global Electric Vehicle Traction Motor Market"

The global electric vehicle traction motor market is highly competitive owing to the presence of significant number of market players along with spurring demand for EVs. Market players believe in research & development of the product offering to retain their market position. 

List of Companies Covered:

  • Parker-Hannifin Corp.
  • ABB Limited
  • SKF AB
  • Continental AG
  • Robert Bosch GMBH
  • ZF Friedrichshafen AG
  • EMWorks Inc.
  • YASA Motors Ltd.
  • Nidec Corporation
  • Hitachi Ltd.
  • Zytek Group Limited.
  • Avid Technology Limited

Electric Vehicle Traction Motor Market

Key Industry Development: 

  • On September 07, 2017, Nidec Corporation announced a new design concept for traction motor system (E-axle) that included inverter, gear-box, and e-machines. Nidec Corporation has developed E-axle traction system to target EVs and PHEVs. The new system has a unique motor cooling system and has less weight & size due to which the overall cost of the traction motor reduces drastically. 

Historical & Forecast Period

This research study provides qualitative as well as quantitative insights for each segment and sub-segment from 2017 to 2027, considering 2018 as the base year for the research. CAGR (Compounded Annual Growth Rate) for each segment and sub-segment calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

The research study titled electric vehicle traction motor market offers market size and forecasts based on market dynamics and predominant trends shaping the industry. The report provides all round view of the global electric vehicle traction motor market based on electric vehicle type, motor type, vehicle type, and geography. Key segments covered in the report are as follows:

ATTRIBUTE DETAILS
Research Period  2017-2027
Base Year 2018
Forecast Period  2019-2027
Historical Year  2017
Unit  USD Billion
Segmentation

 Electric Vehicle Type Segment (2017–2027; US$ Bn)
 • Battery Electric Vehicle (BEV)
 • Hybrid & Plug-in Hybrid Electric Vehicle (HEV & PHEV)
 • Fuel Cell Electric Vehicle (FCEV)

 Motor Type Segment (2017–2027; US$ Bn)
 • Permanent Magnet Synchronous Motor (PMSM)
 • Induction/Asynchronous Motor
 • Switched Reluctance Motor (SRM)

 Vehicle Type Segment (2017–2027; US$ Bn)
 • Passenger Vehicle
 • Commercial Vehicle

 Geography Segment (2017–2027; US$ Bn)
 • North America (U.S. and Rest of North America)
 • Europe (U.K., Germany, France, and Rest of Europe)
 • Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
 • Rest of World (Middle East & Africa (MEA), Latin America)

Key questions answered in this report

  • What was the global market size of electric vehicle traction motor in 2017 & 2018?
  • What is estimated forecast and market projections up to 2027?
  • Which is largest regional market for electric vehicle traction motor?
  • Which electric vehicle traction motor is largely preferred on global scale?
  • Which is the most lucrative electric vehicle type segment of electric vehicle traction motor?
  • Which are the predominant trends shaping the global electric vehicle traction motor market?
  • Which is the most promising, attractive, and less-explored region in the global electric vehicle traction motor market?
  • Who are the leading players in the global electric vehicle traction motor market?
  • What are the premiere strategies adopted by the leading players in the global electric vehicle traction motor market?

1. Preface
1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.3.4. Approach Adopted
1.3.4.1. Top-Down Approach
1.3.4.2. Bottom-Up Approach
1.3.5. Assumptions
1.4. Market Segmentation

2. Executive Summary
2.1. Market Snapshot: Global Electric Vehicle Traction Motor Market
2.2. Global EVTM Market, by Electric Vehicle Type, 2018 (US$ Bn)
2.3. Global EVTM Market, by Motor Type, 2018 (US$ Bn)
2.4. Global EVTM Market, by Vehicle Type, 2018 (US$ Bn)
2.5. Global EVTM Market, by Geography, 2018 (US$ Bn)

3. Market Dynamics
3.1. Introduction
3.1.1. Global EVTM Market Value, 2017-2027, (US$ Bn)
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.2. Market Restraints
3.3. Attractive Investment Proposition, by Geography, 2018
3.4. Market Positioning of Key Players, 2018
3.4.1. Major Strategies Adopted by Key Players

4. Global Electric Vehicle Traction Motor (EVTM) Market, by Electric Vehicle Type, 2017-2027 (US$ Bn)
4.1. Overview
4.2. Battery Electric Vehicle (BEV)
4.3. Hybrid & Plug-in Hybrid Electric Vehicle (HEV & PHEV)
4.4. Fuel Cell Electric Vehicle (FCEV)

5. Global Electric Vehicle Traction Motor (EVTM) Market, by Motor Type, 2017-2027 (US$ Bn)
5.1. Overview
5.2. Permanent Magnet Synchronous Motor (PMSM)
5.3. Induction/Asynchronous Motor
5.4. Switched Reluctance Motor (SRM)

6. Global Electric Vehicle Traction Motor (EVTM) Market, by Vehicle Type, 2017-2027 (US$ Bn)
6.1. Overview
6.2. Passenger Vehicle
6.3. Commercial Vehicle

7. North America Electric Vehicle Traction Motor (EVTM) Market Analysis, 2017-2027 (US$ Bn)
7.1. Overview
7.1.1. North America EVTM Market Value, 2017-2027, (US$ Bn)
7.2. North America EVTM Market Value, By Electric Vehicle Type, 2017-2027 (US$ Bn)
7.2.1. Battery Electric Vehicle (BEV)
7.2.2. Hybrid & Plug-in Hybrid Electric Vehicle (HEV & PHEV)
7.2.3. Fuel Cell Electric Vehicle (FCEV)
7.3. North America EVTM Market Value, By Motor Type, 2017-2027 (US$ Bn)
7.3.1. Permanent Magnet Synchronous Motor (PMSM)
7.3.2. Induction/Asynchronous Motor
7.3.3. Switched Reluctance Motor (SRM)
7.4. North America EVTM Market Value, By Vehicle Type, 2017-2027 (US$ Bn)
7.4.1. Passenger Vehicle
7.4.2. Commercial Vehicle
7.5. North America EVTM Market Value, By Country/ Region, 2017-2027 (US$ Bn)
7.5.1. Market Analysis
7.5.2. U.S.
7.5.3. Rest of North America

8. Europe Electric Vehicle Traction Motor (EVTM) Market Analysis, 2017-2027 (US$ Bn)
8.1. Overview
8.1.1. Europe EVTM Market Value, 2017-2027, (US$ Bn)
8.2. Europe EVTM Market Value, By Electric Vehicle Type, 2017-2027 (US$ Bn)
8.2.1. Battery Electric Vehicle (BEV)
8.2.2. Hybrid & Plug-in Hybrid Electric Vehicle (HEV & PHEV)
8.2.3. Fuel Cell Electric Vehicle (FCEV)
8.3. Europe EVTM Market Value, By Motor Type, 2017-2027 (US$ Bn)
8.3.1. Permanent Magnet Synchronous Motor (PMSM)
8.3.2. Induction/Asynchronous Motor
8.3.3. Switched Reluctance Motor (SRM)
8.4. Europe EVTM Market Value, By Vehicle Type, 2017-2027 (US$ Bn)
8.4.1. Passenger Vehicle
8.4.2. Commercial Vehicle
8.5. Europe EVTM Market Value, By Country/ Region, 2017-2027 (US$ Bn)
8.5.1. Market Analysis
8.5.2. U.K.
8.5.3. Germany
8.5.4. France
8.5.5. Rest of Europe

9. Asia Pacific Electric Vehicle Traction Motor (EVTM) Market Analysis, 2017-2027 (US$ Bn)
9.1. Overview
9.1.1. Asia Pacific EVTM Market Value, 2017-2027, (US$ Bn)
9.2. Asia Pacific EVTM Market Value, By Electric Vehicle Type, 2017-2027 (US$ Bn)
9.2.1. Battery Electric Vehicle (BEV)
9.2.2. Hybrid & Plug-in Hybrid Electric Vehicle (HEV & PHEV)
9.2.3. Fuel Cell Electric Vehicle (FCEV)
9.3. Asia Pacific EVTM Market Value, By Motor Type, 2017-2027 (US$ Bn)
9.3.1. Permanent Magnet Synchronous Motor (PMSM)
9.3.2. Induction/Asynchronous Motor
9.3.3. Switched Reluctance Motor (SRM)
9.4. Asia Pacific EVTM Market Value, By Vehicle Type, 2017-2027 (US$ Bn)
9.4.1. Passenger Vehicle
9.4.2. Commercial Vehicle
9.5. Asia Pacific EVTM Market Value, By Country/ Region, 2017-2027 (US$ Bn)
9.5.1. Market Analysis
9.5.2. Japan
9.5.3. China
9.5.4. India
9.5.5. Rest of Asia Pacific

10. Rest of the World Electric Vehicle Traction Motor (EVTM) Market Analysis, 2017-2027 (US$ Bn)
10.1. Overview
10.1.1. Rest of the World EVTM Market Value, 2017-2027, (US$ Bn)
10.2. Rest of the World EVTM Market Value, By Electric Vehicle Type, 2017-2027 (US$ Bn)
10.2.1. Battery Electric Vehicle (BEV)
10.2.2. Hybrid & Plug-in Hybrid Electric Vehicle (HEV & PHEV)
10.2.3. Fuel Cell Electric Vehicle (FCEV)
10.3. Rest of the World EVTM Market Value, By Motor Type, 2017-2027 (US$ Bn)
10.3.1. Permanent Magnet Synchronous Motor (PMSM)
10.3.2. Induction/Asynchronous Motor
10.3.3. Switched Reluctance Motor (SRM)
10.4. Rest of the World EVTM Market Value, By Vehicle Type, 2017-2027 (US$ Bn)
10.4.1. Passenger Vehicle
10.4.2. Commercial Vehicle
10.5. Rest of the World Electric Vehicle Traction Motor Market Value, By Region, 2017-2027 (US$ Bn)
10.5.1. Market Analysis
10.5.2. Middle East & Africa
10.5.3. Latin America

11. Company Profiles
11.1. Parker-Hannifin Corp.
11.2. ABB Limited
11.3. SKF AB
11.4. Continental AG
11.5. Robert Bosch GMBH
11.6. ZF Friedrichshafen AG
11.7. EMWorks Inc.
11.8. YASA Motors Ltd.
11.9. Nidec Corporation
11.10. Hitachi Ltd.
11.11. Zytek Group Limited.
11.12. Avid Technology Limited

* EVTM - Electric Vehicle Traction Motor

FIG. 1 Global Electric Vehicle Traction Motor (EVTM) Market: Research Methodology
FIG. 2 Market Size Estimation – Top Down & Bottom up Approach
FIG. 3 Global EVTM Market Segmentation
FIG. 4 Global EVTM Market, by Electric Vehicle Type, 2018 (US$ Bn)
FIG. 5 Global EVTM Market, by Motor Type, 2018 (US$ Bn)
FIG. 6 Global EVTM Market, by Vehicle Type, 2018 (US$ Bn)
FIG. 7 Global EVTM Market, by Geography, 2018 (US$ Bn)
FIG. 8 Attractive Investment Proposition, by Geography, 2018
FIG. 9 Global Market Positioning of Key EVTM Market Players, 2018
FIG. 10 Global EVTM Market Value Share, by Electric Vehicle Type, 2018 & 2027 (Value %)
FIG. 11 Global EVTM Market for Battery Electric Vehicle (BEV), 2017–2027 (US$ Bn)
FIG. 12 Global EVTM Market for Hybrid & Plug-in Hybrid Electric Vehicle (HEV & PHEV), 2017–2027 (US$ Bn)
FIG. 13 Global EVTM Market for Fuel Cell Electric Vehicle (FCEV), 2017–2027 (US$ Bn)
FIG. 14 Global EVTM Market Value Share, by Motor Type, 2018 & 2027 (Value %)
FIG. 15 Global EVTM Market for Permanent Magnet Synchronous Motor (PMSM), 2017–2027 (US$ Bn)
FIG. 16 Global EVTM Market for Induction/Asynchronous Motor, 2017–2027 (US$ Bn)
FIG. 17 Global EVTM Market for Switched Reluctance Motor (SRM), 2017–2027 (US$ Bn)
FIG. 18 Global EVTM Market Value Share, by Vehicle Type, 2018 & 2027 (Value %)
FIG. 19 Global EVTM Market for Passenger Vehicle, 2017–2027 (US$ Bn)
FIG. 20 Global EVTM Market for Commercial Vehicle, 2017–2027 (US$ Bn)
FIG. 21 North America EVTM Market, 2017–2027 (US$ Bn)
FIG. 22 Europe EVTM Market, 2017–2027 (US$ Bn)
FIG. 23 Asia Pacific EVTM Market, 2017–2027 (US$ Bn)
FIG. 24 RoW EVTM Market, 2017–2027 (US$ Bn) 

TABLE 1 Market Snapshot: Global Electric Vehicle Traction Motor (EVTM) Market
TABLE 2 Impact Indicators
TABLE 3 Impact Analysis of Drivers and Restraints
TABLE 4 Global EVTM Market, by Electric Vehicle Type, 2017–2027 (US$ Bn)
TABLE 5 Global EVTM Market, by Motor Type, 2017–2027 (US$ Bn)
TABLE 6 Global EVTM Market, by Vehicle Type, 2017–2027 (US$ Bn)
TABLE 7 Global EVTM Market, by Geography, 2017–2027 (US$ Bn)
TABLE 8 North America EVTM Market, by Electric Vehicle Type, 2017–2027 (US$ Bn)
TABLE 9 North America EVTM Market, by Motor Type, 2017–2027 (US$ Bn)
TABLE 10 North America EVTM Market, by Vehicle Type, 2017–2027 (US$ Bn)
TABLE 11 North America EVTM Market, by Country/ Region, 2017–2027 (US$ Bn)
TABLE 12 Europe EVTM Market, by Electric Vehicle Type, 2017–2027 (US$ Bn)
TABLE 13 Europe EVTM Market, by Motor Type, 2017–2027 (US$ Bn)
TABLE 14 Europe EVTM Market, by Vehicle Type, 2017–2027 (US$ Bn)
TABLE 15 Europe EVTM Market, by Country/ Region, 2017–2027 (US$ Bn)
TABLE 16 Asia Pacific EVTM Market, by Electric Vehicle Type, 2017–2027 (US$ Bn)
TABLE 17 Asia Pacific EVTM Market, by Motor Type, 2017–2027 (US$ Bn)
TABLE 18 Asia Pacific EVTM Market, by Vehicle Type, 2017–2027 (US$ Bn)
TABLE 19 Asia Pacific EVTM Market, by Country/ Region, 2017–2027 (US$ Bn)
TABLE 20 Rest of the World EVTM Market, by Electric Vehicle Type, 2017–2027 (US$ Bn)
TABLE 21 Rest of the World EVTM Market, by Motor Type, 2017–2027 (US$ Bn)
TABLE 22 Rest of the World EVTM Market, by Vehicle Type, 2017–2027 (US$ Bn)
TABLE 23 Rest of the World EVTM Market, by Country/ Region, 2017–2027 (US$ Bn)
TABLE 24 Parker-Hannifin Corp.: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 25 ABB Limited: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 26 SKF AB: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 27 Continental AG: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 28 Robert Bosch GMBH: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 29 ZF Friedrichshafen AG: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 30 EMWorks Inc. : Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 31 YASA Motors Ltd. : Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 32 Nidec Corporation: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 33 Hitachi Ltd. : Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 34 Zytek Group Limited. : Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)
TABLE 35 Avid Technology Limited: Company Snapshot (Company Overview; Product Portfolio; Financial Information; Key Developments)

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