Favorable government regulations and investments will increase sales of electric cars by 9X until 2031

China will remain the hub for EV traction engines with increased sales by 33% CAGR until 2031

Fact.MR’s latest report on the EV traction engine market presents a thorough study of drivers, latest trends and constraints affecting growth up to 2031. It reveals hidden opportunities in leading segments in terms of engine type, voltage values ​​and vehicle type

NEW YORK, 22 November 2021 / PRNewswire / – According to the latest Fact.MR analysis, sales in the EV traction engine market are estimated to be valued at $ 6.4 billion at the end of 2021. With a rapid introduction of electric vehicles, the total market is expected to register a CAGR of 25% between 2021 and 2031, and reach a valuation of approx. $ 60 billion until 2031.

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With the world moving towards a sustainable future, the demand for environmentally friendly transport alternatives is increasing. Vehicle manufacturers are gradually expanding their portfolio to include electric and hybrid vehicles. This in turn creates enormous demand for EV traction motors as they are an important component of electric vehicles.

Increased production and sales of electric and hybrid vehicles primarily drive the market for electric cars. According to International Energy Association (IEA), more than 10 million electric cars were on the road worldwide by 2020, which is an increase of 43% compared to 2019.

Governments and other organizations such as the European Union are adopting various initiatives to increase the adoption of electric and hybrid vehicles. New rules for carbon dioxide emissions are implemented to minimize environmental damage due to vehicle pollution. For example on January 2020, Regulations (EU) 2019/631 entered into force and established CO2 emission standards for new passenger cars and vans.

Likadant i July 2021, the European Commission adopted a series of legislative proposals to achieve climate neutrality in the EU by 2050, including the sub-target of a net reduction of at least 55% of greenhouse gas emissions by 2030. This has a positive impact on the EV traction engine market.

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Leading EV traction engine manufacturers are investing heavily in research activities to develop better EV traction engines that not only provide high performance but also reduce the overall weight of vehicles.

For example in May 2021, EVR Motors, an Israeli startup unveiled a new high-performance electric motor that it claims is half as big and lighter than a typical electric motor design, which can lead to better EV performance at lower production costs.

According to Fact.MR, demand for traction motors in the plug-in hybrid vehicle category will increase at the fastest rate during the forecast period. This can be attributed to the increasing ownership of plug-in hybrid electric vehicles due to their zero exhaust emissions when running on battery power and increasing tax efficiency.

China, which is the largest manufacturer of vehicles, will continue to dominate the EV traction engine market and expand with a colossal CAGR of 33% between 2021 and 2031. The presence of leading vehicle players is increasing the introduction of electric and hybrid vehicles, and increased state support to reduce carbon dioxide emissions are some of the factors driving the market in the country.

“My growing concern about car emissions, governments around the world are implementing various programs to increase the introduction of electric vehicles and control CO2 emissions. In addition to implementing strict emission control standards, key players are receiving impulses from monetary support for budget allocations that encourage electric vehicle production. traction engine market, “ says a Fact.MR analyst

Important tips from the EV Traction Motor Market Survey

  • With increasing use of electric vehicles and a strong presence of leading electric car manufacturers such as Tesla, the US market is expected to grow at a CAGR of 30% during the forecast period.

  • Sales of EV traction motors in China is expected to rise with a CAGR of 33% between 2021 and 2031.

  • Countries like India, Japanese, and South Korea will likely show strong growth due to increased penetration of electric and hybrid vehicles.

  • By vehicle type, the plug-in hybrid vehicle category is expected to account for approximately 45% of the total market share in 2031.

  • Sales of high voltage EV traction motors will likely be valued at over US $ 4 billion until 2031.

Key drivers

  • The implementation of strict rules for emission control increases the demand for EV traction engines.

  • Increasing penetration of electricity and hybrid in emerging economies will continue to increase sales of EV traction motors.

  • The increase in fuel prices supports market growth.

Key restrictions

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Competitive landscape

Leading players in the market for EV traction motors focus on introducing new product lines for various electric and hybrid vehicles. In addition to this, they adopt various strategies such as mergers, acquisitions, partnerships and collaborations to dominate the market.

  • IN October 2021, Nidec Corporation announced that Ni200Ex, the company’s 200kW, E-Axle traction motor system, has entered the ZEEKR 001, an electric vehicle recently released by the Chinese car giant Geely Automobile Group, under its premium brand Zeekr.

  • Likadant i May 2020 Geely’s new EV uses Nidec’s E-Axle traction motor system. Geometry C, the new electric vehicle from Geely Automobile will be powered by Nidec’s 150 kW E-Axle model Ni 150Ex.

  • IN December 2020, Parker Hannifin, the global leader in motion and control technologies, announced the latest addition to its Global Vehicle Motor (GVM) family of high-power permanent magnet AC motors (PMAC). GVM310 has a frame of 310 mm and provides a towing solution for commercial electric vehicles on the road and off-road (EV) and hybrid vehicles (HEV), which include construction vehicles, city buses and mining vehicles.

Some of the prominent players operating in the market for electric cars profiled by Fact.MR are:

  • Zytek Group Limited

  • ZF TRW Automotive Holdings Corporation

  • YASA Motors Ltd.

  • Valeo SA

  • SKF AB

  • Parker-Hannifin Corp.

  • Magnetic system technology

  • Bharat Heavy Electricals Ltd.

  • ABB Limited

  • Other

More insights on Global EV Traction Motor Sales Outlook

Fact.MR provides an impartial analysis of the EV traction engine market, presents historical demand data (2016-2020) and forecast statistics for the period 2021-2031. The study reveals convincing insights into the global demand for EV traction motors with a detailed segmentation based on:

Engine type

Voltage values

vehicle type

  • Drive motors for electric vehicles

  • Traction motors Plug-in hybrid electric vehicles

  • Traction Motors Milda hybrid vehicle

  • Traction Motors Full Hybrid Vehicles

Key issues addressed in the EV Traction Motor Market Outlook report

  • The report provides an insight into the outlook for demand for electric motors for 2021-2031

  • The market study also sheds light on expected sales growth for the EV traction motor market between 2021 and 2031

  • Market research for EV traction engines identifies key growth factors, constraints and other forces affecting current trends and evaluates current market size and forecast and technical advances in the industry

  • EV traction motor market share analysis of key companies in the industry and coverage of strategies such as mergers and acquisitions, joint ventures, collaborations or partnerships and others

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