Favorable Government Regulations and Investments will Drive Sales in EV Traction by 9X Through 2031

Favorable Government Regulations and Investments will Drive Sales in EV Traction by 9X Through 2031

PR Newswire

NEW YORK, Nov. 22, 2021

China to Remain the Hub of EV Traction Motors with Sales Rising at 33% CAGR Through 2031

Fact.MR's latest report on EV traction motor market presents a thorough study of drivers, latest trends and restraints affecting growth through 2031. It uncovers hidden opportunities across leading segments in terms of motor type, voltage ratings and vehicle type

NEW YORK, Nov. 22, 2021 /PRNewswire/ -- As per latest Fact.MR analysis, sales in the EV traction motors market are estimated to be valued at US$ 6.4 Bn by the end of 2021. With rapid adoption of electric vehicles, the overall market is projected to register a CAGR of 25% between 2021 and 2031, reaching a valuation of around US$ 60 Bn by 2031.

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With the world moving towards sustainable future, demand for eco-friendly transport options is on the rise. Automotive manufacturers are gradually expanding their portfolio to include electric and hybrid vehicles. This in turn is creating enormous demand for EV traction motors as they form an important component for electric vehicles.

Increasing production and sales of electric & hybrid vehicles is primarily driving the EV traction motor market. According to the International Energy Association (IEA), more than 10 million electric cars were on roads across the world in 2020, which is a 43% increase over 2019.

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

Similarly in July 2021, the European Commission adopted a series of legislative proposals for achieving climate neutrality in the EU by 2050, including the intermediate target of an at least 55% net reduction in greenhouse gas emission by 2030. This is positively impacting the EV traction motor market.

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Leading EV traction motor manufacturers are investing heavily in research activities for developing better EV traction motors that will not only provide high performance but also reduce the overall weight of vehicles.

For instance, in May 2021, EVR Motors, an Israeli startup unveiled a new high-performance electric motor that it claims is half the size and lighter than typical electric motor design, which could lead to greater EV performance at lower production costs.

As per Fact.MR, the demand for traction motors in plug-in hybrid vehicles category will increase at fastest rate over the forecast period. This is attributable to the rising ownership of plug-in hybrid electric vehicles due to their zero tailpipe emissions while driving on battery power and accruing of tax efficiency.

China, which is the largest producer of automotive, will continue to dominate the EV traction motor market, expanding at a colossal CAGR of 33% between 2021 and 2031. Presence of leading automotive players, rising adoption of electric and hybrid vehicles, and increasing government support to reduce carbon emission are some of the factors driving the market in the country.

"Amid growing concerns over automotive emissions, governments across the world are implementing various programs to boost the adoption of electric vehicles and control carbon emission. Besides implementation of stringent emission control standards, key players are gaining impetus from monetary support in terms of budgetary allocations encouraging electric vehicle production. This will bode well for the EV traction motor market," says a Fact.MR analyst

Key Takeaways from EV Traction Motor Market Survey

Key Drivers

Key Restraints

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Competitive Landscape

Leading players operating in the EV traction motor market are focusing on introducing new product lines for different electric and hybrid electric vehicles. Besides this, they are adopting various strategies such as mergers, acquisitions, partnerships and collaborations to dominate ethe market.

Some of the prominent players operating in the EV traction motor market profiled by Fact.MR are:

More Insights on the Global EV Traction Motor Sales Outlook

Fact.MR provides an unbiased analysis of EV traction motor market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for EV traction motor with a detailed segmentation on the basis of:

Motor Type

Voltage Ratings

Vehicle Type

Key Questions Covered in the EV Traction Motor Market Outlook Report

Explore Fact.MR's Coverage on the Automotive Domain –

Small Motors Market Forecast- The demand for small motors is being sustained by consumers' growing preference for compact electronic products. A fundamental feature of compact motors that has been pushing their sales in recent years is the elimination of additional accessories that are utilized in conventional motors. Furthermore, the growing trend of shrinking in the electronics industry has aided in the use of small motors. The small motors market is expected to expand due to rising demand for small motors in medical equipment due to its high efficiency, longer life, and reduced replacement costs as compared to their conventional counterparts.

In-wheel Motor Market- The most significant propulsion sector in the worldwide In-wheel motor market is expected to be the in-wheel motor for electric cars battery. Consumer demand for electric mobility, combined with increased awareness of gasoline and diesel pollution, has fueled tremendous expansion in the in-wheel motor sector. Reduced motor weight, which controls four wheels centrally, and increased allocations for space in electric vehicles are pushing demand for in-wheel motors. In comparison to other motors in the electric mobility business, the use of in-wheel motors is increasing at a rapid rate.

Automotive Sunroof Motor Market- As the world's population grows, so does demand for automobiles, resulting in increased production. Significant advancements in component materials, together with an increase in the number of pre-installed sunroofs, are likely to boost the market for automotive sunroof motors. The rise in demand for automotive sunroof motors is likely to be fueled by an increased focus on the installation of motors with noiseless operation in premium vehicles, as well as the introduction of innovative technologies into automotive designs. Manufacturers are also investing in the development of sunroofs that use IoT for automated operations.

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