For the forecast period of 2021–2031, the U.S. is expected to increase at a CAGR of more than 30%. A bigger portion of the territory is made up of established electric car producers. Increasing BEV demand is anticipated to fuel market expansion over the forecast period.
FactMR predicts that through 2031, plug-in hybrid vehicles would account for the majority of the demand for traction motors used in electric vehicles (EVs), holding close to 45% of the market. Hybrid electric car ownership has expanded in recent years, which has improved adoption.
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By the end of 2021, sales of EV traction motors are expected to reach US$6.4 billion, driven by the incredibly bright future of EVs and hybrid vehicles. Revenues are anticipated to reach US$ 60 billion by 2031, with the market projected to grow by a staggering 9 times between 2021 and 2031.
Sales expectations for electric vehicles have remained strong despite the COVID-19 pandemic’s effects on the global automobile industry’s recessionary strains. An expected record 3 million new vehicles were registered in 2020, a 41% increase in EV sales over 2019. This has significantly maintained the demand for EV traction motors during the aforementioned period.
Top players Covered:
- 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
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Governments all across the world are putting various initiatives in place to reduce auto emissions as worries about them grow quickly. The adoption of strict emission regulating standards is giving well-known industries a boost. They are also getting financial help in the form of budgetary allocations and stimulus measures.
Key Segments Covered
Motor Type
- Permanent Magnet Synchronous EV Traction Motors (PSM)
- Asynchronous EV Traction Motors (ASM)
Voltage Ratings
- High Voltage
- Low Voltage
Vehicle Type
- Electric Vehicles
- Plug-in Hybrid Electric Vehicles
- Mild Hybrid Vehicles
- Full Hybrid Vehicles
Research Methodology:
Our market forecasting is based on a market model that derives assumptions about the market from market connectivity, dynamics, and known impacting factors. Factual information that was acquired through regression analysis, primary and secondary research, and broad interactions with company executives supports these hypotheses. Market forecasting, which is based on a comprehensive understanding of anticipated future market spending trends, provides quantitative insight to improve your decision-making. Data from the interview, combined with information from secondary research, are utilized to inform the design process.
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About Fact.MR
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories.
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