The latest market report published by Credence Research, Inc. “Global Electric Vehicle Traction Motor Core Market: Growth, Future Prospects, and Competitive Analysis, 2017 – 2030”. The Global Electric Vehicle Traction Motor Core Market generated revenue of around USD 5,519.5 million in 2022 and is anticipated to grow a CAGR of over 15.20% during the forecast period from 2023 to 2030 to reach around USD 14,861.7 million in 2030.
There is a strong correlation between the growth of the market for electric traction motors and strict emission control regulations requiring OEMs to manufacture and sell electric and hybrid vehicles, as well as an increase in demand for high-performance motors and favorable government policies. In addition, the growing demand for electric vehicles is expected to provide significant opportunities for those operating in this sector. Further, a growing concern about energy security and the environment, digitalization, rapid advancements in electric powertrains, and ever-increasing customer expectations have led to the reshaping of the automotive industry.
The global electric vehicle traction motor core market is bifurcated into Type, Powder Rating, and Geography. Based on type, the market is categorized into AC and DC. On the basis of powder rating, the global market is segmented into below 200 kW, 200-400 kW, and above 400 kW. Based on geography, the market is segmented as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
In 2022, Asia-Pacific dominated the global electric vehicle traction motor core market and accounted for a major market revenue share in terms of value. A major factor contributing to its dominance is the increasing sale of electric vehicles in China, India, and other developing Asian countries. In 2018, the International Council on Clean Transportation (ICCT) reported that China accounted for 50% of EV production worldwide, followed by Europe, the USA, Japan, and South Korea. Furthermore, China is a global leader in producing battery cells for electric vehicles. As of 2017, China produced 11 times more battery cells than the USA and 22 times more than Europe.
Some of the major players in this market include TDK Corporation, Hitachi Metals Ltd., Toshiba Materials Co., Ltd., and Shin-Etsu Chemical Co. Ltd. These companies have extensive experience and expertise in producing high-quality motor cores that meet the demands of today’s electric vehicles. Their products are designed with precision and accuracy while being robust enough to withstand extreme conditions, such as high temperatures and heavy loads.
The electric vehicle (EV) traction motor core market has been experiencing rapid growth in recent years due to several factors.
- One of the main global factors driving growth in the EV traction motor core market is the increasing demand for electric vehicles. As concerns over environmental pollution and the depletion of fossil fuels continue to grow, more consumers are opting for electric vehicles as a greener and more sustainable mode of transportation. This trend is driving the demand for EV traction motor cores, which are critical components of electric vehicle propulsion systems.
- Another factor contributing to the growth of the market is the increasing adoption of EVs by governments and public transportation systems. Many governments are implementing policies and regulations aimed at reducing carbon emissions, which are driving the adoption of EVs in public transportation fleets. This trend is driving the demand for EV traction motor cores, as more electric buses, trains, and other forms of public transportation are being deployed worldwide.
- In addition, the increasing focus on energy efficiency and the development of lightweight and compact EV components are driving innovation in the EV traction motor core market. Manufacturers are developing advanced materials and manufacturing processes to produce more efficient, powerful, and compact motor cores that can meet the evolving needs of the EV industry.
- Regionally, the growth of the EV traction motor core market has been driven by factors such as the presence of a strong EV industry, favorable government policies and regulations, and the availability of raw materials and skilled labor.
- Overall, the EV traction motor core market is expected to continue to grow in the coming years, driven by increasing demand for electric vehicles, the adoption of EVs in public transportation systems, and ongoing innovation and development in the industry.
Why to Buy This Report-
- The report provides a qualitative and quantitative analysis of the global electric vehicle traction motor core market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2018-2021, base year- 2022, and forecast period 2023-2030.
- The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level
- In-depth analysis of the global electric vehicle traction motor core market segmentation based on type and powder rating.
- The global electric vehicle traction motor core market report also includes analyzing the global, regional, and country level, along with key market trends, significant players analysis, market growth strategies, and key application areas.
Browse Full Report: https://www.credenceresearch.com/report/ev-motor-core-market