August 21, 2019 by Amanpreet
According to the latest study by Fact.MR, global demand of EV traction motor is estimated to exceed US$ 6,000 Mn in 2019, up from US$ 5,391.9 Mn in 2018. Sales of electric vehicles and hybrid electric vehicles, upheld by a host of technological features and claims of optimal performance, are likely to boost growth of EV traction motor market in 2019 and beyond. In addition, increasing regulations and norms put in place for effective emission controls are working in favor of hybrid and electric vehicles, paving lucrative avenues for growth of EV traction motor market.
Get the Report Sample at: https://www.factmr.com/connectus/sample?flag=S&rep_id=336
Governmental schemes to incentivize and subsidize owners of electric vehicles is a key aspect underpinning growth of EV traction motor market. Most of these incentives and subsidies include tax exemptions, tax credits, concessions, and additional benefits, which play a vital role in exerting positive influence on customer decision-making. The EV traction motor industry is likely to benefit from these incentives with regard to revenue generation, finds the report.
According to the research study, energy efficacy is emerging as one of the focal points of automakers, on account of its importance in reducing of greenhouse emissions. High voltages provide a healthy boost to the efficiency levels, which is a primary reason for automakers preferring motors of high voltage ratings over the ones with low voltage ratings. Both electric and hybrid electric vehicles are based on high voltage battery systems, which implies that high voltage levels would be required for generation of sufficient power to run the vehicles. Moreover, motors with high voltage ratings have wirings that are relatively uncomplicated and lighter, which continues to be a key benefit for the automakers. The global sales of high voltage EV traction motors are estimated to exceed US$ 3,700 Mn in 2019, estimates the Fact.MR study.
Request for the Customization of the report: https://www.factmr.com/connectus/sample?flag=RC&rep_id=336
As per the report, North America continues to be the largest market for EV traction motors, with sales estimated to exceed US$ 1,700 Mn in 2019. Increasing adoption of commercial as well as passenger cars is likely to support growth of North America EV traction motor market. Rising number of promotional initiatives by the governing authorities in this region is supporting adoption of electric and hybrid electric vehicles in this region, creating revenue-generating opportunities for companies operating in the EV traction motor market.
Manufacturers operating in the EV traction motor market, with an aim to edge out the competition, are adopting differential strategies, unveils the report. Leading companies operating in the EV traction motor market are collaborating with leading automakers planning electric vehicle rollouts to amplify their profitability. The EV traction motor industry is also focusing on reliability, which is a key selling point in the automotive space, as a crucial element to build up brand equity and control the warranty costs. Companies are enhancing the versatility of their offerings, which would help the EV traction motors deliver flawless performances under extreme conditions. Key considerations, such as hard-duty cycles, vibration, temperature, and others, are taken into account by the manufacturers to ensure best-quality products.
Read Report Summary at: https://www.factmr.com/report/336/ev-traction-motor-market
Fact.MR’s methodology is robust and comprehensive. We employ a range of tools and assets to develop an all-encompassing coverage of a range of industries. We compile data points at local, country, regional, and global level – our approach to capturing the finest nuances, without losing sight of the bigger picture helps us in developing accurate and reliable forecasts and estimates.
Fact.MR has a standard set of guidelines and standards that help maintain a level of consistency across all of our research offerings. The standardization includes step-by-step documentation of the methodologies and guidelines on the sources that are to be used for incorporation of objective and accurate data.
The standardization also involves use of industry-wide analytical tools, and rigorous quality checks to validate market forecasts and sizes. Our unwavering focus on standardization ensures that clients receive the same quality of research and analysis that Fact.MR is known for.