Market Trends of Electric Traction Motor Industry
This section covers the major market trends shaping the Electric Traction Motor Market according to our research experts:
Electric Vehicle to Witness Significant Growth
- During the last three years, the electric vehicle (EV) market has witnessed significant growth due to the need to address future energy requirements. The need to attain sustainable transportation plays a vital role in driving electric vehicle demand.
- The EV market is coming up as an integral part of the automotive industry. It represents a pathway toward achieving energy efficiency, along with reduced emission of pollutants and other greenhouse gases.
- Electric vehicles are expanding at a rapid pace. In 2018, the global electric vehicle population exceeded 5.1 million, up by nearly 2 million from the previous year. The primary factor behind the growth is the high price of fossil fuels and subsidies provided by various governments to buy an EV vehicle.
- Technology advancement delivers substantial cost cuts and is expected to reduce the cost of an electric vehicle in the coming years. As per industry experts, with battery technology advancement, the cost of electric vehicles can be reduced.
- Moreover, with the association of private entities and various research and development centers, the electric vehicles market and electric traction motor market are likely to increase during the upcoming year.
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Asia-Pacific to Dominate the Market
- With its large fleet of electric vehicles, rail, and metro projects, Asia-Pacific is one of the significant regions that is estimated to have the highest demand for electric traction motor.
- China, India, Japan, and South Korea are the dominating countries in the region and are growing rapidly in electrification projects.
- With the rapid urbanization, China is planning to reduce pollution from its road transport vehicles. At the same time, it also intends to reduce the country's dependence on hydrocarbon imports and support the development of the industrial sector.
- China is the largest electric vehicle market globally, with a sales unit of nearly 2.3 million until 2018. China leaped in 2018, with 1.1 million EV sales.
- Apart from EV, China is transforming its railway projects from conventional fossil fuel engines to electric engines. As of 2018, nearly 73% of the China passenger movement is done by high-speed or urban trains.
- India, on the other hand, is on a transition phase to electrify the entire railway sector. As per the government, by 2024, India is determined to transform the entire railway network to electricity.
- Moreover, with the rapid growth in the global EV sector, India, Japan, and South Korea are also planning to expand the electric vehicle market to control the growing carbon emission in the countries. Thus, with the aforementioned measures, the region is likely to dominate the electric traction motor market during the forecast period.
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