Traction motor of an electric heavy commercial vehicle refers to a mechanism which is designed to produce friction between two surfaces for extracting electricity from the battery pack of the heavy commercial vehicle, thereby providing rotation power to the wheels of the vehicle. The traction motor is significantly effective when compared to the non-electric motors and offers various benefits such as quick start & stop and no carbon emission. Furthermore, various stringent emission discharge norms & regulations such as supplemental emission test (SET), not-to-exceed testing and others are driving the demand for electric heavy commercial vehicle (EHCV). Moreover, quick expansion of EHCV charging structure, accessibility to ultra-fast chargers, and decline in EHCV prices due to government provided subsidies & reduced price of battery and anticipated restrictions over fuel-powered vehicles further fuel the demand for EVs. Therefore, rising demand for electric heavy commercial vehicle and stringent pollution regulations are expected to drive the market growth for global electric heavy commercial vehicle traction motor.
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COVID-19 scenario analysis:
- The vendors in electric heavy commercial vehicle traction motor industry across the globe are affected severely due to the restrictions on producers as well as the declared lockdowns which in turn is affecting the global electric heavy commercial vehicle traction motor manufacturers worldwide.
- The electric traction motor market has experienced a decline in sales for the electric heavy commercial vehicle traction motor owing to government declared lockdown in the affected countries due to which all the production operations were suspended globally.
- The disruption in electric heavy commercial vehicle traction motor manufacturing due to the coronavirus pandemic is causing uncertainty towards the demand and supply network of the electric heavy commercial vehicle traction motor manufacturers.
- Major issues such as minimal operating cash and low liquidity have caused the electric heavy commercial vehicle traction motor producers to shut down operations owing to covid-19 pandemic which in turn has disrupted the sales for the traction motor.
Top impacting factors: market scenario analysis, trends, drivers and impact analysis
Rising adoption of electric heavy commercial vehicles, increase in demand for effective power renovation, and non-stable prices of crude oil drive the growth of the global market. However, overheating of EV traction motors and fluctuating prices of input components are expected to hamper the growth of the market. Contrarily, designing better speed estimator creates favourable condition for the adoption of electric vehicles, which provides lucrative opportunity for the market growth.
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Rise in adoption of electric heavy commercial vehicles
The adoption of electric heavy commercial vehicles is growing rapidly worldwide due to the increase in carbon emissions discharge from the internal combustion engine (ICE) commercial vehicles. Heavy commercial vehicles are used to transport industrial equipment such as steel, wood and others from one place to another. Since, the long range of travelling produces a higher amount of carbon discharge from the vehicles which allows the industries to encourage the usage of the electric commercial vehicles for the transportation. For instance, according to international energy agency (IEA), in 2018, 1 million electric heavy commercial vehicles were operating globally. Rapid expansion of battery technology enhancements and rise in vehicle emission norms & the subsidies provided by the government is driving the adoption of electric heavy commercial vehicles worldwide. Therefore, rise in adoption of electric heavy commercial vehicle, will foster the growth of electric heavy commercial vehicle traction motor market.
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Key benefits of the report:
- This study presents the analytical depiction of the electric heavy commercial vehicle traction motor industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of the electric heavy commercial vehicle traction motor market.
- The current market is quantitatively analyzed to highlight the electric heavy commercial vehicle traction motor market growth scenario.
- We can also determine electric heavy commercial vehicle traction motor will remain a significant revenue shareholder in the global electric heavy commercial vehicle traction motor market through the predictable future.
Questions answered in the global electric heavy commercial vehicle traction motor market research report:
- Which are the leading market players active in electric heavy commercial vehicle traction motor market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Electric Heavy Commercial Vehicle Traction Motor Market Report Highlights
| Aspects | Details |
|---|---|
| By Power Rating | Below 200 Kilowatt (kw)200 – 400 Kilowatt (kw)Above 400 Kilowatt (kw) |
| By Type | Alternating Current (AC)Direct Current (DC) |
| By Region | North America (US, Canada, Mexico)Europe (Germany, France, UK, Italy, rest of Europe)Asia-Pacific (China, Japan, India, South Korea, rest of Asia-Pacific)LAMEA (Brazil, Turkey, Saudi Arabia, South Africa, rest of LAMEA) |
| Key Market Players | Toshiba Group, Valeo SA, BorgWarner Inc., ZF Group, ABB, Zhongshan Broad-Ocean Motor Co. Ltd., Siemens AG, Remy Group, Robert Bosch AG, Continental AG |