Electric Traction Motor Market, By Type (AC Motors and DC Motors), By Power Rating (100 kW to 500 kW, Less than 100 kW, More than 500 kW), By Application (Railways, Trams and Metros, Electric Vehicles (EVs), Industrial Applications, Others), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

Published In : Sep 2024

Code : CMI7381

Pages :165

Formats :

Excel and PDF

Industry : Industrial Automation and Machinery

Market Challenge - Limited charging infrastructure and range anxiety in electric vehicles

Global electric traction motor market growth can be hampered due to limited charging infrastructure and range anxiety associated with electric vehicles. Unlike traditional gasoline or diesel vehicles, electric vehicles need to be charged regularly, however, most countries still lack a robust and wide-spread public charging infrastructure. This discourages many consumers from purchasing electric vehicles as these are worried about running out of charge mid-way during long distance travels. The time required for charging electric vehicles is still significantly higher than refueling times for gasoline vehicles. All these factors contribute to range anxiety among drivers and lower consumer confidence in making a transition to electric mobility. Auto manufacturers and governments need to jointly invest in establishing a dense network of public fast-chargers across major cities and highways to alleviate such range anxiety issues and boost demand for electric vehicles.

Opportunity: Integration of renewable energy sources for charging electric vehicles

Global electric traction motor market can witness growth opportunities due to integration of renewable energy sources for powering vehicle charging infrastructure. With commitment of many countries towards decarbonization of the transportation sector through rapid electrification, massive investments are being planned for expanding public EV charging networks. This provides an ideal setting for leveraging renewable energy technologies like solar and wind power for charging electric vehicles. Integrating renewable energy generation and storage solutions at public chargers can help reduce dependence on fossil fuel-based power sources. It can also lower operational costs for charging station owners and utilities. This can make electric mobility a more sustainable and affordable solution, thus, accelerating industry-wide adoption of EVs. Automakers and energy companies need to collaborate to develop specialized charging solutions powered by renewable energy.