The global electric vehicle traction motor market is expected to see prominent growth by 2026, due to the rising use of electric vehicles all across the globe. Regionally, the North America region is expected to have wide growth opportunities.
NEW YORK, March 30, 2023 /PRNewswire/ — Research Dive has added a new report to its offering titled, “Electric Vehicle Traction Motor Market (EV Traction Motor Market), by Vehicle Type (Battery Electric Vehicles and Plug-in Hybrid Electric Vehicle), Regional Outlook (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2019–2026”.
According to the report, the global electric vehicle traction motor market is anticipated to generate a revenue of $29,179.3 million and grow at a CAGR of 40.6% throughout the estimated timeframe from 2019 to 2026.
Dynamics of the Electric Vehicle Traction Motor Market
With the increase in the use of electric vehicles among individuals all across the globe, the electric vehicle traction motor market is expected to observe remarkable growth during the forecast period. Besides, the increasing investment by leading automotive players in electric vehicles all around the world is further expected to fortify the growth of the market over the analysis timeframe. Moreover, the strict government regulations and the rising price of fossil fuels are expected to bolster the growth of the market throughout the analysis timeframe. However, the high price of electric vehicles may hamper the growth of the market throughout the estimated period.
Segments of the Market
The report has divided the electric vehicle traction motor market into segments based on vehicle type, and region.
By vehicle type, the battery electric vehicles sub-segment is predicted to grow at a CAGR of 39.6% throughout the analysis timeframe. The wide use of battery electric vehicles among individuals all around the world is expected to boost the growth of the market sub-segment during the forecast period.
By region, the North America region of the electric vehicle traction motor market is predicted to have huge growth opportunities and is expected to grow at a CAGR of 42.3% throughout the estimated period. The presence of a large number of electric vehicle manufacturers in this region and the rising government regulations concerning vehicular emissions is predicted to drive the regional growth of the market over the analysis period.
Key Players of the Market
The major players of the electric vehicle traction motor market include
AVID Technology Limited
RETORQ Motors Ltd
SERVAX
Copper Rotor Induction Motor
Hitachi Automotive Systems Americas Inc
Robert Bosch GmbH
Equipmake Ltd
Magnetic Systems Technology
Zytek Group
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
For instance, in November 2021, Saietta Group plc, a UK-based global engineering business specializing in the design, development, and supply of complete powertrains for electric vehicles announced its acquisition of e-Traction Europe B.V., a leading manufacturer of automobiles product. With this acquisition, e-Traction aimed to advance the development of Saietta’s high voltage AFT (Axial Flux Technology) electric motor design and bring additional product variants into Saietta’s portfolio.
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In addition, the report also presents other vital aspects including product development, SWOT analysis, the financial performance of the key players, and the latest strategic development.
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