The global electric vehicle traction motor market is expected to experience a rise in revenue from $1,910.7 million in 2018 to over $29,179.3 million by 2026, at a CAGR of 40.6%. With the rising concerns towards the environment, many people have been switching to greener means of commute. Electric vehicles have been the primary contributors to the market and the number of people switching to electric vehicles continues to grow every day. These are the major factors predicted to drive the growth of the global electric vehicle traction motor market in the coming future. Additionally, governments around the globe have been working on implementing strict regulations with regard to the use of fossil fuels. These restrictions are resulting in rising demand for electric vehicle traction motors.
The North America market for electric vehicle traction motor accounted for $573.2 million in 2018 and is predicted to have the highest growth over the forecast period. The lucrative growth of the regional market can be attributed to the presence of large number of electric vehicle manufacturer. Besides, the government regulations related to vehicular emissions is another factor estimated to drive the regional market growth by 2027.
On the other hand, the Asia Pacific market is projected to have the hold the largest share in the global industry during the forecast period. This can be owing to increasing demand for the electric vehicles in most of the countries, such as China, Japan, and India.
Key Players of the Market
Some of the key players that have contributed to the global market include-
- Magnetic Systems Technology
- Copper Rotor Induction Motor
- AVID Technology Limited
- Hitachi Automotive Systems Americas, Inc.
- Zytek Group Limited
- Robert Bosch GmbH
- RETORQ Motors Ltd.
- Equipmake Ltd.
The latest report by Research Dive offers brief summary of the market by gathering data from industry experts and other sources prevalent in the market. The statistics presented in the report are reliable, extensive, and the outcome of comprehensive analytical research. The report provides qualitative & quantitative trend analysis for the period of 2020-2027 to support stakeholders to understand the overall scenario of the market. Detailed analysis of the key segments validates the types of products used in the industry and their applications.
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