New York, USA, June 21, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global electric vehicle traction motor market is projected to register a revenue of $29,179.3 million at a CAGR of 40.6%, rising from $1,910.7 million in 2018, during the forecast period, 2019-2026. The in-depth research gives a precise analysis of the current market scenario, including major features such as potential opportunities, restraints, challenges, and growth factors during the analysis period. The report also includes all market statistics, making it easier and more useful for beginners to grasp the market.
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Dynamics of the Market
The increased use of electric vehicles is expected to be the primary driving factor of the electric vehicle traction motor market. The increase in investment in electric vehicles by major automotive players around the world is expected to boost the market growth. Furthermore, the electric vehicle traction motor market is expected to experience a boost as a result of rigorous government regulations and rising fossil fuel prices.
Electric vehicle prices are high because it is a new technology. Most low-income consumers are unable to afford electric vehicles, which is expected to obstruct the growth of the electric vehicle traction motor market. Furthermore, the technology for charging the batteries in these vehicles is pretty mediocre. Many countries lack charging stations for electric vehicles, which is expected to be the biggest concern for the growth of electric vehicle traction motor market during the analysis period.
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Segments of the Market
The report has segmented the market into different segments based on vehicle type and regional analysis.
Vehicle Type: Battery Electric Vehicle Sub-Segment is Expected to be the Most Lucrative
The battery electric vehicle sub-segment is expected to be the most lucrative over the analysis period and surge at a CAGR of 39.6%. The extensive use of battery electric vehicles is projected to boost the growth of this market in the upcoming years.
Region: North America is Dominate the Market in Terms of Revenue Share
The North America electric vehicle traction motor market accounted for the largest share in the year 2018 and is further anticipated to surge at a CAGR of 42.3% over the upcoming years. The presence of a large number of electric vehicle manufacturers around the world is expected to drive the growth of the North America market. Furthermore, government regulations regarding vehicular emissions are expected to drive the growth of the regional market during the forecast period.
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Key Market Players and Strategies
The most prominent market players of the global electric vehicle traction motor market include
- Zytek Group Limited
- Magnetic Systems Technology
- Equipmake Ltd.
- Robert Bosch GmbH
- Hitachi Automotive Systems Americas, Inc.
- Copper Rotor Induction Motor
- SERVAX
- AVID Technology Limited
- RETORQ Motors Ltd.
These players are working on developing strategies such as partnerships, merger and acquisition, product development, collaborations to sustain the market growth.
For instance, in September 2018, Airbus, Royce, and Siemens have collaborated for a short-term flight demonstration, which will mark a significant step forward for commercial aircraft in hybrid-electric propulsion. Through this collaboration these firms intend to completely redesign electric motor technology for electric vehicles.
The report also summarizes several key aspects including SWOT analysis, product portfolio, financial position of the market players, and latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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