New York, USA, May 18, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global electric vehicle traction motor market is anticipated to generate $29,179.3 million and grow at a CAGR of 40.6% over the estimated timeframe.
As per our analysts, with the rising demand for electric vehicles all across the globe, the market is projected to witness remarkable growth during the analysis period. Besides, the increasing investments performed by the leading automotive players all across the world are predicted to foster the growth of the electric vehicle traction motor market over the forecast time period. Moreover, the increasing price of fossil fuels and strict government regulations are the factors expected to amplify the growth of the market throughout the estimated period. However, the high price of electric vehicles may hinder the growth of the market over the analysis timeframe.
Segments of the Market
The report has divided the electric vehicle traction motor market into segments based on vehicle type and region.
Vehicle Type: Battery Electric Vehicle Sub-Segment to be Most Lucrative
The battery-electric vehicle sub-segment is predicted to grow at a CAGR of 39.6% over the forecast period. Furthermore, the increasing demand for battery electric vehicles because of their energy density, safety, peak power capability, are the factors expected to propel the growth of the market sub-segment during the analysis period.
Region: North America Region to Have Extensive Growth Opportunities
The North America region of electric vehicle traction motor market is predicted to grow at a CAGR of 42.3% throughout the forecast period. This is mainly because of the existence of a large number of electric vehicle manufacturers all across the globe. In addition, the increasing government regulations to minimize vehicular emissions are predicted to drive the regional growth of the market during the analysis period.
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Key Players of the Market
The major players of the electric vehicle traction motor market include
- RETORQ Motors Ltd
- SERVAX
- Robert Bosch GmbH
- AVID Technology Limited
- Copper Rotor Induction Motor
- Equipmake Ltd
- Magnetic Systems Technology
- Hitachi Automotive Systems Americas, Inc.
- Zytek Group.
These players are working on the development of new business strategies such as partnerships and collaborations, mergers and acquisitions, and product development to obtain the leading position in the global industry.
For instance, in October 2020, Traktionssysteme Austria, a leading manufacturer of electromechanical drives for road vehicles, has announced its partnership with Exro Technologies lnc, a clean technology company pioneering intelligent control solutions in power electronics. With this collaboration, the companies are aiming to develop advanced electric commercial vehicles equipped with more powerful systems.
Further, the report also summarizes other crucial aspects such as product portfolio, the latest strategic development, SWOT analysis, and the financial performance of the key players.
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