New York, USA, Dec. 15, 2020 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global electric vehicle traction motor market is expected to garner a revenue of $29,179.3 million at a CAGR of 40.6% by 2026, increasing from $1910.7 million in 2018. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, other market dynamics, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Market Dynamics
The increasing usage of electric vehicles is one of the major factors boosting the growth of the electric vehicle traction motor market. Another growth driving factor is the rising investment by major automotive players in electric vehicles market across the globe. Moreover, the stringent government regulations and higher price of fossil fuels is predicted to enhance the growth of the electric vehicle traction motor market.
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The expensive price of these advanced electric vehicles is expected to hamper the growth of electric vehicle traction motor market.
Segments of the Market
The report has divided the market into different segments based on vehicle type, and regional outlook.
Battery EV Segment will be the Most Profitable
Battery electric vehicle segment type is predicted to earn the highest market share during the forecast period. Battery electric vehicle segment type accounted for $1,050.9 million in 2018 and is further predicted to grow at a CAGR of 39.6% during the forecast period.
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North America will Dominate the Market
In 2018, North America market recorded a revenue of $573.2 million and is further predicted to grow at a CAGR of 42.3% during the forecast period. North America region market is predicted to grow due to the presence of large number of significant players of the electric vehicle manufacturers in the US, Canada, and other countries. Moreover, the government regulations with respect to vehicular emissions is predicted to drive the growth of the North America regional market during the forecast period.
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Leading Market Players
• Robert Bosch GmbH
• Magnetic Systems Technology
• RETORQ Motors Ltd.
• AVID Technology Limited
• Copper Rotor Induction Motor
• Zytek Group Limited
• Hitachi Automotive Systems Americas Inc.
• Equipmake Ltd.
• SERVAX
These players are focusing on research and development, product launches, collaborations and partnerships to sustain the growth of the market. As per a report, Honda has agreed to merge three affiliated suppliers with Hitachi Automotive Systems in a blockbuster deal that aims to create a new global mega-supplier and better leverage scale and R&D resources for developing next-generation technologies.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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