New York, Nov. 29, 2021 (GLOBE NEWSWIRE) -- Research Dive states that the global electric vehicle traction motor market is estimated to garner a revenue of $29,179.3 million by 2028, and rise at a CAGR of 40.6% in the forecast period from 2019 to 2026. The all-inclusive report on electric vehicle traction motor market provides a brief summary of the current market scenario along with the key aspects of the industry, such as significant growth and restraining factors, challenges, and multiple growth opportunities. Besides, the report provides all the estimations of the market, making it easier and helpful for the novel participants to better understand the global market.
Market Dynamics
Analysts at Research Dive states that the increasing usage and the rapid growth in the investment of electric vehicles (EVs) by major automotive players worldwide are the major factors anticipated to propel the growth of the global electric vehicle traction motor market over the forecast period. Besides, the continuous rising prices of fossil fuels and the growing environmental concerns and strict government regulations are predicted to create massive growth opportunities for the global market by 2026. Conversely, the shortage of rechargeable stations in several countries and the high costs associated with EV traction motors are factors that may restrict the electric vehicle traction motor market growth in the coming years.
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Battery Electric Vehicles Sub-segment to Subjugate in the Industry
Based on vehicle type, the sub-segment of battery electric vehicles generated a revenue of $1,050.9 million in 2018 and is estimated to hold the maximum market share during the analysis period. The sub-segment’s significant growth can be attributed to the increasing usage of the battery electric vehicles over hybrid electric vehicle around the world.
Technology advancement in batteries for long run is predicted to create an immense opportunity for the electric vehicle traction motor market. The present batteries are used to mostly run for a specific distance with a shorter range and the advancement in the batteries to run for longer distance is predicted to have a huge scope for the electric vehicle traction motor market in the estimated period.
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The battery electric vehicle type segment accounted for $1,050.9 million in 2018 and is predicted to grow by generating a revenue of $15,173.2 million by 2026. The battery electric vehicle type is predicted to grow due battery electric vehicles being used more compared to any other electric vehicles. Due to the abovementioned reason the battery electric vehicle is predicted to boost the growth of the market.
North America Region to Grow at Healthy CAGR
By region, the North America electric vehicle traction motor market generated a revenue of $573.2 million in 2018 and is predicted to grow at the highest CAGR during the forecast period. This is majorly owing to government regulations about vehicular emissions and the existence of major electric vehicle manufacturers in large number in the region.
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Prominent Market Players
The report presents several aspects of these major players such as strategic moves and business & financial performance of key players, latest developments, SWOT analysis, and product portfolio. Some of the key players of the global electric vehicle traction motor market are:
- Magnetic Systems Technology
- Equipmake Ltd.
- Copper Rotor Induction Motor
- Zytek Group Limited
- Robert Bosch GmbH
- Hitachi Automotive Systems Americas, Inc.
- RETORQ Motors Ltd.
- AVID Technology Limited
- SERVAX.
These players are executing several strategies to gain a dominant position in the global industry.
For instance, in February 2020, Nidec Corporation, a leading manufacturer and distributor of electric motors in Japan, launched two new models of EV traction motor systems, a 50 kW and 200 kW model the D & E segments, and for the A segment.
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Related Article links:
- The Benefits Associated with the Use of Electric Vehicles Expected to Bring About a Major Growth in the Electric Vehicle Traction Motor Market.
- Electrical Vehicles Over Traditional Vehicles
