New York, USA, Oct. 25, 2021 (GLOBE NEWSWIRE) -- Research Dive states that the global electric vehicle traction motor market is likely to register a revenue of $29,179.3 million by 2028, at a CAGR of 40.6% during the forecast period from 2019 to 2026. The comprehensive report provides a brief summary of the present market scenario including major aspects of the industry such as growth factors, challenges, restraining factors, and numerous growth opportunities. Also, the report provides all the market estimations making it helpful and easier for the novel participants to get better idea of the electric vehicle market.
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Market Dynamics
As per the analysts of Research Dive, the growing usage of electric vehicles (EVs) and the increase in the investment in electric vehicles by major automotive players across the globe are the major factors anticipated to accelerate the growth of the electric vehicle traction motor market over the forecast period. Besides, the increasing prices of fossil fuels and the stringent government regulations & environmental concerns are predicted to create huge growth opportunities for the global market by 2026. However, the high costs and the lack of rechargeable stations in many countries for electric vehicles are factors that may restrict the market growth in the coming years.
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Battery Electric Vehicles Sub-segment to be Most Dominant
By vehicle type, the battery electric vehicles sub-segment of the electric vehicle traction motor market garnered a revenue of $1,050.9 million in 2018 and is expected to hold the majority of market share during the forecast period. The significant growth of the sub-segment can be attributed to the growing usage of the battery electric vehicle compared to hybrid electric vehicle across the globe.
North America Region to Grow at the Highest CAGR
By region, the North America market for electric vehicle traction motor valued for $573.2 million in 2018 and is expected to have the highest growth rate during the forecast period. This is mainly due to government regulations related to vehicular emissions and the presence of large number of electric vehicle manufacturers in the region.
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Prominent Market Players
The report presents several aspects of the major players of the electric vehicle traction motor market such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global electric vehicle traction motor industry are:
- Magnetic Systems Technology
- Copper Rotor Induction Motor
- Robert Bosch GmbH
- RETORQ Motors Ltd.
- SERVAX
- AVID Technology Limited
- Hitachi Automotive Systems Americas, Inc.
- Zytek Group Limited
- Equipmake Ltd.
These players are implementing several strategies to gain a chief position in the global industry.
For instance, in February 2020, Nidec Corporation, a Japanese manufacturer & distributor of electric motors, announced the launch of two new models of electric vehicle (EV) traction motor systems: a 200 kW and 50 kW model the D & E segments, and for the A segment respectively. The company aims to target the luxury EVs for the Chinese and European markets.
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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