Global Electric Vehicle Traction Motor Market Envisioned to Generate a Revenue of $29,179.3 Million and Grow at a CAGR of 40.6% during the Analysis Timeframe 2019 to 2026 [178-Pages] | Calculations by Research Dive

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Research Dive

Mar 30, 2023, 06:59 ET

The global electric vehicle traction motor market is expected to see prominent growth by 2026, due to the rising use of electric vehicles all across the globe. Regionally, the North America region is expected to have wide growth opportunities. 

NEW YORK, March 30, 2023 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Electric Vehicle Traction Motor Market (EV Traction Motor Market), by Vehicle Type (Battery Electric Vehicles and Plug-in Hybrid Electric Vehicle), Regional Outlook (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2019–2026".

According to the report, the global electric vehicle traction motor market is anticipated to generate a revenue of $29,179.3 million and grow at a CAGR of 40.6% throughout the estimated timeframe from 2019 to 2026.

Dynamics of the Electric Vehicle Traction Motor Market

With the increase in the use of electric vehicles among individuals all across the globe, the electric vehicle traction motor market is expected to observe remarkable growth during the forecast period. Besides, the increasing investment by leading automotive players in electric vehicles all around the world is further expected to fortify the growth of the market over the analysis timeframe. Moreover, the strict government regulations and the rising price of fossil fuels are expected to bolster the growth of the market throughout the analysis timeframe. However, the high price of electric vehicles may hamper the growth of the market throughout the estimated period.

To get access to the All-Inclusive PDF Sample of the Electric Vehicle Traction Motor Market Click Here!

Segments of the Market

The report has divided the electric vehicle traction motor market into segments based on vehicle type, and region.

  • By vehicle type, the battery electric vehicles sub-segment is predicted to grow at a CAGR of 39.6% throughout the analysis timeframe. The wide use of battery electric vehicles among individuals all around the world is expected to boost the growth of the market sub-segment during the forecast period.
  • By region, the North America region of the electric vehicle traction motor market is predicted to have huge growth opportunities and is expected to grow at a CAGR of 42.3% throughout the estimated period. The presence of a large number of electric vehicle manufacturers in this region and the rising government regulations concerning vehicular emissions is predicted to drive the regional growth of the market over the analysis period.

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Key Players of the Market

The major players of the electric vehicle traction motor market include

  • AVID Technology Limited
  • RETORQ Motors Ltd
  • SERVAX
  • Copper Rotor Induction Motor
  • Hitachi Automotive Systems Americas Inc
  • Robert Bosch GmbH
  • Equipmake Ltd
  • Magnetic Systems Technology
  • Zytek Group

These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.

For instance, in November 2021, Saietta Group plc, a UK-based global engineering business specializing in the design, development, and supply of complete powertrains for electric vehicles announced its acquisition of e-Traction Europe B.V., a leading manufacturer of automobiles product. With this acquisition, e-Traction aimed to advance the development of Saietta's high voltage AFT (Axial Flux Technology) electric motor design and bring additional product variants into Saietta's portfolio.

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In addition, the report also presents other vital aspects including product development, SWOT analysis, the financial performance of the key players, and the latest strategic development.

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About Research Dive

Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

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