The report predicts the global Electric Vehicle Traction Motor Market to grow with a Healthy CAGR over the forecast period from 2022-2031.
Electric vehicle traction motor market accounted for $1,910.7 million by 2022 and is predicted to generate a revenue of $29,179.3 million by 2031.
An electric vehicle traction motor increases the horsepower to move the vehicle in a straight-line motion with a torque rotation to generate power. The electric vehicle traction motor is mostly used in electric rail vehicles and other electric locomotive, electrical transmission systems like electric hybrid vehicles, diesel electric locomotive, and battery powered electric vehicles.
Increase in the use of electric vehicles is predicted to be the major driving factor for the Electric vehicle traction motor market. Rise in the investments by major automotive players in electric vehicles across the globe is considered is predicted to boost the growth of the market. Moreover, government regulations related to vehicular emission and the rising prices of fossil fuel are predicted to drive the growth of the electric vehicle traction motor market.
The prices of electric vehicles are very high which is the biggest restraints for the growth of the electric vehicle traction motor market in the estimated period. As electric vehicles are the results of latest developments in the automobile industry and many of the automobile giants are now in the testing stage of electric vehicles, the price of electric vehicles is high relative to other vehicles powered on fossil fuels.
Depending on the vehicle type, the electric vehicle traction motor market is segmented into battery electric vehicles and plug in hybrid electric vehicle. Battery electric vehicle segment type is expected to have a huge market share in the estimated period. Battery electric vehicle segment type accounted for $1,050.9 million in 2022 and is predicted to generate a revenue of $15,173.2 million by 2031. Battery electric vehicle segment is predicted to grow as the battery is the most crucial element in the electric vehicles, which uses the chemical energy that is stored in the battery.
Depending on the region, the electric vehicle traction motor market is segmented North America, Europe, Asia-Pacific, and LAMEA. North America market accounted for $573.2 million in 2022 and is predicted to generate a revenue of $9,629.2 million by 2031. The government initiative for using the electric vehicles as per the emission rules in the specified area is predicted to boost the growth of the market.
Asia-Pacific market generate a revenue of $726.1 million in 2022 and is predicted to grow by generating a revenue of $10,212.8 million by 2031. Asia-Pacific region market is expected to rise due to the change in the manufacturing unit of large companies in most areas, and government spending in electric metro line in the specific area would raise the overall electric vehicle traction motor market over the projected time period.
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The major key plyers in the electric vehicle traction motor market are Zytek Group Limited, Equipmake Ltd., Hitachi Automotive Systems Americas, Inc., SERVAX, AVID Technology Limited, RETORQ Motors Ltd., Copper Rotor Induction Motor, Robert Bosch GmbH, and Magnetic Systems Technology, among others.
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