The global electric vehicle traction motor market size is expected to reach USD 19.8 billion by 2025, registering a CAGR of 41.6% over the forecast period, according to a new study by Grand View Research, Inc. Traction motor is the most vital component used in electric vehicles (EV) as it aids the movement of the vehicle. Rise in the adoption EVs has been a major contributor to the market growth.
Governments
of developing and developed countries are taking initiatives for boosting the
adoption of electric vehicles, through establishment of various stringent norms
and policies regarding carbon emissions, as a result of the growing
environmental hazards posed by traditional combustion engine vehicles.
Moreover, they are providing subsidies for purchasing battery-operated
commercial vehicles, which in turn is motivating people to opt for electric
vehicles. Hence, factors such as growing environmental concerns and stringent
emission norms along with the rising awareness regarding the advantages of EVs
is propelling growth of the EV traction motor market.
Furthermore,
the cost of ownership of combustion engine vehicles has witnessed rapid rise as
a result of the consistent increase in the prices of petrol and diesel. Growing
ownership cost has made fleet owners to switch to battery operated vehicles.
Although, lower loading capacity is proving to be a restraint for the higher
adoption of EVs, companies are observed to be making huge investments to
develop advanced technology for EVs and developing powerful motors and
batteries. This is expected to eventually reduce the impact of the
aforementioned growth restraints over the forecast period.
Full Research Report On Electric Vehicle Traction Motor Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/electric-vehicle-ev-traction-motor-market
Electric Vehicle
Traction Motor Market Report Highlights
- The BEV segment held a
market share of over 50% in 2018, owing to the higher production and
availability of fully battery-operated vehicles globally
- The PHEV segment is
forecasted to expand at a significant CAGR over the forecast period, due
to reduced risk of vehicle shut down during the commute
- Asia Pacific is expected to
account for the highest market share, followed by North America, by 2025.
High adoption of EVs in countries such as China, contributed to the higher
share of Asia Pacific
- Key market players in
electric vehicle traction motor market include ABB Limited, Robert Bosch
GMBH, ZF TRW Automotive Holdings Corporation, Parker-Hannifin Corp., Avid
Technology Limited, and Valeo SA
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Electric Vehicle
Traction Motor Market Segmentation
Grand View Research has segmented
the global electric vehicle traction motor market on the basis of vehicle type
and region:
Electric Vehicle
Traction Motor Vehicle Type Outlook (Revenue, USD Million, 2014 - 2025)
- BEV
- PHEV
Electric Vehicle
Traction Motor Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Norway
- Netherlands
- Sweden
- Asia Pacific
- China
- India
- Japan
- Korea
- Latin America
- Brazil
- Mexico
- Middle East & Africa
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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