New York, USA, May 21, 2020 (GLOBE NEWSWIRE) -- According to Research Dive, Electric Vehicle Traction Motor Market accounted for $1,910.7 million by 2018 and is predicted to generate a revenue of $29,179.3 million by 2026 with a CAGR of 40.6% in the forecast period.
The traction motor in electric vehicle is responsible for converting the electric energy to mechanical energy which is used in propulsion of vehicle in a straight-line motion. Electric vehicle traction motor is used in electrical transmission system like electric hybrid vehicles, diesel electric locomotive and battery powered electric vehicles.
Drivers & Restraints of Electric Vehical Traction Motor Market
Rise in the demand for the electric vehicles is predicted to be the major driving factor for the electric vehicle traction motor market. Moreover, the government rules and regulations with respect to emission released from the vehicles are predicted to be the one of the reasons for the rise of electric vehicle traction motor market. In addition, the rising prices of fossil fuels is predicted to boost the sale of the electric vehicles as it doesn’t require any fossil energy to run the vehicle is predicted to boost electric vehicle traction motor market.
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The electric vehicles are valued at a very high cost. Many customers from the lower economic group are still unable to afford electric vehicles, which hampers the growth of the electric vehicle traction engine industry in the forecast period. Furthermore, the technology relating to charging these vehicles 'batteries are not up to the mark. Many countries lack electric vehicle rechargeable stations which is estimated to hinder the growth of electric vehicle traction motor market in the forecast period.
On the basis of 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 foreseen to hold a considerable amount of market share in the estimated period. Battery electric vehicle segment type is predicted to generate a revenue of $15,173.2 million by 2026 with a CAGR of 39.6% in the estimated period. 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.
Regional Insights:
On the basis of region, the electric vehicle traction motor market is segmented North America, Europe, Asia-Pacific and LAMEA. Europe market is predicted to generate a revenue of $6,127.7 million by 2026 with a CAGR of 41.5% in the estimated period. Europe region market is predicted to grow due to the presence of large number of automobile manufacturing units. Shift of the electric vehicles manufacturing units in this region is predicted to be the major factor for the growth of the market in this region. North America market is predicted to generate a revenue of $9,629.2 million by 2026 with a CAGR of 42.3% in the estimated period. North America market is predicted to grow due to the stringent government rules and regulation with regards to the emission law.
Top Companies Profiled in Electric Vehicle Traction Motor Market:
- Magnetic Systems Technology
- Robert Bosch GmbH
- Copper Rotor Induction Motor
- RETORQ Motors Ltd.
- AVID Technology Limited
- SERVAX
- Hitachi Automotive Systems Americas, Inc.
- Equipmake Ltd.
- Zytek Group Limited