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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 Radiant Insights, Inc. Traction motor is the most vital component used in Electric Vehicles (EV) as it aids the movement of the vehicle.
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.
Download Free Sample Report @ https://www.radiantinsights.com/research/electric-vehicle-ev-traction-motor-market/request-sample 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.
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.
Further key findings from the study suggest: • 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 Browse Full Research Report with TOC @ https://www.radiantinsights.com/research/electric-vehicle-ev-traction-motor-market Table of Contents Chapter 1.