The Global EV Traction Motor Market is thoroughly examined in the study, along with its size and trends, product mix, channels of distribution, and supplier analysis. When traction is added to an electric automobile, the motor uses the battery power to propel the vehicle forward. Traction motors are skilled at producing the torque required for the propulsion of electric vehicles.

According to SPER market research, EV Traction Motor Market Size- By Vehicle Type, By Voltage Rating, By Motor Type – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global EV Traction Motor Market is predicted to reach USD 177.16 billion by 2033 with a CAGR of 35.56%.

Growing demand for energy-efficient motors and increasing investments in electric vehicles (EVs) are some of the major growth drivers. Due to their excellent efficiency and low power consumption, EV traction motors are becoming more and more popular. Strict environmental regulations and emission requirements intended to preserve environmental sustainability are also driving up demand for EVs and creating favorable circumstances for industry growth.

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The market for EV traction motors has a number of opportunities and difficulties. Traction motors are the primary means by which electrical energy is converted into mechanical energy in hybrid and all-electric cars. Electric traction motors are used in electric cars for initial propulsion and to provide rotational torque. The development of hybrid vehicle technologies has resulted in a major increase in the requirement for traction motors. Because they are more compact and lighter than induction motors, electric traction motors like permanent magnet synchronous motors are frequently seen in electric vehicles. Growing public awareness of the harmful impacts of carbon emissions from moving cars is another significant element driving the growth of the electric traction motor market.

Impact of COVID-19 on Global EV Traction Motor Market

The market for EV traction motors has been significantly impacted by the COVID-19 epidemic. At first, lockdowns and constraints caused manufacturing facilities all over the world to temporarily close or reduce operations, disrupting supply chains. This caused production delays for electric vehicles, especially those with electric traction motors. Due to the unstable economy and decreased consumer spending in the early stages of the epidemic, there was a reduction in the demand for EVs among customers.

EV Traction Motor Market Key Players:

The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; YASA Motors Ltd., and Others, Robert Bosch GMBH, Valeo SA, ABB Limited, Parker-Hannifin Corp., SKF AB., ZF TRW Automotive Holdings Corporation, Hitachi, Ltd., Avid Technology Limited, Zytek Group Limited.

Global EV Traction Motor Market Segmentation:

By Motor Type: Based on the Motor Type, Global EV Traction Motor Market is segmented as; Permanent Magnet Synchronous EV Traction Motors, Asynchronous EV Traction Motors.

By Voltage Rating: Based on the Voltage Rating, Global EV Traction Motor Market is segmented as; High Voltage, Low Voltage.

By Vehicle Type: Based on the Vehicle Type, Global EV Traction Motor Market is segmented as; Electric Vehicles, Plug-in-Hybrid Electric Vehicles, Mild Hybrid Vehicle, Full Hybrid Vehicle.

By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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EV Traction Motor Market Outlook

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