Press release
Global Electric Vehicle Traction Motor Market will multiply at impressive CAGR of 30.9% by 2024 & Top Key Players are Zhongshan Broad-Ocean Motor Co., Ltd., BorgWarner Inc., Robert Bosch GmbH, Continental AG, Siemens AG and Nidec Corporation
Global Electric Vehicle Traction Motor Market: Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024
Overview:
The global electric vehicle (EV) traction motor market is expected to witness significant growth during the forecast period. The market is driven by increasing government initiatives on electric vehicle adoption, increasing focus on expanding electric vehicle charging infrastructure, and growing preference for electrification of the public fleet. Electric vehicles are equipped with an electric motor for propulsion of the vehicle. These vehicles can be classified into battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV). BEV is a zero-emission vehicle that purely runs on a battery and electric traction motor without an internal combustion engine (ICE). The battery can be plugged in and recharged from an external energy source. PHEV is equipped with two propulsion modes, i.e., drive motor and internal combustion engine (ICE). When the battery is high, the vehicle runs on the drive motor and when the battery is low, the vehicle runs on ICE.
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Market Revenue and Segmentation Analysis:
The global electric vehicle traction motor market is expected to reach revenue of $XX billion by 2024, growing at a CAGR of 30.9% during the forecast period 2018–2024.
The market is segmented based on motor type, motor capacity, vehicle type, and application. In terms of motor type, the market is segmented into synchronous motor and induction motor. Based on the motor capacity, the market is segmented into
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