Electric Vehicle (EV) Traction Motor Market Top Leading Players with Strategies and Forecast 2032 | ABB Limited, Nidec Corporation, Parker-Hannifin Corp

As per the report published by The Brainy Insights, the global electric vehicle (EV) traction motor market is expected to grow from USD 1.92 Billion in 2020 to USD 64.00 Billion by 2030, at a CAGR of 42% during the forecast period 2021-2030. The Asia Pacific region emerged as the largest market for the global electric vehicle (EV) traction motor market with a 35.7% share of the market revenue in 2020. The expanding presence of many manufacturing facilities across this region can be attributed to this expansion. Because of the low cost of labour and the ease of obtaining raw materials, China has a huge number of large-scale manufacturing plants.

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Electric Vehicle (EV) Traction Motor Market Size by Vehicle Type (Plug-in Hybrid Electric Vehicle (PHEV), Battery Electric Vehicles (BEV)), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2021 to 2030

Leading companies in the industry include ABB Limited, Nidec Corporation, Parker-Hannifin Corp., Robert Bosch GMBH, SKF AB and ZF TRW Automotive Holdings Corporation among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The vehicle type segment is divided into plug-in hybrid electric vehicle (PHEV), battery electric vehicles (BEV). The battery electric vehicles (BEV) segment led the market with a market share of 64.5% in 2020. This is due to the use of electric motors and motor controllers rather of traditional IC engines, which has increased their demand.

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Increased sales of Hybrid Electric Vehicles (HEVs) have resulted from the general public's growing preference for emission-free vehicles. The traction motor of an electric vehicle, like that of a hybrid electric vehicle, is an essential component of both EVs and HEVs. As a result, growing HEV production is likely to have a beneficial impact on the market. However, because electric vehicles are a new technology, their prices are expected to be high. The fact that most low-income consumers cannot purchase electric vehicles is expected to hinder the expansion of the electric vehicle traction motor market. Furthermore, the technology relating to the charging of these cars' batteries is not up to the market. Many nations lack electric car charging facilities, which is expected to be the most significant concern for the electric vehicle traction motor market over the forecast period.

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The global podcasting market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

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