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Electric Vehicle Traction Motor Market 2023-2032: Global Outlook, Mega Trends, Business Growth And Key Players | AB SKF, ABB Ltd., Avid Technology Limited, Hitachi Automotive Systems, Ltd., Nidec Corporation, Parker-Hannifin Corporation
Electric Vehicle Traction Motor Market
The Business Research Company's Electric Vehicle Traction Motor Global Market Report 2023 identifies Increased sales of hybrid electric vehicles as the major driver for the Electric Vehicle Traction Motor Market 's growth in the forecast period. A hybrid electric vehicle is a hybrid vehicle that combines an internal combustion engine and an electric propulsion system. The rapid growth in sales of hybrod electric vehicles is expcted to boost utilization of traction motors, as they are essential components in hybrid and electric vehicles.
The global electric vehicle traction motor market size grew from $248.05 billion in 2022 to $316.19 billion in 2023 at a compound annual growth rate (CAGR) of 27.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The electric vehicle traction motor market size is expected to grow to $793.69 billion in 2027 at a CAGR of 25.9%.
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Major competitors in the electric vehicle traction motor market are AB SKF, ABB Ltd., Avid Technology Limited, Hitachi Automotive Systems, Ltd., Nidec Corporation, Parker-Hannifin Corporation, Robert Bosch GmbH, Valeo SA, ZF TRW Automotive Holdings Corporation, Zytek Group Limited, Copper Rotor Induction Motor, RETORQ Motors Ltd., SERVAX, Equipmake Ltd., and Bharat Heavy Electricals Ltd.
A key trend in the Electric Vehicle Traction Motor Market includes technological advancement. Many companies operating in electric vehicle traction motor are developing new products or new technologies to strengthen their position in electric vehicle traction motor market. For instance, in August 2021, Nidec developed E-Axle, an EV traction motor system that incorporates three components: a motor, an inverter, and a reducer, and may be mounted in a vehicle, doing everything from generating rotating torque from the drive shaft attached to the tires to move the vehicle when powered by electricity. To achieve high productivity and wire-winding performance, Nidec implemented a new cassette inserter method. In addition, Nidec's E-Axle was given a new cooling mechanism.
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The Electric Vehicle Traction Motor Market is segmented -
By Motor Type: Permanent Magnet Synchronous EV Traction Motors (PSM), Asynchronous EV Traction Motors (ASM)
By Voltage Ratings: High Voltage EV Traction Motors, Low Voltage EV Traction Motors
By Vehicle Type: Electric Vehicles, Plug-in Hybrid Electric Vehicles, Mild Hybrid Vehicles, Full Hybrid Vehicles
By Application: Railways, Electric Vehicle, Other Applications
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Electric Vehicle Traction Motor Market.
The Business Research Company's "Global Electric Vehicle Traction Motor Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Electric Vehicle Traction Motor Market Include:
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
……
19. Company Profiles
20. Key Mergers And Acquisitions
21. Opportunities And Strategies
22. Electric Vehicle Traction Motor Market, Conclusions And Recommendations
23. Appendix
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