As stated in our extensive report, the Global EV Traction Motor Market accounted forUSD 6,127.4 Millionin 2021. Increased demand for high-performance motors, government subsidies, and high investment in the rail sector is expected to drive theEV Traction MotorMarketover the forecast period. Firm and strict emission-control measures implemented to promote environmental sustainability are a major driving force behind the sector. The historical period has seen increased expansion opportunities due to a booming EV market.
Sales expectations for electric vehicles have remained strong despite the COVID-19 pandemic's effects on the global automobile industry's recessionary strains. As a result, a record 3 million new vehicles were registered in 2020, predicted to result in a 41 percent rise in EV sales over 2019. This has significantly maintained demand forEV Traction Motorduring the abovementioned period.
Automobile manufacturers are shifting to generating increased supplies of Hybrid, Plug-In Hybrid, and Electric Vehicles as governments impose strict emission control rules worldwide. The manufacturing process will likely receive encouragement through tax breaks, significant budgetary investments in EV infrastructure, and tax relief.
Throughout the analysis period, the railway applications are expected to drive impressive growth in theEV Traction MotorMarket. Typically, trains are propelled byEV Traction Motor. Due to their tremendous torque and accurate speed control, DC motors are usually utilized in electric railway traction. Unlike AC motors, DC motors can provide applications with a delicate blend of powerful starting torque and adjustable speed for seamless yet precise performance. Furthermore, expanding product applications in the EV segment will further help market growth. The market for electric vehicles is rapidly growing, primarily due to rising fossil fuel prices and government incentives for purchasing EVs.
Asia Pacificis anticipated to be the most significant market for electric traction motors in 2021, owing to rising expenditures on electric vehicles and the region's expanding metro rail network. In addition, the region's growing need to cut carbon emissions,Asia Pacificis anticipated to have the potential expansion of EV Traction Motor Market.
Some of the prominent players in the Global EV Traction Motor Market include- Zytek Group Limited, ZF TRW Automotive Holdings Corporation, YASA Motors Ltd., Valeo SA, SKF AB, Parker-Hannifin Corp., Magnetic System Technology, Bharat Heavy Electricals Ltd., ABB Limited and others.