According to the recent research report titled ‘Global Electric Vehicle Traction Motor Market Size study, by Vehicle Type (Battery Electric Vehicle (BEV) and Plug-in hybrid Electric Vehicle (PHEV)), and Regional Forecasts 2021-2027’, available with Market Study Report, global electric vehicle traction motor market was worth USD 3.97 billion in 2020 and is projected to multiply a CAGR of 41.60% over 2021-2027, subsequently amassing USD 45.31 billion by the end of the forecast period.
 

Supportive government policies for sustainable environment, along with rising cognizance regarding environment protection among consumers are propelling global electric vehicle traction motor market growth.
 

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The South Korean government announced a USD 17 billion investment in September 2020 to increase the number of electric cars from 110,000 to 1.13 million by 2025, and hydrogen vehicles from 8,000 to 200,000, cites the study.
 

Notably, electric vehicle traction motor utilizes electricity energy from the electric vehicle’s battery, to offer the required torque for the vehicle’s propulsion.
 

Increasing sales of electric vehicles (EVs), and rising research & development in such vehicles are significantly contributing to the market development. Moreover, technological development in traction motors, and government funding for developing EV infrastructure are adding to the industry progression. Citing an instance, government of United Kingdom intends to end sales of diesel and petrol cars by the year 2040.
 

Speaking of restraints, lack of charging infrastructure in developing economies like India, and hefty cost of EVs are likely to hinder the remuneration scope of worldwide electric vehicle traction motor industry over the study period.
 

Considering regional landscape, Latin America, Asia Pacific, Europe, and North America are the top contributors to the overall market remuneration. Of these, Asia Pacific currently holds major portion of overall market, owing to development of manufacturing facilities by leading firms in the region.
 

On the other hand, North America industry is projected to witness considerable growth over 2021-2027, creditable to presence of well-established charging infrastructure, and growing adoption of electric vehicles.
 

Major contenders in global electric vehicle traction motor market sphere are ABB Ltd., Retorq Motors Ltd., Avid Technology Ltd., Servax, Copper Rotor Induction Motor, Hitachi Automotive Systems Americas Inc., Robert Bosch GmbH, Equipmake Ltd., Magnetic Systems Technology Ltd., and Zytek Group Ltd.