PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1355739
PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1355739
According to SPER Market Research, 'EV Traction Motor Market Size- By Motor Type, By Voltage Rating, By Vehicle Type - Regional Outlook, Competitive Strategies and Segment Forecast to 2033' state that the Global EV Traction Motor Market is predicted to reach USD 177.16 billion by 2033 with a CAGR of 35.56%.
The primary motors used to generate electricity and drive electric vehicles are EV traction motors. They are in charge of converting the electrical energy stored in the car's batteries into the mechanical energy required to turn the wheels. Traction motors, a crucial component of electric drivetrains, contribute greatly to the overall performance of electric cars.
The COVID-19 epidemic has had a huge impact on the EV traction motor market. Supply chains were first disrupted when production facilities throughout the world briefly shut down or scaled back operations due to lockdowns and limitations. This caused production delays for electric vehicles, particularly those equipped with electric traction motors. Customer demand for EVs declined in the early stages of the epidemic due to the weak economy and decreasing consumer expenditure.