Electric Vehicle Traction Motor Global Market Report 2022

The "Electric Vehicle Traction Motor Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

The global electric vehicle traction motor market is expected to grow from $4.13 billion in 2021 to $6.18 billion in 2022 at a compound annual growth rate (CAGR) of 49.54%. The electric vehicle traction motor market is expected to grow to $27.47 billion in 2026 at a compound annual growth rate (CAGR) of 45.19%.

Asia Pacific was the largest region in the electric vehicle traction motor market in 2019. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle traction motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Increased sales of hybrid electric vehicles is expected to propel the growth of the electric vehicle traction motor market. 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.

For instance, in February 2022, according to U.S. electric vehicle market, 59,664 hybrid vehicles were sold (up 10.2% from February 2021), with 15,763 cars and 43,801 being light trucks. In February, Toyota had a 63.7% share of total hybrid sales. Prius (Prius and Prius C combined) sold 3.9% of hybrid vehicles. Therefore, the growing sales of hybrid electric vehicles is expected to boost demand for electric vehicle traction motors during the forecast period.

Technological advancement is a key trend gaining popularity in the electric vehicle traction motor market. 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.