Electric Traction Motor Market Gains Traction with the Rise of Electric Vehicles - - 0 views
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Almira Coyne on 20 Mar 23The electric traction motor market has grown significantly in recent years, owing to the growing popularity of electric vehicles (EVs) worldwide. Electric traction motors are a critical component of electric vehicles, providing the necessary power to drive the wheels and propel the vehicle forward. According to a latest research, 'The global electric traction motor market is projected to reach USD 22.2 billion by 2027 from an estimated market size of USD 12.3 billion in 2022, at a CAGR of 12.6% during the forecast period.' The market for electric traction motors is expected to continue growing rapidly in the coming years, as governments around the world push for the adoption of electric vehicles in an effort to reduce greenhouse gas emissions and combat climate change.