Automotive Traction Motor Market Size, Share, Trend Analysis
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global automotive traction motor market size at USD 6.8 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global automotive traction motor market size to grow at a robust CAGR of 22.85% reaching a value of USD 28.4 billion by 2029. Major growth factors of global automotive traction motor market include increasing adoption and awareness about the benefits of electric vehicles, rising manufacturing capacity for high-performance and mid-ranged vehicles/motors, and growing government supportive policies to launch battery and electric-powered cars in developing and developed countries. Technology advancements in electric vehicles have a direct positive impact on the market for traction motors. The automobile traction motor is replacing traditional steam and diesel engines because of its high performance, modest maintenance, bett...