Powering the Future: Trends Driving the Electric Vehicle Traction Motor Market
The global electric vehicle traction motor market size is expected to reach USD 74.17 billion by 2030, registering a CAGR of 30.2% from 2025 to 2030, according to a new study by Grand View Research, Inc. Traction motor is the most vital component used in electric vehicles (EV) as it aids the movement of the vehicle. Rise in the adoption EVs has been a major contributor to the market growth. Governments of developing and developed countries are taking initiatives for boosting the adoption of electric vehicles, through establishment of various stringent norms and policies regarding carbon emissions, as a result of the growing environmental hazards posed by traditional combustion engine vehicles. Moreover, they are providing subsidies for purchasing battery-operated commercial vehicles, which in turn is motivating people to opt for electric vehicles. Hence, factors such as growing environmental concerns and stringent emission norms along with the ri...