Technavio's analysis predicts a USD 2.71 billion growth in the Global EV Traction Motor Market, with a CAGR of 8.12% from 2023 to 2028. This expansion is attributed to the rise in electric vehicle (EV) sales, lower lithium-ion battery prices, and the benefits of EV traction motors. Significant market growth is driven by the efficiency and operational advantages of electric vehicles. High-torque traction motors enhance vehicle performance, increase range, and boost fuel efficiency. Innovations such as Nidec’s E-Axle system, combining traction motors with inverters and reducers, have gained popularity since 2019. In China, a prominent EV market, E-Axle systems are increasingly favored. As consumers demand higher performance, all-electric vehicles are becoming serious competitors to internal combustion engines, accelerating market growth. The report includes a detailed examination of market drivers, trends, and challenges.

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