As the need for regenerative brakes and propulsion in the electric vehicles arises, manufacturers are focusing on developing advanced traction motors. Surge in demand for the electric vehicles in the automotive industry will continue to rev up adoption of EV traction motor significantly. In addition, imposition of government regulations regarding the emission of greenhouse gases and air pollutants is further expected to fuel sales of the electric vehicles globally. Adoption of the EV traction motor will continue to gain momentum with the increase in the electric passenger trains.According to Fact.MR, the global EV traction motor market is expected to represent a value of US$ 14,924 Mn by 2026-end. Demand for the EV traction motors will continue due to increasing investment in research and development.
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Government Regulations to Boost Adoption