Technavio Says Government Subsidies & Incentives Will Encourage Strong Growth in the Global EV Traction Motor Market Through 2019
April 29, 2015 | By Business Wire News
LONDON
The global EV traction motor market is expected to post a CAGR of 18.57% from 2015-2019, says research firm Technavio.
About the Report
Fossil fuel-based vehicles contribute significantly to overall emissions in the automotive sector. Governments in many countries have extended benefits in the form of financial incentives to buyers of battery electric vehicles (BEVs), as these vehicles present the best solution to mitigate the effects of harmful emissions.
“Governments and local bodies in China, Japan, India and Germany exempt drivers of battery electric vehicles from having a driver’s license, which acts as a huge incentive and boosts the overall market growth,” says Faisal Ghaus, Vice President of Technavio.
“Quadricycles have also become a preferred mode of transportation for the elderly in Europe. The benefit of this is that it saves them from the hassle of renewing their driving license, which is another factor expected to promote market growth.”
Furthermore, the latest market research report by Technavio emphasizes the increased investment by vendors in R&D, which is resulting in many innovative applications and solutions.
Market Scope and Calculation of Market Size
This report covers the present scenario and the growth prospects of the global EV traction motor market from 2015-2019. To calculate the market size, the report considers the revenue of the end-users including cars, two wheelers, light industrial/commercial vehicles, military vehicles and buses.
Key Information Covered in the Report:
- Key Vendors:
- Aisin Seiki Co. Ltd.
- Bosch GmbH
- Continental AG
- Market Growth Drivers:
- Government subsidies and incentives
- For a full detailed list, view our report.
- Market Challenges:
- Limited range and performance of EVs
- For a full detailed list, view our report.
- Market Trends:
- Increase in R&D innovations
- For a full detailed list, view our report.
Technavio currently has more than 3000 market research reports on a huge range of topics, including 50+ reports on the EV market:
If you are interested in more information, please contact our media team at media@technavio.com.
Technavio Research
Jes Ellacott
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
media@technavio.com
www.technavio.com
