Electric Vehicle Business To Approach $500 Billion By 2025
According to IDTechEx, the entire electric vehicle business is growing rapidly:
“The electric vehicle business will approach a massive $500 billion in 2025 with the traction motors being over $25 billion.”
On the topic of traction motors, IDTechEx adds:
“Their design, location and integration is changing rapidly. Traction motors propelling land, water and air vehicles along can consist of one inboard motor or – an increasing trend – more than one near the wheels, in the wheels, in the transmission or ganged to get extra power. Integrating is increasing with an increasing number of motor manufacturers making motors with integral controls and sometimes integral gearing. Alternatively they may sell motors to the vehicle manufacturers or to those integrating them into transmission.”
Forward-looking predictions are almost never accurate, but seeing as how nearly all of the recent predictors we’ve seen point to substantial growth in the electric vehicle business, we can be reasonably sure that the EV market will continue to grow as the years pass. The rate of growth is rather unpredictable, but growth is growth and that’s all that really matters for now.