Key Trends Shaping the Future of Automotive Induction Motor Market [2029]
According to TechSci Research report, “ Global Automotive Induction Motor Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”, the Global Automotive Induction Motor Market stood at USD 21.63 Billion in 2023 and is anticipated to grow with a CAGR of 6.58% in the forecast period, 2025-2029. The global automotive induction motor market is experiencing remarkable growth, primarily propelled by the surging adoption of electric vehicles worldwide. As the demand for fuel-efficient vehicles continues to rise, driven by the urgent need to reduce carbon footprints, automobile manufacturers are increasingly shifting towards sustainable solutions. This shift is not only driven by environmental concerns but also by regulatory policies and incentives that encourage the development and adoption of electric vehicles. Furthermore, advancements in technology and infrastructure are supporting the growth of the market, making electric ...