Manufacturers of electric motors will see demand for their products soar over the next decade, according to new research.
A new report from market researchers IdTechEx says the electric vehicle business will approach $500bn (£226.7bn) in value by 2025.
Over $25bn of the figure will come from traction motors, with anticipated sales of $8.9m.
The report’s author Dr. Peter Harrop states sales of these motors could be bolstered by the increasing trend towards multi-motor vehicles.
Most of the vehicles will be land vehicles, particularly cars, with industrial-commercial vehicles close behind.
Despite this, Harrop says that “the largest profit may be made in military and other segments.”
“In some segments you are likely to be competing with your customer, in others less so,” he added.
The new energy vehicle market is enjoying a period of bolstered confidence, with China today announcing a tax-break for alternatively fuelled cars until 2017.
According to statistics from the China Association of Automotive Manufacturers, the production of new energy vehicles in the year to date reached 20,692 units, more than in the whole of 2013.
New electric cars will be exempt from the current 10% sales tax until 2017.