How Big is the Electric Vehicle Motor Market ? :
IMARC Group’s latest report, titled “Electric Vehicle Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the global electric vehicle motor market size. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global electric vehicle motor market size reached US$ 32,280 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 99,730 Million by 2028, exhibiting a growth rate (CAGR) of 20.80% during 2023-2028.
What is Electric Vehicle Motor ? :
Electric vehicle motor is a part of modern electric cars, enabling efficient and eco-friendly transportation. It uses electromagnetic fields to convert electrical energy from the battery into mechanical energy that propels the vehicle. Most EVs employ one of two types of motors: the brushed DC motor or the more common three-phase AC induction motor. AC motors are favored for their simplicity, reliability, and higher efficiency. They require minimal maintenance due to fewer moving parts and offer instant torque, ensuring smooth acceleration. As EV technology advances, motor designs continue to improve, boosting range, performance, and sustainability, driving us toward a greener automotive future.
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Who are the key Players Operating in the Industry ? :
- ABB Ltd
- BorgWarner Inc
- Continental AG
- Hitachi Astemo Ltd. (Hitachi Ltd.)
- Mitsubishi Electric Corporation
- Robert Bosch GmbH
What are the Growth Prospects and Trends in the Electric Vehicle Motor Industry ? :
The global market is majorly driven by the increasing concern over climate change and air pollution. In line with this, governments worldwide offer incentives such as tax credits, subsidies, and reduced registration fees to promote electric vehicle adoption, making them more attractive to consumers. Furthermore, the rapid advancements in battery technology, motor efficiency, and charging infrastructure are improving the overall performance and appeal of electric vehicles, significantly contributing to the market. Apart from this, the growth of public charging networks and the rising availability of fast chargers have alleviated charging concerns and encouraged more individuals to switch to electric vehicles, fueling product demand.
Moreover, the stricter emissions regulations and mandates to reduce greenhouse gas emissions are pushing automakers to produce more electric vehicles. As a result, there is a growing demand for electric vehicle motors to power these eco-friendly vehicles. Besides, the cost of batteries, a significant component of electric vehicles, has decreased over time. As battery costs continue to drop, electric vehicles become more affordable, accelerating demand for electric vehicle motors to power these vehicles.
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What is Included in Market Segmentation ? :
Power Rating Insights:
- Up to 20 kW
- 20 kW to 100 kW
- 100 kW to 250 kW
- Above 250 kW
Application Insights:
- Two Wheeler
- Three Wheeler
- Passenger Vehicle
- BEV
- Hybrid
- Commercial Vehicle
- BEV
- Hybrid
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research compan that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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