By 2032, the global electric vehicle motor market share was valued at about US$ 18.09 billion. Overall sales are predicted to grow at an impressive CAGR of 8.5%, according to the electric vehicle motor market analysis by FMI.
As per the electric vehicle motor market survey, more than 83% of all EV motor sales worldwide are powered by AC motors. And, 14.3% of the worldwide electric vehicles contain EV drive motors, including BEVs, HEVs, and PHEVs.
Electric vehicle (EV) motors are the heart of an electric vehicle and are responsible for converting electrical energy into mechanical energy, which powers the wheels of the vehicle. The global market for electric vehicle motors is expected to grow significantly in the coming years due to several key factors.
Request a Sample of this Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-7661
One of the main drivers of growth in the market is the increasing adoption of electric vehicles. As more countries around the world set targets to reduce carbon emissions and improve air quality, the demand for electric vehicles is expected to grow rapidly. This is driving the demand for electric vehicle motors, as every electric vehicle requires a motor to power its wheels.
Another factor driving growth in the market is the ongoing development of new and more efficient motor technologies. As research and development in the field of electric motors continues, new and innovative motor technologies are emerging that offer improved performance, efficiency, and reliability. These advancements are expected to further accelerate the adoption of electric vehicles and drive growth in the market for electric vehicle motors.
The United States EV drive motor market is lagging behind other industrialized countries with significant economies like China and Europe, where electric vehicle drive motor sales are just a third and a half as high, respectively.
Key Takeaways from Electric vehicle motor market Study
- As per the previous electric vehicle motor market report, the demand for electric vehicle motors grew at a 20% CAGR from 2017 to 2021 and is anticipated to expand at a 21.2% CAGR over the projected period.
- By following this average growth rate, the absolute growth of the global electric vehicle motor market is estimated to be around US$ 11.5 Billion over the next ten years.
- Owing to the rapid expansion of the electric vehicle industry, the Asia Pacific region represents a high potential electric vehicle motor market. By 2032, the said market is expected to increase 6.8 times.
- By 2021, the US accounted for almost 91% of the North American market for electric drive units for a vehicle. Moreover, by 2032, this market, which has 89.7% of the market share, is projected to lose 162 BPS points.
Request for Customization:
https://www.futuremarketinsights.com/customization-available/rep-gb-7661
Competitive Landscape for the Global Electric vehicle motor market
Some of the well-known electric vehicle motor market players are Tesla Inc., Aisin Seiki Co Ltd, Bosch Mobility, Siemens AG, Nidec Motor Corporation, ABB Ltd, Toshiba Corporation, Magna International, Mitsubishi Electric, Hitachi Astemo, Parker Hannifin Corp., Delta Electronics Inc., BYD, Mahle GmBH, and Vitesco Technologies among others.
Key competitors in the global market for electric vehicles are focusing on enhancing the motors’ efficiency through research and design development. To increase sales of electric vehicle drive motor, they are also forming alliances and working together with OEMs to source better raw materials at competitive price and enhanced market presence.
Key Segments Covered in Electric vehicle motor Industry Analysis
By Product Type:
- AC
- DC
By Power:
- Up to 100kW
- 101-200kW
- Above 200kW
Request for Report Ask A Question:
https://www.futuremarketinsights.com/ask-question/rep-gb-7661
By EV Type:
- BEV
- HEV
- PHEV
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
Recent Developments in the Global Electric vehicle motor market:
- The Indian government intends to do away with licenses for the manufacturing and use of electric vehicles that is predicted to boost the demand for electric vehicle drive motor in the country.
- In the previous year the Chinese government said that it would invest roughly US$ 600 Billion to encourage electric vehicles.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact:
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse All Reports: https://www.futuremarketinsights.com/reports
LinkedIn| Twitter| Blogs
