Over the projection period of 2022-2032, The global Electric Vehicle Motor Market is predicted to grow at a CAGR of 21.2%, reaching a valuation of more than US$ 396.3 Bn by 2032.
In response to the growing demand for electric vehicles, the Electric Vehicle Motor Market is anticipated to grow. The adoption of electric vehicles is being fueled by factors such as an expanding urban population, incentives for electric vehicles, falling battery prices, improved transportation infrastructure in emerging and developed nations, and intergovernmental initiatives for electric vehicles.
Adverse effects of hydrocarbon, rising fuel prices, reduced long-term costs to end-users, and increasing awareness about environmental concerns are some of the key factors boosting the demand for electric vehicles and motors. Rising preference for cutting-edge technologies and low maintenance costs among consumers push the demand for electric vehicles and their components.
Consumer demand for automated motors is growing as a result of the incorporation of new technology into products, which will accelerate the expansion of the global market for electric vehicle motors. Manufacturers are now producing innovative motors that are more effective than manual processes as a result of advancements in automation and research.
“Stringency in vehicular emission regulations across various countries, along with subsidies and incentives offered by government authorities to promote the adoption of electric mobility solutions will fuel growth in the market,” says an FMI analyst.
Key Takeaways on Electric Vehicle Motor Market
· At a CAGR of 20.8%, AC electric vehicle motor is estimated to be the most lucrative segment under product type from 2022 to 2032.
· By power, up to 100 kW and above 200 kW EV motors together are projected to hold over 70% of the total market share in 2022.
· Based on EV Type, BEV and HEV together will hold more than 85% of the total market share in 2022.
· By 2032, South Asia & Pacific is expected to have the largest share of the global market, accounting for more than 23% of the value share.
· From 2022 to 2032, the U.S. is estimated to offer the biggest absolute dollar opportunity of more than US$ 38.0 Bn.
Competition Landscape
Leading players operating in the global Electric Vehicle Motor Market are concentrating on improving the motors’ efficiency via research and development. They are also entering into partnerships and collaborations with OEMs to improve sales.
Some of the key EV motor manufacturers include Mahle GmBH, General Electric, Kirloskar Electric, Delta Electronics Inc., Bosch Mobility, ABB Ltd, Siemens AG, Nidec Motor Corporation, Toshiba Corporation, Zytek Automotive Ltd, Parker Hannifin Corp., and Vitesco Technologies.
These insights are based on a report on Electric Vehicle Motor Market by Future Market Insights
