In terms of revenue, the Global Electric Vehicle Motor Market is expected to reach USD 47.2 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 20.8% from 2022 to 2028 as per our report.
The development of the electric vehicle sector and the strengthening of government emission restrictions are the main drivers of the market for Electric Vehicle Motors. However, the market expansion is hampered by the high initial cost of electric motors as well as their high maintenance costs.
In addition, despite these difficulties, technological development, such as the production of energy-efficient motors, is anticipated to accelerate market expansion in the near future. Additionally, it is expected that an increase in government activities pertaining to electric vehicles would present a number of chances for the market's expansion.
Key Highlights from Report:
● Among the Vehicle Type, the passenger vehicle segment is anticipated to dominate the Electric Vehicle Motor Market during the forecast period.Rapid urbanization is a major factor driving market expansion since it increases interest in financial transportation options like electric cars.
● The engine vehicles sub-segment accounted for the largest market share of the application. This segment is expected to do well owing to increased interest in electric cars and the automotive industry in order to satisfy global goals for reducing the use of fossil fuels in products.
● Asia Pacific held the largest Electric Vehicle Motor Market share and is anticipated to be the most profitable market during the forecast period. This surge is because of the presence of several developing economies in the region. In addition, China's growing urbanization and industrial growth are driving regional market growth.
The rising sales of EVs are one of the major reasons propelling expansion in the Electric Vehicle Motor industry. Governments across the globe are launching several measures to encourage the sales of EVs. The increased awareness of the necessity to reduce greenhouse gas emissions, strict carbon emission standards like lowering the average CO2 emission emitted by OEM fleets, increased participation from foreign as well as regional players in the development of EVs, and increased buyer intent to adopt EVs are the factors driving the demand for EVs.
Concerns over the steep growth in greenhouse gas emissions have led to a rise in sales of plug-in hybrids and electric vehicles. Across the world, governments are working to increase public understanding of environmental issues and promote the distribution and adoption of green technologies.
Asia Pacific market is anticipated to observe considerable market growth, with the highest growth rate during the forecast period. The region’s market growth can be attributable to the increase in demand for electric vehicles. In addition, Asia Pacific is home to two rapidly advancing countries, China and India. Moreover, the current government initiatives, including smart cities and green building campaigns, will likely drive market growth in the coming years.
The Global Electric Vehicle Motor Market is Segmented as follows:
- AC Motors
- DC Motors
- Vehicle Type
- Pure Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Fuel Cell Electric Vehicle (FCEV)
- Motor Type
- Induction Motor
- Synchronous Motor
- Switched Reluctance Motor
- Power Rating
- Up to 60 KW
- 60 to 90 KW
- Above 90 KW
- Electric Two-Wheeler
- Electric Three-Wheeler
- Electric Commercial Vehicles
- Electric Passenger Cars
- Powertrain Type
- Single Motor
- Dual Motor
- Triple Motor
- Four Motor
- End User
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Electric Vehicle Motor Market is:
Yasakawa Electric, GKN Driveline, Toshiba, Continental, Denso, Baldor Electric, Hitachi Automotive Systems
The Global Electric Vehicle Motor Market Scope can be Tabulated as below:
|Market Size Provided for Years||2016-2028|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|