Electric Motors For Electric Vehicle Market is Anticipated to Witness High Growth Owing to Increasing Sales Of Electric Vehicles

Electric Motors For Electric Vehicle Market is Anticipated to Witness High Growth Owing to Increasing Sales Of Electric Vehicles

The electric motors for electric vehicle market involves the manufacturing and sales of electric motors that power electric vehicles including full battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hybrid electric vehicles (HEVs). Electric motors are one of the core components of electric vehicles as they convert electric energy from rechargeable batteries into mechanical energy to power the wheels. Permanent magnet synchronous motors and asynchronous induction motors are commonly used in electric vehicles. Electric motors provide numerous advantages such as high torque, quiet operation, minimal maintenance and lower operating costs. The growing demand for electric cars due to stringent norms limiting carbon emissions and rising fuel costs have increased demand for electric motors.

The Global electric motors for electric vehicle market is estimated to be valued at US$ 9463.7 Bn in 2024 and is expected to exhibit a CAGR of 39.% over the forecast period 2024 To 2031.

Key Takeaways
Key players operating in the electric motors for electric vehicle market are Audi AG, BMW AG, Daimler AG (Mercedes Benz), Ford Motor Company, General Motors, Google LLC, Honda Motor Corporation, Nissan Motor Company, Tesla, Inc., Toyota Motor Corporation, Uber Technologies, Inc., and Volvo Car Corporation. These players are focusing on launching new electric vehicles with advanced motor technology to improve driving range and performance.

Some key opportunities in the market include developing energy efficient motors with lighter weight and compact size, transitioning to new motor materials like ceramics and new cooling technologies. The market is also witnessing investments in setting up production facilities across major automobile markets like China, Europe and North America to cater to growing local demand.

Global expansion is a key strategy adopted by leading Electric Motors For Electric Vehicle Market Size  manufacturers. Companies are expanding manufacturing plants and supply chains across international markets to strengthen their global presence. Many nations are also providing incentives for local production of electric vehicles and components to boost economic growth and employment. This is encouraging major players to expand globally through partnerships, mergers and acquisitions.

Market Drivers
Growing sales of electric vehicles worldwide due to stringent emission norms and tax exemptions on electric vehicles is a key driver for the electric motors market. Various countries have proposed bans on conventional fuel vehicles to curb air pollution which is accelerating EV adoption. This rising EV demand is facilitating growth of electric motors that are integral to electric powertrains.

Market Restrain
High manufacturing costs of electric motors compared to internal combustion engines remains a major challenge. Developing affordable and mass-market electric motors requires significant investments and technological advancements to lift key restraints related to high initial costs and production constraints. This may impact the wider adoption of electric vehicles.

Segment Analysis
Electric motors for electric vehicles market can be segmented based on motor type, power output, vehicle type, and region. The BLDC motor segment is dominating currently as it provides high efficiency, noiseless operation, and relatively lower maintenance. Due to these advantages, BLDC motors are adopted widely in electric passenger vehicles currently. The increasing adoption of electric buses and commercial vehicles for urban transportation is fueling growth of motors with higher power outputs of above 600 kW globally.

Global Analysis
In terms of regions, the Asia Pacific region is expected to grow at the fastest rate during the forecast period. Rapid infrastructure development and strengthening EV policies by countries such as China, Japan, and South Korea are driving the electric vehicle market in the region. China is currently dominating the regional as well as global electric vehicle market supported by strong commitments for EV adoption and investments in charging infrastructure by the government as well as automakers. In North America, the U.S. and Canada are emerging as major markets for electric vehicles and motors riding on stringent emission regulations and decreasing battery costs. Developing regions including Latin America and Middle East and Africa are also witnessing considerable growth supported by investments in public transportation electrification projects.

Get more insights on – Electric Motors For Electric Vehicle Market

About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)