The market for electric vehicle motors will grow as a result of the implementation of strict design and manufacturing requirements and rules regulating the production of efficient products. As a result, the demand for electric vehicle motors is projected to increase in the coming years due to the development of cutting-edge goods such the integration of AC synchronous motors with brushed current excitation.
NEWARK, Del: The global electric vehicle motor market is projected to witness an astonishing CAGR of 8.5% from 2022 to 2032. The target market is set to accrue an estimated value of US$ 18.09 billion in 2032, rising from a value of US$ 8.68 billion in 2022. Historically, the electric vehicle motors market grew at a CAGR of 20% and reached a value of US$ 48.1 billion in 2021.
Strict government regulations regarding pollution have induced automobile manufacturers to produce alternate propulsion systems for their vehicles so as to comply with regulations and lessen air pollution. This is one of the main factors that drive the growth of the electric vehicle motor market during the assessment period.
The implementation of stringent design and manufacturing mandates and regulations regarding the manufacturing of efficient products will aid the expansion of the electric vehicle motors market. Thus, the development of advanced products like the integration of AC synchronous motors with brushed current excitation will likely spur the demand for electric vehicle motors in the upcoming years. Further, numerous automakers engage in different growth tactics like mergers and partnerships which will bode well for the overall market as it helps with the release of novel and innovative technology.
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The introduction of robotics technology and advanced battery technologies is expected to open new avenues of growth for the electric vehicle motors market. Moreover, the emergence of advanced battery technologies ensures better charging speed and lowered battery costs. This has a positive influence on the sales of electric vehicle motors. Again, most electric vehicles come equipped with DC brushless motors as they function at a unity power factor. These motors assume the lead in hybrid and upcoming plug-in hybrid markets which, in turn, drives the growth of the electric vehicle motors market.
Key Takeaways:
- Lower replacement rates and high costs of electric vehicles, particularly in price-sensitive economies, may stymie the growth of the electric vehicle motor market during 2022 and 2032.
- By 2032, the US electric vehicle motor market will account for 89.7% of the market share due to the implementation of strict vehicular emission norms.
- The electric vehicle motor market in China will generate an incremental opportunity of US$ 86.5 billion during the next ten years.
- By product type, the AC motor category will demonstrate robust growth with an incremental opportunity of US$ 286 billion.
- Based on vehicle type, the Battery Electronic Vehicles (BEVs) segment will account for 45% of the market share in 2022 and continue to display the same growth during the assessment period.
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Competitive Landscape
Tesla Inc, Bosch Mobility, Aisin Seiki Co. Ltd., ABB Ltd., Toshiba Corporation, BYD, Parker Hannifin Corp., Hitachi Astemo, Magna International, and Siemens AG, among others, are some of the significant players in the electric vehicle motor market profiled in the full version of the report.
Key market players are focusing on increasing research and development efforts to enhance the motor’s efficiency. These businesses also adopt strategic partnerships and collaborations with OEMs to secure better sales and gain a competitive advantage.
More Insights into Electric Vehicle Motor Market
FMI offers the latest, unbiased, and detailed analysis of the global electric vehicle motor market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type, power, EV type, and region.
According to the reports, based on segmentation, electric vehicles with AC motors will gain popularity. Thus, the AC motors segment will generate an absolute incremental opportunity of US$ 286 billion during the forecast period. In terms of vehicle type, the Battery Electric Vehicles (BEVs) category will assume the lead in the international market space.
Based on region, the electric vehicle motors market in Germany will exhibit impressive growth. The target market in this country will register a CAGR of 20.1% and grow by 6x to its current size by the end of 2032. Favorable government policies along with a rapidly expanding automotive sector are accountable for the growth of the electric vehicle motors market in Germany. Other countries like the US and China will also contribute to the global growth of the electric vehicle motors market during this period of observation.
Key Segments Covered in Electric vehicle motor Industry Analysis
By Product Type:
- AC
- DC
By Power:
- Up to 100kW
- 101-200kW
- Above 200kW
By EV Type:
- BEV
- HEV
- PHEV
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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Table of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
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Explore FMI’s Comprehensive Coverage of the Automotive Landscape
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