Global Electric Vehicle Motor Market Size To Exceed USD 70.22 Billion By 2033 | CAGR of 15.17%
Category: Automotive & TransportationGlobal Electric Vehicle Motor Market Size To Exceed USD 70.22 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Electric Vehicle Motor Market Size is Expected to Grow from USD 17.11 Billion in 2023 to USD 70.22 Billion by 2033, at a CAGR of 15.17% during the Forecast period 2023-2033.
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Browse key industry insights spread across 230 pages with 95 Market data tables and figures & charts from the report on the "Global Electric Vehicle Motor Market Size, Share, and COVID-19 Impact Analysis, By Vehicle Type (Two Wheeler, Three Wheeler, Passenger Vehicle, and Commercial Vehicle), By Component (Motor Stator, Rotor, Shaft, and Bearing, Permanent Magnet, Casing, and Wiring & Connectors), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/electric-vehicle-motor-market
The electric vehicle (EV) motor market is the global market dedicated to the production, development, and supply of electric motors for electric vehicles (EVs). Electric motors are crucial parts of electric vehicles since they transform the electrical power from the vehicle's battery into mechanical power, which powers the vehicle to move. Moreover, increased consciousness regarding environmental influence, sustainability, and green technology is driving consumer choice. With increasing fears of over-dependence on fossil fuels, consumers are more willing to buy electric vehicles, thus accelerating demand for electric motors. Increased fuel costs make electric vehicles, which have much lower running costs than conventional vehicles, increasingly desirable. EV motors reduce the long-term driving cost by reducing fuel consumption and maintenance requirements, particularly as compared to conventional internal combustion engines. However, the worry of exhausting the battery power without getting to a charging station is still an intangible hindrance for most consumers. It usually makes would-be buyers hold back, in turn influencing demand for both electric cars and motors that drive them.
The passenger vehicle segment dominated the market in 2023 and is projected to grow at a substantial CAGR during the forecast period.
Based on the vehicle type, the electric vehicle motor market is divided into two-wheeler, three-wheeler, passenger vehicle, and commercial vehicle. Among these, the passenger vehicle segment dominated the market in 2023 and is projected to grow at a substantial CAGR during the forecast period. The growth is attributed to EVs providing tremendous cost benefits when it comes to fuel and maintenance. Electricity is less expensive than gasoline or diesel in most areas, and EVs have fewer components that wear out over time, meaning less in the way of maintenance expenses. Governments across the globe offer incentives such as tax credits, rebates, and road tax exemptions to promote the use of electric passenger cars.
The permanent magnet segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.
Based on the component, the electric vehicle motor market is divided into motor stator, rotor, shaft, and bearing, permanent magnet, casing, and wiring & connectors. Among these, the permanent magnet segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The segmental growth is due to permanent magnets enabling greater power density, such that the motor can be made smaller and lighter while offering more power. The small size is useful for helping manufacturers minimize the total vehicle weight, which is significant for range and performance enhancement.
Asia Pacific is expected to hold the majority share of the global electric vehicle motor market during the forecast period.
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Asia Pacific is expected to hold the majority share of the global electric vehicle motor market during the forecast period. The Asia-Pacific region, especially China, enjoys reduced manufacturing costs, thus making the manufacture of EV motors and electric cars less expensive. This cost advantage enables manufacturers to manufacture and sell EVs at favorable costs, promoting mass penetration in the region and across the globe.
Europe is anticipated to grow at the fastest pace in the global electric vehicle motor market during the forecast period. Europe has been a pioneer in green financing, focusing on clean energy and sustainable transportation projects. The European Investment Bank (EIB) and other financial institutions have established funding models for EV penetration and infrastructure setup. These measures have enabled the large-scale funding of electric mobility, further hastening the rise of the EV motor market.
Major vendors in the global electric vehicle motor market 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., Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Key Market Development
- In October 2023, GKN Automotive introduced a new plug-and-play eDrive concept to meet the growing need among niche electric vehicle players and EV conversion firms for modular electric drive technology. The new e-drive concept capitalizes on GKN Automotive's 20 years of eDrive experience and expertise to provide a cost-efficient modular electric drive system with maximum efficiency and performance and market-tried technology in an off-the-shelf package.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the electric vehicle motor market based on the below-mentioned segments:
Global Electric Vehicle Motor Market, By Vehicle Type
- Two-Wheeler
- Three-Wheeler
- Passenger Vehicle
- Commercial Vehicle
Global Electric Vehicle Motor Market, By Component
- Motor Stator
- Rotor, Shaft, and Bearing
- Permanent Magnet
- Casing
- Wiring & Connectors
Global Electric Vehicle Motor Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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